After swinging between positive and negative zones, the market closed with marginal gains.

Earlier today, 24 October 2007, the market opened with a bang on continued buying interest in blue-chip stocks tracking firm global markets. But later it slipped in the red on selling pressure. The market staged a comeback in late-afternoon trade to post decent gains. But selling dragged it lower. The market breadth, however, was strong throughout trading.

European markets were trading higher, while Asian markets ended lower.

Volatility is expected to remain high ahead of the expiry of October 2007 derivatives contracts on Thursday, 25 October 2007. As per market data, yesterday, 23 October 2007, marketwide rollover of derivative positions from the October 2007 series to the November 2007 series was 42%, while the Nifty rollover was 47%.

Higher rollovers indicate a bullish undertone. Marketwide rollover from September 2007 derivatives contracts to October 2007 contracts was 84% as compared to rollover of 82.30% from August 2007 contracts to September 2007 contracts. Nifty rollover was 71% as compared to rollover of 70% from August 2007 contracts to September 2007 contracts. This means that the market's bullish mood has moderated.

The BSE 30-share Sensex closed higher by 20.07 points, or 0.11%,to 18,512.91, as per provisional closing. It opened with a 235.06-point upward gap at 18,727.90 and rallied further to strike an intra-day high of 18,832.49, before slipping to a low of 18,317.17. The broad market index moved in a band of 515.32 points for the days trading session. The Sensexs all-time high of 19,198.66 was struck on 18 October 2007.

The broader based S&P; CNX Nifty ended up 8.85 points, or 0.16%, to 5,482.55, as per provisional closing.

Eighteen of the 30 members of the Sensex pack declined, while the rest gained. The market breadth was strong on BSE: 1,532 scrips had advanced as compared to 1,175 that declined, while 50 remained unchanged.

The total turnover on BSE at the end of the session amounted to Rs 7968 crore as compared to Rs 6121 crore by 14:30 IST.

Reliance Energy, the countrys second largest power utility company by sales, extended early gains and was up 8.75% to Rs 1656.50 on 36.66 lakh shares. It was the top gainer from the Sensex pack. The stock's rise follows chairman Anil Ambani's briefing to the media after market hours yesterday, 23 October 2007, that Reliance Power will be valued nearly two times its holding company, Reliance Energy, after the mega initial public offer. In its prospectus, Reliance Power has said that it would dilute 11.5% of the post-issue equity.

Indias leading bank by net profit State Bank of India jumped 5.03% to Rs 1904.05. After market hours yesterday, 23 October 2007, SBI Life Insurance Company posted net profit of Rs 14.09 crore for the first half year ended 30 September 2007 with an 80% increase in its total premium collection.

SBI Life Insurance has become the first private sector life insurance company to make profit. A 74:26 joint venture between the State Bank of India and Cardif, a BNP Paribas company, it manages assets over Rs 6000 crore.

Indias fourth largest software services exporter Satyam Computer Services retracted sharply from the days high of Rs 489.65. It settled 0.25% lower to Rs 460.60. Before market hours yesterday, 23 October 2007, the company reported a rise in net profit by 7.19% to Rs 417.15 crore on a 10.75% increase in sales to Rs 1948.24 crore in Q2 September 2007 over Q1 June 2006. The company revised upwards earning as well revenue guidance for FY 2008 (year ending 31 March 2008), both in rupees and dollars.

Other IT pivotals were not spared either. Infosys (down 2.31% to Rs 1839), TCS (down 1.79% to Rs 1045.10), and Wipro (down 1.46% to Rs 485) declined.

Indias largest engineering company by sales Bharat Heavy Electricals (Bhel) slipped 1.06% to Rs 2270 on profit booking after it had jumped 11.82% to Rs 2300 yesterday, 23 October 2007. Bhel said on Monday, 22 October 2007, that due to some unavoidable circumstances, the meeting of its board of directors to consider Q2 September 2007 results, scheduled to be held on 25 October 2007, is postponed to 29 October 2007.

