The market was little changed in opening session after oscillating either ways. It saw a firm start despite weak global cues, but slipped in red shortly on fresh selling. The market breadth was negative.

At 10:26 IST, the 30-share BSE Sensex was up 4.92 points or 0.03% at 15,522.97. Sensex gained 106.73 points at its high of 15621.52 touched during early trade. It lost 48.55 points at day's low of 15,466.24, touched in early trade.

The broader based S&P; CNX Nifty was rose 19.35 points or 0.42% at 4,604.95.

The market breadth was positive on BSE with 847 shares advancing as compared to 793 that declined. 55 remained unchanged.

Among the 30-member Sensex pack, 19 advanced while the rest gained.

The BSE Mid-Cap index rose 0.04% to 6399.96 and BSE Small-Cap index declined 0.11% to 7,711.72.

ONGC (up 3.63% to Rs 919.25), Satyam Computer Services (up 3.08% to Rs 500.60), Ranbaxy Laboratories (up 2.89% to Rs 533.90), TCS (up 2.19% to Rs 979.10) were the top gainers from Sensex pack.

BHEL (down 1.92% to Rs 1445), Tata Motors (down 0.97% to Rs 537.25), Reliance Industries (down 0.75% to Rs 2290), Reliance Communications (down 0.68% to Rs 536.50) were the top losers from Sensex pack.

Realty stocks declined. Indiabulls Real Estate (down 2.92% to Rs 400), HDIL (down 2.5% to Rs 621.80) and DLF (down 2.23% to Rs 542.95) edged lower.

Indias largest maker of utility vehicles, Mahindra and Mahindra (M&M;) declined 0.62% to Rs 564.50. It may reportedly announce the acquisition of Italian design and research company this week as it seeks to expand its engine design capabilities. However the target company's name was not disclosed.

ACC rose 1.62% to Rs 643.05. Its cement shipments in May 2008 fell to 1.8 million tonnes from 1.82 million tonnes a year earlier. Production fell to 1.79 million tonnes from 1.82 million tonnes during the similar period.

Tanla Solutions rose 2.34% to Rs 264.80 ahead of board meet to consider various investment opportunities.

Karnataka Bank rose 2.05% to Rs 189.15. Its board meet will be held on 12 June 2008 to consider proposal for rights issue.

Fortis Healthcare rose 1.59% to Rs 73.70 and HOV Services rose 0.24% to Rs 83.80 ahead of their Q4 results today.

IFCI board meet will be held on 12 June 2008 to take a further view on the issues relating to the induction of strategic investor .It will also consider follow up measures for reduction of stake of one of the shareholders in the company resulting in the reduction of the share capital of the company by about 3%.

In a crucial development, government yesterday, 4 June 2008 agreed to raise its petrol and diesel prices by about 10% in an attempt to curb mounting losses of state-owned refiners thereby stoking inflation and risking a political backlash. After 10 days of debate over the price increase, the Cabinet also agreed to cut the import duty on crude oil to support state run refining and retailing firms. Customs duty on crude was also reduced to nil from 5%. The duty cuts would amount to Rs 22,660 crore in revenue loss, the Revenue Secretary said.

Meanwhile, the ruling Left Front in West Bengal has called a 12-hour general strike today, 5 June 2008 in protest against the 'anti-people' decision of the Centre to raise the prices of petrol, diesel and cooking gas.

Analysts opine that higher inflationary expectations immediately gave rise to fears of a cash reserve ratio (CRR) or interest rate hike.

In coming weeks, markemen would be eyeing two things. One would be progress of monsoon and second would be the advance tax figures.

Asian markets were mixed today, 5 June 2008. Japan's Nikkei Singapore's Straits Times, South Korea's Seoul Composite, and China's Shanghai Composite, were down by between 0.27% to 1.02% . Hong Kong's Hang Seng and Taiwan's Taiwan Weighted were up between 0.47% to 0.86%.

US markets ended mixed in volatile session yesterday, 4 June 2008. Banks fell to their lowest level in eight years on Fed Chairman Ben Bernanke's warning that inflation is still a concern. Financials tumbled on rumors that Moody's May Put bond insurers AMBAC and MBIA on review for a possible credit rating downgrade.

The Dow Jones industrial average slipped 12.37 points, or 0.10%, to 12,390.48. The Standard & Poor's 500 index was down 0.45 points, or 0.03%, to 1,377.20, while the Nasdaq advanced 22.66 points, or 0.91%, to 2,503.14.

As per provisional data, foreign funds sold shares worth a net Rs 1198.80 crore yesterday, 4 June 2008. Domestic funds bought shares worth a net Rs 419.81 crore on that day.

Foreign institutional investors (FIIs) were net buyers of Rs 334.96 crore in the futures & options segment yesterday, 3 June 2008. They were net buyers of index futures to the tune of Rs 82.12 crore and bought index options worth Rs 26.18 crore. They were net buyers of stock futures to the tune of Rs 225.94 crore and bought stock options worth Rs 0.72 crore.

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