The market surged in early volatile trade. Reliance Industries inched up. IT stocks rose after Infosys posted better than expected Q3 December 2007 results. Banking and realty stocks gained. The market breadth was weak. BSE Mid-Cap and Small-Cap indices underperformed Sensex.

At 10:24 IST, the 30-share BSE Sensex was up 97.42 points or 0.47% to 20,679.81. Sensex hit a high of 20,814.33 in early trade. At day's high, Sensex gained 232.25 points.

The broader S&P; CNX Nifty was down 11.15 points or 0.18% to 6,145.80.

The BSE Mid-Cap index was down 0.21% to 9,421.09. The BSE Small-Cap index was down 1.19% to 12,706.05.

The market breadth was weak on BSE with 548 shares advancing as compared to 1,894 that declined. 61 remained unchanged. 18 shares in Sensex pack were in red.

Indias largest private sector firm by market capitalization and oil refiner Reliance Industries was up 0.43% to Rs 3,043.

IT stocks inched up. Indias second largest software exporter by sales Infosys Technologies rose 0.81% to Rs 1668.90 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 1.36% to Rs 988. India's fourth largest IT exporter by sales Satyam Computer Services was flat at Rs 420.50.

Wipro, India's third largest IT exporter in terms of sales was flat at Rs 487.50. The company on Thursday 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 3.93% to Rs 1,410. 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 2.33% to Rs 1,759.95) and State Bank of India (up 1.18% to Rs 2,437) edged higher.

Realty stocks gained. Ansal Properties & Infrastructure (up 2.57% to Rs 363), Phoenix Mills (up 4.08% to Rs 2,465) , DLF (up 0.67% to Rs 1,149.90), Indiabulls Real Estate (up 0.16% to Rs 732.55) edged higher.

Unitech rose 1.77% to Rs 526.70 after it said the Department of Telecommunications, Ministry of Communications & Information Technology, Government of India (DOT) issued letters of intent (LOIs) to 8 subsidiaries of the company for issuance of unified access services licences (UASL) in respect of all the 22 telecom circles across the country.

Tourism Finance Corporation of India declined 4.98% to Rs 41.05 after its board approved proposal for new equity capital infusion of upto 3.25 crore equity shares of Rs 10 each at a premium by way of qualified institutional placement and preferential allotment.

Gail India was flat at Rs 488.90 after the company said it had entered into memorandum of understanding with Coal India (CIL) for setting up of a surface coal gasification project for production of synthesis gas for fertilizer production.

Parekh Aluminex declined 0.12% to Rs 245 after the company said its board will meet on 12 January 2008, to consider allotment of 31.5 lakh equity shares on preferential basis to non-promoter investors.

Alok Industries declined 1.67% to Rs 97 after the company said its board proposes to consider a preferential allotment of equity shares/ warrants to the promoter group of the company.

Precision Pipes and Profiles Company was trading at Rs 147.60 on BSE, a discount of 1.6% 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.

Videocon Industries declined 1.89% to Rs 649 after it said that Datacom Solutions a subsidiary of the company has been granted letter of intent for award of licence to provide unified access services (UAS) on all India basis.

Asian markets were mixed today. Key benchmark indices in Hong Kong and China and were up by between 0.09% to 0.26%. Key benchmark indices in Japan, Taiwan and South Korea were down by between 0.16% to 1.92%.

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.

Data on inflation based on the wholesale price index (WPI) for the year through, 29 December 2007, is due today. Inflation stood at 3.5% in the year through 22 December 2007.

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