Larsen & Toubro (L&T;), the nation's largest engineering and construction company by sales, rose 2.06% to Rs 3399.70. It had surged 7.69% to Rs 3336 yesterday, 23 October 2007. On 18 October 2007, L&T; said it won four orders worth Rs 452 crore for projects in Andhra Pradesh

Hindalco Industries (up 1.86% to Rs 188.45), ACC (up 1.86% to Rs 1085), and Tata Steel (up 1.95% to Rs 912.60) were the gainers from the Sensex pack.

India's largest private sector entity by market capitalisation and oil refiner Reliance Industries (RIL) rebounded in the green. It settled 0.25% higher at Rs 2608 on 10.99 lakh shares. It had hit an intra-day high of Rs 2651 in early trade. It had also slipped to a low of Rs 2540.25. As part of restructuring exercise, RIL has reportedly decided to hive off Reliance Fresh into a separate company, Ranger Farm, for single point accountability. Reliance Fresh sells food, fruits and vegetables and consumer products.

Indias largest oil exploration company by market capitalisation Oil and Natural Gas Corporation slumped 3.69% to Rs 1102, off its days low of Rs 1083. It was the top loser from the Sensex pack. The stock had surged 4.28% to Rs 1144.80 yesterday, 23 October 2007, on reports its joint venture firm ONGC-Mittal Energy had acquired a 30% participating interest in an exploration block in the Caspian Sea, Turkmenistan.

Tata Motors (down 2.53% to Rs 776), Bajaj Auto (down 1.93% to Rs 2475), and Bharti Airtel (down 1.92% to Rs 986) were the other losers from the Sensex pack.

Shares from the Reliance group dominated the turnover charts on BSE. Reliance Energy was the top traded counter on BSE with turnover of Rs 593.96 crore, followed by Reliance Petroleum (Rs 368.37 crore), Reliance Industries (Rs 286.60 crore), and Reliance Communications (Rs 284.47 crore).

Among the noteable small- and mid-cap winners, BL Kashyap & Sons (up 20% to Rs 1449), Blue Star (up 20% to Rs 362.15), Hercules Hoists (up 20% to Rs 5182.60), AVT Natural Products (up 20% to Rs 105.40), and Fairfield Atlas (up 20% to Rs 67.55) surged.

The Sensex posted its biggest ever-single day point gain of 878.85 points, or 4.99%, to settle at 18,492.84 on Wednesday, 23 October 2007. The broad market index's previous biggest single-day point gain was on 9 October 2007, when it had jumped 788.85 points, or 4.51%, to 18,280.24.

The broader S&P; CNX Nifty scaled up 289.70 points, or 5.59%, to 5,473.70, on 23 October 2007. The Nifty October 2007 futures settled at 5489.10, a premium of 15.40 points compared to spot closing.

Market regulator Securities Exchange Board of India (Sebi), after trading hours on Monday, 22 October 2007, provided partial breather to foreign institutional investors (FIIs) on the proposed restrictions in the use of participatory notes and said it would speed up regulatory clearance for foreigners keen to invest transparently. The minimum networth criterion for a foreign individual investor, who intends to invest directly, is set at $50 million, reports suggested.

On 16 October 2007, Sebi had proposed curbs on issuance of offshore derivative instruments (ODIs), also known as participatory (P) notes, based on assets under management of FIIs and prohibited sub-accounts of FIIs from issuing P notes. Its board would meet on 25 October 2007 to take a decision on these proposals.

European markets reversed early losses to post marginal gains today, 23 October 2007. Key benchmark indices from United Kingdom (up 0.44% to 6,542.70), Germany (down 0.12% to 7,833.47), and France (up 0.10% to 5,710.57), slipped

Asian markets reversed early gains to slide in the red today, 24 October 2007. Taiwan Weighted (down 0.63% at 9,442.62), South Korea's Seoul Composite (