Market extends gains

The key benchmark indices hit fresh intra-day high in mid-morning
trade. The market had opened strong on positive global cues and due
to a further fall in crude oil prices. The barometer index BSE
Sensex had breached 14,000 mark in early trade.

Banking stocks bounced back from yesterday (29 July 2008)'s steep
fall. Metal, IT, realty and public sector oil marketing shares also
gained. Reliance Industries rose. Tata Steel and HDFC Bank rose
more than 5% each. The market breadth was strong as buying was
witnessed across the board.

New York's main contract, light sweet crude for September 2008
delivery slumped $2.54 to $122.19 a barrel on the New York
Mercantile Exchange yesterday, 29 July 2008.

At 11:21 IST The 30-share BSE Sensex was up 335.63 points or 2.43%
at 14,127.08. The index gained 337.72 points at the day's high of
14,129.26, hit in mid-morning trade. The index gained 210.65 at the
day's low of 14,002.19 at the onset of the trading session.

The broader based S&P CNX Nifty up 76.3 points or 1.82% at
4,266.15.

The BSE Mid-Cap index was rose 1.71% to 5,582.28 and the BSE
Small-Cap index was up 1.51% to 6,934.25.

The market breadth was strong on BSE with 1,601 shares advancing as
compared to 502 that declined. 52 remained unchanged.

India's largest private sector firm by market capitalization and
oil refiner Reliance Industries rose 1.66% to Rs 2,120.75.

Metal stocks rose. Tata Steel (up 5.13% to Rs 614.25), Steel
Authority of India (up 3.27% to Rs 135.60), Hindalco Industries (up
1.44% to Rs 141.25) and Sterlite Industries (up 0.89% to Rs 597.30)
edged higher.

Realty stocks gained. Indiabulls Real Estate (up 5.66% to Rs 279),
DLF (up 2% to Rs 481.35) and Unitech (up 1.5% to Rs 159.15) edged
higher.

Public sector oil marketing companies rose after fall in crude oil
prices. BPCL (up 3.53% to Rs 321), HPCL (up 1.15% to Rs 220.60) and
Indian Oil Corporation (up 2.45% to Rs 402) edged higher.

Bank stocks recovered from Tuesday's steep fall caused by further
monetary tightening by the Reserve Bank of India at its quarterly
policy review. HDFC Bank (up 4.97% to Rs 1,080.20), ICICI Bank (up
3.54% to Rs 628.90) and State Bank of India (up 2.97% to Rs
1,360.25) edged higher.

Satyam Computer Services (up 3.88% to Rs 383), Wipro (up 3.3% to Rs
416), HDFC (up 3.3% to Rs 2,175.15), Reliance Infrastructure (up
3.26% to Rs 938), Reliance Communications (up 3.14% to Rs 505.80)
were major gainers from Sensex pack.

Hindustan Unilever (down 1.05% to Rs 235.35) and ITC (down 0.65% to
Rs 188.70) edged lower from Sensex pack.

India's largest motorbike maker by sales Hero Honda Motor rose
3.38% to Rs 761. On Tuesday, the company reported 44% surge in
profit after tax to Rs 272.87 crore on 16% growth in turnover to Rs
2890.25 crore.

Power generation major NTPC fell 4.51% to Rs 170.15. On Tuesday, 29
July 2008, NTPC reported 27.1% fall in net to Rs 1726.53 crore on
5.87% growth in total income to Rs 10256.70 crore in Q1 June 2008
over Q1 June 2007.

Adhunik Metaliks rose 2.69% to Rs 110.90 after it approved merger/
amalgamation of Vedvyas Ispat and Sri. M P Ispat & Power with the
company.

US stocks surged overnight, benefiting from a steep drop in oil
prices and an unexpected rise in US consumer confidence after
Merrill Lynch's announcement of yet another write-down and
capital-raising exercise, raising hopes that the turning point in
the year-long credit crisis was close. The Dow Jones Industrial
Average rose 266.48 points, or 2.39 per cent, at 11,397.56, the
Standard & Poor's 500 Index gained 28.82 points, or 2.33 per cent,
at 1,263.19 and the Nasdaq Composite Index rose 55.40 points, or
2.45 per cent, at 2,319.62.

Asian markets were trading higher today, 30 July 2008. China's
Shanghai Composite, Japan's Nikkei, Hong Kong's Hang Seng, Taiwan's
Taiwan Weighted, Singapore's Straits Times and South Korea's Seoul
Composite were up by between 0.71% to 2.16%.