The market slipped in red in afternoon trade after the industrial production data for November 2007 fell short of market expectations. Market had surged in early trade but it had pared gains later. Reliance Industries (RIL) edged higher. IT stocks were mixed after Infosys posted better than expected Q3 December 2007 results before trading hours. Banking stocks gained. Capital goods, consumer durables and FMCG stocks declined. The market breadth was weak. BSE Mid-Cap and Small-Cap indices underperformed Sensex. Asian markets which opened before Indian market were weak today.

Industrial output rose 5.3% in November 2007 from a year earlier, well below market expectations and sharply lower than an upwardly revised annual growth of 12% in October 2007, data showed on Friday. Manufacturing production rose 5.4% in November 2007 from a year earlier, compared with a provisional annual growth of 13.3% in October 2007.

Annual inflation, based on the wholesale price index (WPI), remained unchanged at 3.5% in the week ended 29 December 2007 compared with the week ended 22 December 2007. WPI was 5.89% in the corresponding week of the previous year.

At 13:18 IST, the 30-share BSE Sensex was down 2 points or 0.01% to 20,679. Sensex hit a high of 20,822.76 in early afternoon trade. At day's high, Sensex gained 240.68 points. It hit a low of 20,519.01 in afternoon trade. At the days low Sensex had lost 63.07 points.

The broader S&P; CNX Nifty was down 14.3 points or 0.23% to 6,160.20.

The BSE Mid-Cap index was down 1.47% to 9,301.81. The BSE Small-Cap index was down 2.56% to 12,529.02.

The market breadth was weak on BSE with 389 shares advancing as compared to 2,395 that declined. 34 remained unchanged. 21 shares in Sensex pack were in red.

Indias largest private sector firm by market capitalization and oil refiner Reliance Industries was up 2.08% to Rs 3,090.

Consumer durables stocks declined. Videocon Industries (down 5% to Rs 632.30), Gitanjali Gems (down 1.94% to Rs 404.05), Titan Industries (down 0.86% to Rs 1,545) and Blue Star (down 1.37% to Rs 497) edged lower.

Tata Motors declined 0.67% to Rs 745. Keeping his promise, made four years ago, to deliver a peoples car, Tata Group Chairman Ratan Tata unveiled on Thursday the Rs.1-lakh car christened Nano. The worlds cheapest car from the Tata Motors stable comes with a rear mounted all-aluminium two-cylinder 623 cc petrol engine, promises a mileage of 20 kilometer per litre, and meets all emission and safety standards.

HDFC (down 3.35% to Rs 3,024), Mahindra & Mahindra (down 3.58% to Rs 774.40), ACC (down 3.31% to Rs 907.50), Bharti Airtel (down 2.58% to Rs 941) edged lower.

Capital goods stocks declined. Larsen & Toubro (down 1.12% to Rs 4,159.90), Bharat Heavy Electricals (down 1.02% to Rs 2,411.25) and Suzlon Energy (down 3.69% to Rs 2,130) edged lower.

IT stocks were mixed. Indias second largest software exporter by sales Infosys Technologies declined 1.76% to Rs 1,573 after the company today reported stronger-than-expected growth in net profit in Q3 December 2007. Infosys consolidated net profit as per Indian GAAP rose 11.9% to Rs 1231 crore in Q3 December 2007 over Q2 September 2007. Sales rose 4% to Rs 4271 crore in Q3 December 2007 over Q2 September 2007.

Infosys has raised both earnings and revenue guidance for the year ending March 2008 (FY 2008). The company has forecast 18.6% growth in EPS in FY 2008 as per Indian GAAP at Rs 79.30. It has forecast a between 19.7% to 19.9% growth in revenue in FY 2008 as per Indian GAAP to between Rs 16627 crore to Rs 16657 crore.

As per US GAAP, the company has forecast 33.8% growth in consolidated earning per American depository share in FY 2008 at $1.98. The company has forecast a between 35% to 35.2% growth in revenue as per US GAAP in FY 2008 to between $4.17 billion to $4.18 billion.

Indias largest exporter of IT services by sales Tata Consultancy Services rose 0.53% to Rs 979.90. India's fourth largest IT exporter by sales Satyam Computer Services down 2.46% to Rs 409.80.

Wipro, India's third largest IT exporter in terms of sales declined 0.47% at Rs 485.30. The company on Thursday said its unit Wipro Infotech, had won a nine-year outsourcing contract Aircel Cellular.

Banking stocks rose. Indias largest private sector bank by assets ICICI Bank rose 4.7% to Rs 1,420. The stock rose for the second day in a row on reports the bank will list at least 4 arms starting with ICICI Securities in next 6 months though board is yet to decide on securities arm listing.

HDFC Bank (up 1.44% to Rs 1,744.60) and State Bank of India (up 0.06% to Rs 2,410) edged higher.

FMCG stocks declined. ITC (down 1.87% to Rs 215.60) and Hindustan Unilever (down 3.17% to 221.50) edged lower.

Precision Pipes and Profiles Company was trading at Rs 136 on BSE, a discount of 9.33% over the IPO price of Rs 150. The stock debuted at Rs 160, a premium of 6.67% over the IPO price.

Aries Agro was trading at Rs 210 on BSE, a premium of 61.53% over the IPO price of Rs 130. The stock debuted at Rs 150, a premium of 15.38% over the IPO price.

Bharat Bhushan Share & Commodity Brokers declined 4.82% to Rs 25.65 after the company said its board will meet on 21 January 2008to to consider issue of shares on rights basis.

Pyramid Saimira Theatre declined 5.27% to Rs 447.05. The company today said it had inaugurated Brahmin's Kitchen, the group's first South Indian restaurant at the premises of Priyadarshini Theatre, in Palaghat Kerala.

Rajoo Engineers hit 5% upper circuit at Rs 136.35 after its board approved to induct funds by way of issue of warrants/issue of shares by way of preferential allotment/qualified institutional placement issue.

Asian markets were weak today. Key benchmark indices in Hong Kong, Japan, Taiwan and South Korea were down by between 0.35% to 2.33%. Chinas Shanghai Composite rose 0.52% to 5,484.67.

The Dow Jones industrial average surged 117.78 points, or 0.92%, at 12,853.09 on Thursday, 10 January 2008. The Standard & Poor's 500 Index rose 11.20 points, or 0.79%, at 1,420.33. The Nasdaq Composite Index advanced 13.97 points, or 0.56%, at 2,488.52.

As per provisional data, FIIs sold shares worth a net Rs 253.34 crore on Thursday, 10 January 2008. Domestic mutual funds bought shares worth a net Rs 388.73 crore.

FIIs were net buyers to the tune of Rs 663.54 crore in the futures & options segment on Thursday. According to data released by the NSE, FIIs were net buyers of index futures to the tune of Rs 149.06 crore and bought index options worth Rs 286.05 crore. They were net buyers of stock futures to the tune of Rs 234.18 crore and sold stock options worth Rs 5.75 crore.

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