The market bounced back in the mid-afternoon trade on the back of recovery in index heavyweight Reliance Industries. Auto and healthcare stocks declined. FMCG stocks rose. Market breadth was strong. 21 out of 30 stocks from the Sensex pack were in green. Asian markets, which opened before Indian markets, were mixed. European markets, which opened after Indian market, were in green.

As per reports, Nifty rollover from December 2007 series to January 2008 series stood at 66% while total market wide rollover stood at 66%, by Wednesday, 26 December 2007.

At 14:20 IST, the 30-share BSE Sensex was up 94.46 points or 0.47% to 20,286.98. Sensex hit a low of 20,163.47 in afternoon trade. At days low, the Sensex shed 29.05 points. Sensex had hit a high of 20,323.76 in early trade. At days high, the Sensex gained 131.24 points.

The broader CNX S&P; Nifty was up 28.60 points or 0.47% to 6099.35.

The BSE Mid-Cap index was up 0.57% to 9,454.17. The BSE Small-Cap index was up 2.31% to 12,627.50.

The market breadth was strong. On BSE, 2126 shares advanced as compared to 759 that declined. 45 shares were unchanged.

Indias largest private sector firm by market capitalization & oil refiner Reliance Industries rose 0.49% to Rs 2911. The stock came off session's low of Rs 2875.25.

Indias largest private sector bank by assets ICICI Bank gained 1.06% to Rs 1232.35. Indias second largest software exporter by sales Infosys Technologies rose 0.35% to Rs 1819.95.

HDFC Bank gained 1.83% to Rs 1734, Tata Steel moved up 1.29% to Rs 904.25, Reliance Energy rose 1.61% to Rs 2145.95, Wipro jumped 1.74% to Rs 543.55 and ONGC rose 1.52% to Rs 1255.

Telecom stocks weaked on reports the Government on 26 December 2007 accepted the spectrum review committees recommendation of allocating additional frequency to existing GSM operators based on the Telecom Regulatory Authority of Indias (TRAI) subscriber-linked formula and in multiples of 1 megahertz (MHz). Indias largest listed cellular service provider by market share Bharti Airtel slipped 1.71% to Rs 965.70 and Indias second largest listed telecom service provider by sales Reliance Communications fell 1.23% to Rs 734.

The Government has also decided to file an affidavit in the Telecom Dispute Settlement Appellate Tribunal (TDSAT) and the Delhi High Court, where the GSM operators have challenged the government on spectrum allocation norms.

Grasim Industries skid 1.30% to Rs 3570.10 and NTPC fell 0.42% to Rs 238.

The BSE Auto index was down 0.45% to 5,617.54. Bajaj Auto slipped 2.68% to Rs 2610, Apollo Tyres fell 1.01% to Rs 49.10, TVS Motor skid 0.98% to Rs 71 and Tata Motors fell 0.81% to Rs 746. Amtek Auto declined 2.48% to Rs 431, off days high of Rs 489. However, Maruti Suzuki gained 0.78% to Rs 1001, and Hindustan Motors jumped 4.37% to Rs 57.30.

The BSE Healthcare index was down 0.23% to 4,305.86. Nicholas Piramal skid 3.37% to Rs 353, Sun Pharmaceuticals fell 2% to Rs 1,183, Ipca Laboratories fell 1.57% to Rs 656.10, Lupin declined 0.92% to Rs 620.10, Divis Laboaratories fell 0.37% to Rs 1,805 and Cipla shed 0.21% to Rs 216.25. However, Ranbaxy Laboratories gained 0.39% to Rs 417.40.

The BSE FMCG index was up 1.56% to 2,267.73. REI Agro jumped 5% to Rs 764.10, GSK Consumer Healthcare moved up 2.89% to Rs 704, Tata Tea rose 2.49% to Rs 917, ITC climbed 2.48% to Rs 204.60 and Hindustan Unilever rose 1.07% to Rs 217.

Shipping Corporation of India surged 10.23% to Rs 285, MIRC Electronics moved up 10% to Rs 33.85, National Aluminium Company jumped 8.77% to Rs 476.50, HTMT Global Solutions rose 7.77% to Rs 555.10 and CMC rose 7.43% to Rs 1,390.

Key indices in Europe were in green. Germanys DAX was up 0.62% and UKs FTSE 100 was up 0.09%.

Some of the key Asian indices turned negative after a firm opening today, 27 December 2007. Key indices in China, Singapore, South Korea and Taiwan were up between 0.03% to 1.93%. However, key indices in Japan and Hong Kong were down between 0.57% to 1.02%.

US markets closed almost unchanged on Wednesday, 26 December 2007. Dow Jones industrial average rose 2.36 points at 13,552. Nasdaq Composite index gained 11 points at 2,724 and the S&P; 500 index advanced 1.21 points at 1,498.

Back home, the 30-share BSE Sensex jumped 338.40 points or 1.70% to 20,192.52 on Wednesday, 26 December 2007. The broader CNX S&P; Nifty rose 85.65 points or 1.43% to 6070.75 on that day.

As per provisional data, foreign institutional investors (FIIs) bought shares worth a net Rs 538.29 crore, while domestic institutional investors (DIIs) were net buyers of shares worth Rs 448.73 crore on Wednesday, 26 December 2007.

FIIs were net buyers to the tune of Rs 844.89 crore in the futures & options segment on Wednesday, 26 December 2007. They were net buyers of index futures to the tune of Rs 262.22 crore and bought index options worth Rs 698.49 crore. They were net sellers of stock futures to the tune of Rs 119.16 crore and bought stock options worth Rs 3.34 crore.

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