Sensex breaches 14,000 on positive global cues

The key benchmark indices opened strong on positive global cues and
due to a further fall in crude oil prices. The barometer index BSE
Sensex breached 14,000 mark. Banking stocks were major gainers
after yesterday (29 July 2008)'s steep fall. Reliance Industries
gained. The market breadth was strong.

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.

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 0.55% to 2.06%.

At 10:23 IST, the 30-share BSE Sensex was up 291.55 points or 2.11%
at 14,082.97. The index gained 305.06 points at the day's high of
14,096.60, hit in early trade.

The broader based S&P CNX Nifty up 69.65 points or 1.66% at
4,259.50.

The BSE Mid-Cap index was rose 1.68% to 5,580.65 and the BSE
Small-Cap index was up 1.31% to 6,920.71.

The market breadth was strong on BSE with 1,161 shares advancing as
compared to 290 that declined. 26 remained unchanged.

India's largest private sector firm by market capitalization and
oil refiner Reliance Industries rose 2.01% to Rs 2,127.10.

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 5.84% to Rs 1,089), ICICI Bank (up
3.77% to Rs 630.30) and State Bank of India (up 1.82% to Rs
1,345.60) edged higher.

Reliance Infrastructure (up 3.73% to Rs 942), Tata Steel (up 3.47%
to Rs 604.60), Jaiprakash Associates (up 3.42% to Rs 156.70),
Bharat Heavy Electricals (up 2.82% to Rs 1,636), Ranbaxy
Laboratories (up 2.57% to Rs 487) were major gainers 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 3.03% to Rs 173.05. 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.

Cairn India fell 1.62% to Rs 224.50. It has reported consolidated
net profit of Rs 138.58 crore in the quarter ended June 2008
compared to net loss of Rs 71.44 crore in the quarter ended June
2007. Total income rose 65.71% to Rs 461.43 crore in the quarter
ended June 2008 over the quarter ended June 2007.

Punj Lloyd surged 6.13% to Rs 25.25. It has reported 88% growth in
consolidated net profit to Rs 111.85 crore on 87.4% growth in total
income to Rs 2658.16 crore in Q1 June 2008 over Q1 June 2007. The
company said its current order book stands at a robust Rs 21162
crore.

Jet Airways rose 5.37% to Rs 457. Jet Airways' net profit jumped
364.31% to Rs 143.38 crore on 46.1% growth in total income to Rs
2899.15 crore in Q1 June 2008 over Q1 June 2007. The strong Q1
result was due to one-time benefit in the form of reversal in the
prior period excess depreciation of Rs 916 crore.

Ashok Leyland was flat at Rs 28.15. Ashok Leyland's net profit
declined 42.66% to Rs 50.56 crore on 16.4% growth in total income
to Rs 1896.02 crore in Q1 June 2008 over Q1 June 2007.

Omaxe rose 1.56% to Rs 117.40. Realty firm Omaxe's consolidated net
profit fell 22.7% to Rs 56.66 crore on 3.4% growth in total income
to Rs 354.38 crore in the quarter ended 308 June 2008 over the
quarter ended June 2007.

GVK Power & Infrastructure rose 3.93% to Rs 39.70. GVK Power &
Infrastructure's consolidated net profit rose 207.8% to Rs 40.55
crore on 38.8% growth in total income to Rs 141.37 crore in the
quarter ended 308 June 2008 over the quarter ended June 2007. IT
and research and development services firm MindTree said on Tuesday
it has completed the open offer to acquire equity stake in
Aztecsoft. The company said it now holds 79.9% in Aztecsoft.

MindTree rose 2.14% to Rs 368. MindTree said on Tuesday, it will
soon commence the process of merging Aztecsoft with the company.
The board of directors of New Delhi Television (NDTV) has approved
setting up of a new company for building infrastructure in the form
of studio, production facilities etc. wherein offshore subsidiaries
of NDTV will invest up to $ 50 million as cumulative convertible
preference shares or any other instrument as deemed appropriate.