The market extended gains in mid-morning trade led by auto stocks, after witnessing volatile swings in opening trade. Global cues were mixed. Tata Motors advanced close to 4%. Banking shares were firm ahead of inflation data. The market breadth was positive.

Inflation measured by wholesale price index is forecast to have risen 12.02% in the 12 months to 26 July 2008, up from previous weeks rise of 11.98%. The government will release the inflation data today, 7 August 2008, evening.

At 11:25 IST, the BSE 30-share Sensex was up 72.62 points or 0.48% to 15,146.14. At the days high of 15,209.30 struck in mid-morning trade, the Sensex gained 135.76 points. Sensex opened 41.68 points lower at 15,031.86 and slipped further to hit an intra-day low of 14,992.97 in early trade. At the days low, the Sensex lost 80.57 points.

The S&P; CNX Nifty was up 23.40 points or 0.52% to 4,540.95

The market breadth was strong on BSE with 1294 shares advancing as compared to 822 that declined. 67 remained unchanged.

The BSE Mid-Cap index was up 0.84% to 5,904.41 and the BSE Small-Cap index gained 0.65% to 7,189.64.

The total turnover on BSE amounted to Rs 1685 crore by 11:30 IST as compared to Rs 566 crore by 10:30 IST.

Among the 30-member Sensex pack, 22 advanced while the rest slipped.

Auto shares advanced for the third straight day and dominated Sensex gainers. Indias top truck maker in terms of sales, Tata Motors surged 4% to Rs 443.75 on 1.35 lakh shares. It was the top gainer from the Sensex pack.

Maruti Suzuki India (up 2.63% to Rs 670), Hero Honda Motors (up 0.60% to Rs 824), Ashok Leyland (up 2% to Rs 33.25), and Mahindra & Mahindra (up 3.56% to Rs 582), also logged gains from auto pack.

Indias largest dedicated housing finance company in terms of revenue Housing Development Finance Corporation surged 2.89% to Rs 2465 on reports the company is in talks with GE Money to buy the latter's Indian home loan business.

Reliance Infrastructure (up 1.98% to Rs 1031), Satyam Computer Services (up 1.77% to Rs 414.65), and NTPC (up 1.69% to Rs 183.30), edged higher from the Sensex pack.

Banking shares were firm ahead of the inflation data. HDFC Bank (up 2.25% to Rs 1244), ICICI Bank (up 0.66% to Rs 711.50), and State Bank of India (up 0.30% to Rs 1528.25) gained.

Indias largest private sector steelmaker by sales, Tata Steel rebounded after two straight days of fall. The stock rose 2.25% to Rs 660.20. The stock had hit a low of Rs 640 in early trade.

Indias largest pharma company in terms of sales Ranbaxy Laboratories rose 0.69% to Rs 516.15 after the government gave its approval to Daiichi Sankyos proposed acquisition of shares in the company.

Indias largest private sector firm by market capitalization and oil refiner Reliance Industries (RIL) was down marginally by 0.03% at Rs 2295.25 on 3.76 lakh shares. The stock moved in a range of Rs 2315.25 and Rs 2248.60 so far during the day.

Bharti Airtel, the nations top mobile operator by revenue lost 2.76% to Rs 845.70. It was the top loser from Sensex pack. The company yesterday, 6 August 2008, said it would launch Apple Inc's third-generation iPhone in India on 22 August 2008.

ACC (down 1.82% to Rs 626), Bhel (down 1.05% to Rs 1808) and Grasim (down 1.40% to Rs 2010) edged lower from Sensex pack.

Among the side counters, Ledo Tea (up 13.71% to Rs 53.90), Safar Industries (up 11.11% to Rs 30), and Bajaj Auto Finance (up 10.65% to Rs 133), surged.

Bharat Forge fell 1.50% to Rs 265.65 following reports the firm plans to foray into manufacturing of ultra heavy forgings catering to the power sector, including nuclear plants.

Simplex Castings spurted 11.78% to Rs 56 after the company said that its consortium with Hyundai Heavy Industries won an order worth Rs 62.58 crore from Steel Authority of India. The company made this announcement after trading hours on Wednesday, 6 August 2008.

US crude rose 26 cents to $118.84 a barrel today, 7 August 2008. The contract is almost 20% off the record of $147.27 a barrel hit on 11 July 2008.

Most Asian markets were trading lower today, 7 August 2008. Key benchmark indices in Japan, China, Taiwan Singapore, and South Korea were down by between 0.02% and 1.69%. However Hong Kong's Hang Seng index was up 0.59%.

US stocks rose on Wednesday, building on the previous day's big gains, as a further drop in oil prices and a reassuring outlook from Cisco Systems overshadowed persistent credit concerns. The Dow Jones industrial average added 40.30 points, or 0.35%, to 11,656.07. The Nasdaq Composite index rose 28.54 points, or 1.21%, to 2,378.37.

Back home, stocks ended volatile session slightly higher extending gains for the second straight day yesterday, 6 August 2008. The BSE 30-share Sensex rose 112.47 points or 0.75% to 15,073.54 and the S&P; CNX Nifty rose 14.70 points or 0.33% to 4,517.55, yesterday 6 August 2008.

Foreign institutional investors were net equity buyers worth Rs 1815.74 crore while mutual funds sold shares worth Rs 804.36 crore yesterday, 6 August 2008, according to provisional data on NSE.

Foreign institutional investors (FIIs) were net buyers of Rs 2364.20 crore in the futures & options segment yesterday, 6 August 2008. They were net buyers of index futures to the tune of Rs 2332.22 crore and bought index options worth Rs 160.56 crore. They were net sellers of stock futures to the tune of Rs 152.83 crore and bought stock options worth Rs 2364.20 crore.

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