Market moves between positive and negative zone

Key benchmark indices moved between positive and negative zone in
mid-morning trade. Banking stocks were mixed ahead of monetary
policy review by the central bank scheduled tomorrow, 29 July 2008.
Reliance Industries extended its post-result fall. Capital goods,
realty and FMCG stocks edged higher. Asian markets were mostly in
green.

Crude oil edged higher after a sharp correction from record high
last week. US light crude for September delivery rose 46 cents to
$123.72 a barrel.

At 11:19 IST, the 30-share BSE Sensex was up 33.42 points or 0.22%
at 14,306.11. The index gained 94.49 points at day's high of
14,369.43 hit in early trade.

The market had opened lower dampened by serial blasts in Bangalore
and Ahmedabad, which rocked the nation late last week. Sensex lost
55.56 points at the day's low of 14,219.38, hit in early trade.

The broader based S&P CNX Nifty rose 12.4 points or 0.28% at
4,324.25.

The BSE Mid-Cap index was up 0.58% to 5,605.04 and the BSE
Small-Cap index was up 1.1% to 6,853.54.

The market breadth was positive on BSE with 1,316 shares advancing
as compared to 736 that declined. 65 remained unchanged.

India's largest private sector firm by market capitalization and
oil refiner Reliance Industries slipped 1.16% to Rs 2,122.50.
India's largest private sector firm by market capitalization and
oil refiner Reliance Industries slipped 1.55% to Rs 2,114. The
stock extended a sharp fall witnessed on Friday, 25 July 2008,
after its Q1 June 2008 results disappointed investors.

Capital Goods stocks rose. Larsen & Toubro (up 2.33% to Rs
2,686.90), Bharat Heavy Electricals (up 2.66% to Rs 1,695.70) and
Suzlon Energy (up 1.87% to Rs 215.40) edged higher.

Realty stocks edged higher. Phoenix Mills (up 8.23% to Rs 179.20),
DLF (up 2.32% to Rs 502.15) and Unitech (up 1.57% to Rs 167.90)
edged higher.

FMCG stocks rose. ITC (up 1.51% to Rs 191.60) and United Spirits
(up 1.08% to Rs 1,272) edged higher.

India's largest FMCG major by sales Hindustan Unilever declined
0.09% to Rs 232. Net profit of Hindustan Unilever rose 13.20% to Rs
558.18 crore on 21.09% growth in sales to Rs 4215.67 crore in Q2
June 2008 over Q2 June 2007. The company announced the results at
the fag end of the trading session on Friday, 25 July 2008.

Banking stocks were mixed ahead of Reserve Bank of India (RBI's)
monetary policy review scheduled tomorrow 29 July 2008. India's
largest private sector bank in terms of net profit ICICI Bank
declined 2.87% to Rs 638.40. The bank's net profit declined 6% to
Rs 728 crore on 1.6% growth in total income to Rs 9429.98 crore in
Q1 June 2008 over Q1 June 2007. Treasury losses and slower growth
in advances have taken a toll on ICICI Bank's profits for the first
quarter of the current financial year.

Axis Bank (down 1.21% to Rs 704) and Kotak Mahindra Bank (down
2.08% to Rs 548) edged lower.

India's largest commercial bank State Bank of India (SBI) rose
2.81% to Rs 1,489.45. The bank's net profit rose 15% to Rs 1640.79
crore on 32.4% growth in total income to Rs 16203.07 crore in Q1
June 2008 over Q1 June 2007.

Sterlite Industries declined 4.18% to Rs 577.95 and Tata Power
Company rose 1.78% to Rs 1,033.50. Sterlite Industries and Tata
Power Company will replace Ambuja Cement and Cipla in Sensex from
today, 28 July 2008. Cipla rose 0.44% to Rs 226.60.

Ambuja Cement rose 0.55% to Rs 82.55. Net profit of Ambuja Cements
declined 32.51% to Rs 577.02 crore on 8.20% growth in sales to Rs
1569.77 crore in the quarter ended June 2008 over the quarter ended
June 2007.

Ranbaxy Laboratories (up 2.13% to Rs 491.50), Reliance
Communications (up 1.69% to Rs 511.60), Tata Consultancy Services
(up 1.64% to Rs 811.10) and ONGC (up 1.5% to Rs 997.75) edged
higher from Sensex pack.

NTPC (down 1.65% to Rs 184.40), Tata Steel (down 1.36% to Rs
609.50), Infosys (down 0.92% to Rs 1,538.80) edged lower.

Sunil Hitech Engineers rose 5.57% to Rs 200.10. The company
announced today that its order book has crossed Rs 1,300 crore
mark.

Great Offshore 1.68% to Rs 418.10. The company today said it had
bagged a Rs 234-crore engineering services contract.

Expiry of futures & options contracts for July 2008 series is on
Thursday, 31 July 2008. As per reports, marketwide rollover of
positions from July 2008 series to August 2008 series stood at 19%,
while that of Nifty was 24%, as of Friday 25 July 2008.

Asian markets were trading higher today, 28 July 2008. China's
Shanghai Composite, Japan's Nikkei, South Korea's Seoul Composite,
Singapore's Straits, Hong Kong's Hang Seng rose between 0.02% to
1.42%.

US markets advanced on Friday, 25 July 2008 on better than expected
economic of durables, new home sales and consumer sentiment eased
concerns of economic slowdown. The Dow Jones rose 21 points at
11,370 while the Nasdaq Composite gained 30 points to 2,310. The
S&P 500 index climbed 5.22 points at 1257.76.