The market came sharply off higher level in early afternoon trade. Banking and telecom stocks came off higher level. Auto pivotals Tata Motors and Maruti Udyog slipped into the red. The market had surged in mid-morning trade on bargain hunting after Monday (5 November 2007)'s sharp fall caused by caused by renewed fears over the impact of US credit crisis after US financial giant Citigroup said it may suffer up to $11 billion in write-downs for subprime losses.

At 12:20 IST, Sensex was up 115.85 points or 0.59% to 19,706.63. Sensex hit a high of 19890.08 in mid-morning trade. At day's high of 19919.34, Sensex had risen 328.56 points.

The broader based S&P; CNX Nifty was up 29.8 points or 0.51% to 5877.10.

The market breadth was strong on BSE: 1717 scrips advanced as compared to 825 that declined while 79 remained unchanged. 25 of the 30 Sensex stocks were trading with gains.

The BSE Mid-Cap index was up 117.66 points, or, 1.46% to 8,193.47, while the BSE Small-Cap was up 149.89 points, or, 1.52% to 9,996.91.

Telecom stocks came under selling pressure. Bharti Airtel was down 3% to Rs 912 and Reliance Communications was down 0.8% to Rs 773. Reliance Communication said on Monday, 5 November 2007, it has tied up with Microsoft to offer Internet protocol television services.

Bank stocks came off higher level. State Bank of India was down nearly 1% to Rs 2220, off session's high of Rs 2289. ICICI Bank was down 0.4% to Rs 1266, off session's high of Rs 1298.

Power sector stocks were in good demand. Neyveli Lignite soared 17.94% to Rs 173.90, Gujarat Industries Power Company rose 4.29% to Rs 122.75, CESC rose 3.20% to Rs 590.50, Reliance Energy was up 2.70% to Rs 1869.80 and Tata Power was up 3.54% to Rs 1414.20. NTPC was up 4.05% to Rs 246.40.

Indias most valuable firm Reliance Industries rose 2.30% to Rs 2725.50 on major fund buying after the stock tumbled 1.8% Rs 2663.65 yesterday, 5 November 2007.

Oil and Natural Gas Corp (ONGC) was up 1.57% to Rs 1319.65 on reports the state-run firm was in talks to buy a 30% stake in Sudan's Block 8 from Malaysia's Petronas, as well as a second exploration block.

Bajaj Auto, India's No. 2 motorbike maker by sales, rose 1.67% to Rs 2435 on reports that it subsidiary has bought 14.5% in Austrian sports motorbike maker KTM Power Sports AG for more than Rs 300 crore.

Real estate firm Unitech was up 0.61% to Rs 388.50 on reports that the promoters of the company are said to be close to acquiring up to 40% stake in Orissa Sponge Iron and Steel.

Biotech firm Biocon rose 1.62% to Rs 571.95 on reports that the company is in the final stages of negotiations with a drug marketing and distribution firm in the US.

GMR Infrastructure was up 6.03% to Rs 202.50, Cairn India was up 1.85% to Rs 225.55, DLF rose 2.29% to Rs 936, HCl Technologies up 0.54 to Rs 308.85, NTPC was up 3.72% to Rs 249.05, Reliance Natural Resources rose 4.73% to Rs 187, Sterlite Industries was up 4..74% to Rs 1040 and United Spirits was up 0.64% to Rs 1890. These stocks have been included in the MSCI India index as part of a semi-annual rejug. The change is effective 30 November 2007. Stocks earmarked to be added to the MSCI indexes tend to rise as funds tracking these indexes will have to buy them.

Mahindra & Mahindra, India's largest tractor and utility vehicle maker by revenue, moved up 0.84% to Rs 749.10 on reports that it has put in the highest bid of 105 million pounds to take over Italian gear maker Metalcastello.

Brokerage house Motilal Oswal Financial Services rose 0.41% to Rs 1210 after credit rating agency CRISIL assigned "P1+" rating to its short term debt programme to raise Rs 50 crore.

Fiber optics cables maker Sterlite Optical Technologies surged 4.28% to Rs 313.10 on bagging a Rs 143 crore order from BSNL for supply of copper telecom cables.

Infrastructure development firm Pratibha Industries surged 6.56% to Rs 268.10 on securing an order for designing and constructing storm water pumping station at Irla, Andheri West, Mumbai from Municipal Corporation of Greater Mumbai.

Asian stock pared gains after an initial rally. Hang Seng was up 0.19% at 28,996.28, Nikkei was down 0.12% at 16,249.63, Taiwan's Taiwan Weighted was down 0.17% at 9,292.80, Singapore's Straits Times was up 0.29% at 3,680.96 and South Korea's Seoul Composite was down 0.10% at 3,666.37.

US stocks crumbled on Monday, 5 November 2007, after Citigroup warned of billions of dollars in loan losses, reigniting fears about the health of financial firms and the broader US economy. Dow Jones Industrial Average lost 51.70 points or 0.38% to 13,543.40. The tech-laden Nasdaq Composite index lost 15.20 points or 0.54% to 2,795.18.

Yesterday, 5 November 2007, the Sensex lost 385.45 points or 1.93% to 19,590.78. The broader based S&P; CNX Nifty was down 85.1 points or 1.43% to 5,847.30.

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