The market came off sharply from higher levels in early afternoon trade. The market had surged in early trade tracking firm global markets. Consumer durable, realty and metal stocks gained. Reliance Industries declined. Reliance Energy came off from its highs. HDFC and Grasim Industries were major losers from Sensex pack. Market breadth was strong. All the sectoral indices on BSE were in green. BSE Mid-Cap and BSE Small-Cap indices outperformed Sensex. Most of the Asian indices edged higher today, 19 December 2007. US stocks rose on Tuesday, 18 December 2007

The country's gross domestic product (GDP) growth can be scaled up to 10% by 2012 with the right set of policies, but the subprime crisis in the US might impact exports and capital flows, prime minister Manmohan Singh said on Wednesday, 19 December 2007, at a meeting of state chiefs and other top policymakers.

At 12:26 IST, the 30-share BSE Sensex was up 66.69 points or 0.34% to 19,144.54. Sensex hit a high of 19,397.76 in early trade, a gain of 318.12 points.

The broader CNX S&P; Nifty was up 24.35 points or 0.42% to 5,766.65.

The BSE Mid-Cap index was up 1.63% to 9,242.28. The BSE Small-Cap index was up 2.36% to 12,096.61. Both these indices outperformed Sensex.

The market breadth was strong. On BSE, 2,289 shares advanced as compared to 507 that declined. 33 shares were unchanged. 18 of the 30 Sensex stocks advanced.

Indias largest private sector firm by market capitalization & oil refiner Reliance Industries declined 0.16% to Rs 2,724.50. The stock came off session's high of Rs 2,780.

Reliance Energy (REL) rose 2.93% to Rs 1,861.10. The stock came off session's high of Rs 1,904.90. The company is reportedly planning to foray into Africa. It is believed to be in talks with the governments of Botswana, Tanzania and Zambia for setting up generation capacities of over 1,000 megawatt (MW). The companys African Safari will be followed by a bid for a 1,200 MW greenfield project at Yanbu in Saudi Arabia, the reports added.

Metal stocks rose. Tata Steel (up 2.53% to Rs 837), National aluminium company (up 1.82% to Rs 422.30) ,Sterlite Industries (up 0.78% to Rs 96650), Steel Authority of India (up 0.87% to Rs 262), Hindalco Industries (up 0.65% to Rs 201) edged higher.

Consumer Durable stocks rose. Rajesh Exports (up 1.51% to Rs 911.25), Titan Industries (up 3.99% to Rs 1,517.95), Videocon Industries (up 6.05% to Rs 656.90), edged higher.

Gitanjali Gems rose 2.79% to Rs 420. The company announced during the market hours today that Gitanjali Lifestyle (GLL), a wholly subsidiary of the company is signing a memorandum of understanding (MoU) with Mariella Burani Fashion Group (MBFG) of Italy to form a joint venture in India by way of incorporation of a new company. The objective of the proposed joint venture is to significantly drive growth of MBFG's brands in emerging markets.

Realty stocks gained. Ansal Properties & Infrastructure (up 2.88% to Rs 385.95), DLF (up 1.31% to Rs 961.25), Unitech (up 1.11% to Rs 460.60) edged higher. Indiabulls Real Estate (down 0.37% to Rs 684.65) edged lower.

Mahindra & Mahindra (up 4.91% to Rs 808.50), ONGC (up 2.87% to Rs 1,182.95), Tata Motors (up 1.39% to Rs 712) edged higher.

HDFC (down 3% to Rs 2,728.05), Grasim Industries (down 1.55% to Rs 3,579.90), Maruti Suzuki India (down 1.14% to Rs 1,008), Hindusan Unilever (down 1.25 % to Rs 1,008) and Bajaj Auto (down 1.1% to 2,765) edged lower.

Larsen & Toubro rose 1.19% to Rs 4,015 after the company said it had received a contract worth Rs 287 crore to build an elevated road to Mumbai International Airport.

Subhash Projects & Marketing rose 10.89% to Rs 460.25 after the company said it has bagged orders worth Rs 137.66 crore for refurbishment of trunk sewerage system in Delhi.

Most of the Asian indices edged higher today, 19 December 2007, tracking overnight gain in US stocks. Key benchmark indices in Hong Kongs Heng Seng (up 0.9% to 26,974.67), Taiwans Taiwan Weighted (up 2.65% to 8,014.34), Strait Times (up 0.57% to 3,387.88) edged higher. Japans Nikkei 225 declined 1.17% to 15,030.51.

US stocks rose on Tuesday, 18 December 2007, as investors bought beaten-down shares of technology heavyweights such as IBM and Microsoft Corp on hopes that the tech sector would weather the impact of the credit crisis. An upbeat profit forecast from design software maker Adobe Systems Inc lifted optimism in the tech sector, a day after the Nasdaq slid more than 2%.

The Dow Jones industrial average advanced 65.27 points, or 0.50%, to 13,232.47. The Standard & Poor's 500 Index gained 9.08 points, or 0.63%, to close at 1,454.98. The Nasdaq Composite Index jumped 21.57 points, or 0.84%, at 2,596.03, snapping a three-day losing streak. Wall Street gains were also helped by optimism on an easing of the subprime credit crunch after a cash injection by the European Central Bank as part of the effort by global central banks to shore up credit markets.

As per provisional data, foreign institutional investors (FIIs) sold shares worth a net Rs 2736.48 crore on Tuesday. Domestic institutions bought shares worth a net Rs 659.15 crore on that day.

FIIs were net sellers to the tune of Rs 1,077.36 crore in the futures & options segment on Tuesday. According to data released by the NSE, FIIs were net sellers of index futures to the tune of Rs 1,080.14 crore and bought index options worth Rs 749.07 crore. They were net sellers of stock futures to the tune of Rs 746.30 crore.

Fall in index heavyweights pulled Sensex down 181.71 points or 0.94% to 19,079.64, on Tuesday 18 December 2007.

Volatility may remain high in the near term ahead of expiry of December 2007 derivatives contracts next Thursday, 27 December 2007. The market remains closed on Friday, 21 December 2007 on account of Bakri Id and also on Tuesday, 25 December 2007 on account of Christmas. Therefore, only five trading sessions are left for expiry of December 2007 derivatives contracts.

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