The market pared gains in mid-morning trade. Reliance Industries extended gains. 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 mixed today.

The data on industrial output in November 2007 is due to today. Industrial production rose an annual 11.8% in October 2007, much higher than a 6.8% growth in September 2007.

At 11:22 IST, the 30-share BSE Sensex was up 109.09 points or 0.52% to 20,691.17. 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 up 2.4 points or 0.04% to 6,159.35.

The BSE Mid-Cap index was down 0.62% to 9,382.35. The BSE Small-Cap index was down 1.72% to 12,637.25.

The market breadth was weak on BSE with 558 shares advancing as compared to 2,102 that declined. 44 remained unchanged. 16 shares in Sensex pack were in green.

Indias largest private sector firm by market capitalization and oil refiner Reliance Industries was up 1.48% to Rs 3,072.

Tata Motors rose 1.26% to Rs 758.40. 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 2.84% to Rs 3,040.20), Mahindra & Mahindra (down 2.7% to Rs 781.50), ACC (down 2.32% to Rs 916.75), Ambuja Cements (down 1.34% to Rs 139.90) edged lower.

Capital goods stocks declined. Larsen & Toubro (down 0.2% to Rs 4,198.95), Bharat Heavy Electricals (down 0.38% to Rs 2,626.75) and Suzlon Energy (down 2.74% to Rs 2,151) edged lower.

IT stocks were mixed. Indias second largest software exporter by sales Infosys Technologies declined 0.2% to Rs 1,599 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 0.95% to Rs 984. India's fourth largest IT exporter by sales Satyam Computer Services rose 0.32% to Rs 421.50.

Wipro, India's third largest IT exporter in terms of sales declined 0.12% at Rs 486.90. 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 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.

Consumer Durables stocks declined. Videocon Industries (down 3.84% to Rs 640), Gitanjali Gems (down 0.52% to Rs 409.90) and Blue Star (down 1.58% to Rs 496.10) edged lower.

FMCG stocks declined. ITC (down 1.21% to Rs 217.05) and Hindustan Unilever (down 1.01% to 226.45) edged lower.

Precision Pipes and Profiles Company was trading at Rs 146.65 on BSE, a discount of 2.23% 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 206 on BSE, a premium of 59.27% over the IPO price of Rs 130. The stock debuted at Rs 150, a premium of 15.38% over the IPO price.

Raasi Refractories was flat at Rs 36 after the company said its board will meet on 17 January 2008, to consider the allotment of equity shares on preferential basis to Brabourne Commerce.

Natco Pharma declined 2.04% to Rs 146.50. The comapny announced that the Canadian Regulatory Agency (TPD - Health Canada) has approved its product - Ondansetron 4 mili gram (mg) and 8 mg tablets.

Satra Properties India rose 3.69% to Rs 296.45 after it fixed 25 January 2008 as the record date for the purpose of issue of bonus shares.

Idea Cellular rose 0.73% to Rs 138.50 after Department of Telecommunications (DoT) issued letters of intent (LoIs) to the company for providing unified access services in nine service areas viz. Kolkatta, West Bengal, Assam, Karnataka, Orissa, North East, Jammu & Kashmir, Punjab, Tamil Nadu (including Chennai).

Asian markets were mixed today. Key benchmark indices in Hong Kong and China and were up by between 0.07% to 0.1%. Key benchmark indices in Japan, Taiwan and South Korea were down by between 0.35% to 2.57%.

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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