The market recovered from lower level in mid-morning trade, ahead of Reserve Bank of Indias annual monetary policy review due at 12:00 IST today. Market had opened on firm note, with Sensex hitting all-time high above 20,000 at the onset of the trading session. It had soon plunged into the red.

Auto stocks declined while banking majors gained marginally. Capital goods stocks extended gains. ONGC, Bharat Heavy Electricals, Larsen & Toubro and HDFC hit all time highs. Reliance Industries declined further. Anil Dhirubhai Ambani group (ADAG) firms Reliance Capital, Reliance Natural Resources and Reliance Energy surged. Market breadth was negative. Most of the Asian markets were trading lower.

At 11:22 IST, BSE Sensex was down 19 points or 0.11% to 19,956.58. It opened on a strong note with an upward gap of 125.77 points at 20,103.44 and soon rose to strike an all-time high of 20,238.16 in early trade. At day's high of 20,238.16, Sensex had gained 260.49 points. It hit a low of 19,813.67, so far during the day. At days low of 19,813.67, Sensex had declined 164 points.

The broader based S&P; CNX Nifty was up 5.3 points or 0.09%%, to 5,911.20.

Market men expect RBI to keep interest rates steady at its policy review today. Though headline inflation remains low, inflationary expectations have not reduced due to prices of some primary articles spurting recently and retail fuel prices held down artificially by the government due to administered prices even as crude prices have been rising. The central bank may resort to hike in banks cash reserve ratio to suck out excess liquidity from the banking system.

The market breadth was negative BSE: 1,081 scrips advanced as compared to 1,355 that declined while 549 remained unchanged. 10 of the 30 members of the Sensex pack were trading with gains.

The BSE Mid Cap index was up 0.22% to 8,100.60 and outperformed Sensex. BSE Small Cap index was down 0.09% to Rs 9,696.85.

Auto stocks declined the most. Mahindra & Mahindra (down 4.31% to Rs 762.50), Maruti Suzuki India (down 4.52% to Rs 1,134.75), Hero Honda Motors (down 0.87% to Rs 737.90) edged lower. However, Tata Motors (up 0.73% to Rs 814) and Bajaj Auto (up 0.01% to Rs 2,502.15) edged higher.

Banking majors gained marginally. State Bank of India (up 0.29% to Rs 2,124) and HDFC Bank (up 1.3% to Rs 1,664) edged higher. However, ICICI Bank declined 1.07% to Rs 1,236.

India's largest oil exploration firm in terms of revenue, ONGC rose 0.92% to Rs 1,250. It hit an all time high of Rs 1,260 today.

India's second biggest power utility in terms of revenue Reliance Energy (REL) was up nearly 3% to Rs 1770. It was the top gainer from Sensex pack. REL said today that it will transfer its road, rail, real estate and other infrastructure projects to a separate unit.

Among other ADAG group firms Reliance Capital rose 4.19% to Rs 1,931.90 while Reliance Natural Resources rose 3.73% to Rs 114.10.

India's largest private sector entity by market capitalisation and oil refiner Reliance Industries (RIL) declined 2% to Rs 2,771.

Capital goods stocks extended gains today. Bharat Heavy Electricals (Bhel) rose 2.41% to Rs 2,675. It hit an all time high of Rs 2,750 today. Net profit of Bharat Heavy Electricals (Bhel) rose 91.01% to Rs 687.66 crore on 18.68% rise in total income to Rs 3965.36 crore in Q2 September 2007 over Q2 September 2006. The company announced the results after the market hours on 29 October 2007.

Larsen & Toubro rose 0.46% to Rs 4,288.10. It hit an all time high of Rs 4,470 today. Suzlon Energy however declined 0.95% to Rs 1,979.

HDFC Bank (up 1.4% to Rs 1,661.70) and Bharti Airtel (up 0.64% to Rs 1,001) edged higher.

ACC (down 2.01% to Rs 1,060), Tata Consultancy Services (down 1.43% to Rs 1,053.10) edged lower.

Housing Development Finance Corporation declined 1.14% to Rs 2,776. It hit an all time high of Rs 2,965 today. Net profit of Housing Development Finance Corporation rose 75.64% to Rs 646.39 crore on 30.54% rise in total income to Rs 1888.60 crore in Q2 September 2007 over Q2 September 2006. The company announced the results after the market hours on 29 October 2007

Among side counters, Parle Software (up 20% to Rs 695.50), Swaraj Mazda (up 19.72% to Rs 340), Mangalore Refinery and Petrochemicals (up 19.62% to Rs 76.20) and Smruthi Organic (up 15.14% to Rs 111.05) edged higher.

ITD Cementation (down 21.17% to Rs 663.95) and G L Hotels (down 12.02% to Rs 300) edged lower.

Asian markets were trading slightly lower today, 30 October 2007. Japan's Nikkei (down 0.91% at 16,546) Taiwan Weighted (down 0.47% at 9,764), Singapore's Straits Times (down 0.71% at 3,792), South Korea's Seoul Composite (down 0.38% at 2,055) edged lower. However, Hong Kong's Hang Seng rose 0.12% at 31,632.

US Markets advanced yesterday, 29 October 2007, on positive earnings reports and the anticipation of an interest rate cut. The Dow Jones industrial average gained 64 points to 13870.26, the S&P; 500 index rose 6 points to 1540.98 and the Nasdaq Composite index firmed 13 points to 2817.

As per provisional data, FIIs purchased shares worth a net Rs 688.93 crore, while domestic institutional investors (DIIs) were net buyers of shares worth Rs 634.44 crore on Monday, 29 October 2007.

Crude oil prices fell nearly 1% below $93 a barrel on Tuesday, 30 October 2007, fading from their latest record high as investors took profits from a rally fuelled by a Mexican supply outage and the spiraling dollar. US crude fell by 85 cents to $92.68 a barrel after hitting a record high of $93.80 yesterday, 29 October 2007. London Brent slipped 77 cents to $89.65.

The BSE Sensex ended with a 734.50-point or 3.82% spurt to 19,977.67, on Monday, 29 October 2007. It hit an all time high of 20,024.87 in late trade. The broader based S&P; CNX Nifty ended up 203.6 points, or 3.57%, to 5,905.90. It hit an all-time high of 5,922.50 in late trade on Monday, 29 October 2007.

Q2 September 2007 results announced so far have been decent to strong.

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