Fresh selling at day's high

Fresh selling at day's high pulled the market once again in
negative zone again in choppy trade. However buying momentum in
small-cap and mid-cap stocks kept the market breadth strong. Global
cues were weak. Auto shares were mixed.

At 12:25 IST, the BSE 30-share Sensex was down 102.05 points or
0.70% to 14,554.64. The benchmark index opened 62.08 points lower
at 14,594.64 tracking negative global cues. At the day's low of
14,503.51 hit in mid-morning trade, the Sensex lost 153.18 points.
However at the day's high of 14,725.94, the Sensex gained 69.25
points.

The S&P CNX Nifty was down 20.60 points or 0.69% to 4,382.95

The market breadth was strong on BSE with 1648 shares advancing as
compared to 762 that declined. 66 remained unchanged.

The BSE Mid-Cap index was up 1.05% to 5,701.91 and the BSE
Small-Cap index gained 1.15% to 7,060.39. Both these indices
outperformed the Sensex.

The total turnover on BSE amounted to Rs 2894 crore at 12:30 IST as
compared to Rs 1856 by 11:30 IST

Among the 30-member Sensex pack, 17 declined while the rest gained.

IT pivotals showed divergent trend. India's fourth largest software
services exporter Satyam Computer Services rose 1.35% to Rs 396.45
on 4.46 lakh shares. It was the top gainer from Sensex pack.

Infosys Technologies gained 1.23% to Rs 1660.20 and Wipro slipped
0.36% to Rs 431.05, showed divergent trend.

However India's largest software services exporter TCS slumped
2.41% to Rs 819 on 1.29 lakh shares. It was the top loser from
Sensex pack.

Auto stocks were mixed. Maruti Suzuki India gained 1.36% to Rs
568.50. On 1 August 2008, Maruti Suzuki India said its total sales
rose 1.1% to 58,543 cars in July 2008 over July 2007. Domestic
sales grew 0.1% to 52,911 units while exports climbed 11% to 5,632
units in July 2008 over July 2007.

India's top truck market Tata Motors was down 0.15% to Rs 397.80
after the company reported a 3% decline in total sales to 40,729
units in July 2008 over July 2007. The company cited high interest
rates and reducing finance availability for the decline.

Mahindra & Mahindra, the country's largest tractor maker by sales,
fell 1.47% to Rs 516 after the company posted 16.45% decline in
sales to 12,078 units in July 2008 over July 2007.

Hero Honda, the world's largest two-wheeler maker in terms of sales
shed 0.97% to Rs 788. The company logged 40% jump in sales to 2.81
lakh units in July 2008 over July 2007. Bajaj Auto was down 0.82%
to Rs 515. The company reported a mere 4% growth in two-wheeler
sales at 1.62 lakh units in July 2008 over July 2007.

Reliance Communication (RCom), the country's second largest
cellular services provider by of market capitalisation rose 0.66%
to Rs 439.80. As per reports, Reliance Infratel, a unit of RCom is
likely to defer its IPO plans as market regulator Securities and
Exchange Board of India (SEBI)'s go ahead for the public issue is
set to expire on 11 August 2008.

Grasim (up 1.30% to Rs 1860), ACC (up 1.13% to Rs 583), and Ambuja
Cements (up 0.66% to Rs 83.35), edged higher from Sensex pack.

Tata Steel, India's largest private sector steelmaker by sales fell
1.25% to Rs 672.15. As per reports, the company has consolidated
all its overseas assets including Corus under a new holding
company, Tata Steel Global, to raise funds for its overseas
expansion including future acquisitions. Tata Steel Global, based
in Singapore with over $13 billion enterprise value, will raise
funds for international acquisitions of smaller steel makers and
mines.

India's largest power generation company in terms of sales, NTPC
lost 1.13% to Rs 174.65. The company may reportedly enter into
agreements with three Oman-based firms to set up power projects in
the Gulf country. In return, the Indian firm plans to use their
association to secure gas supplies for its plants.

HDFC (down 2.17% to Rs 2350), Bhel (down 1.74% to Rs 1725.90), and
DLF (down 0.93% to Rs 515.30), edged lower from Sensex pack.

India's largest private sector firm by market capitalization and
oil refiner Reliance Industries declined 1.98% at Rs 2254.20 on
5.07 lakh shares. The stock moved in range of Rs 2310 and Rs 2243
so far in the day.

Zylog Systems declined 1.97% to Rs 285.95 even as the company
posted 38.69% rise in net profit to Rs 25.47 crore on a 12.37%
growth in total income to Rs 184.33 crore in Q1 June 2008 over Q4
March 2008. The company announced the results on Saturday, 2 August
2008.

Essar Oil spurted 6.19% to Rs 211 on reports the company is in
talks to sell petrol to Iran and has signed its first-ever term
contract with Tehran to import 1.6 million barrels of crude oil
every month.

Dabur India rose 2.05% to Rs 92.25 on reports the firm will invest
over Rs 250 crore in the next one year to set up a greenfield
facility for manufacturing a range of consumer goods and upgrade
its existing facilities.

US light crude for September delivery rose 77 cents at $125.87
today, 4 August 2008, on supply worries, lifted by concern over
Iran's nuclear activities, further violence in Nigeria, and a
tropical storm that has formed near the Gulf of Mexico.

With the Q1 June 2008 earnings season over, there is lack of any
major near term trigger for the domestic bourses. Aggregate results
of 1977 companies showed 37.3% rise in net profit on 5.1% rise in
net sales in Q1 June 2008 over Q1 June 2007.

Asian markets were trading lower today, 4 August 2008. Key
benchmark indices in China, Japan, Hong Kong, Taiwan, Singapore,
and South Korea were down by between 0.36% and 1.95%

Stocks fell on Wall Street on Friday, 1 August 2008 pushed by
billions in losses at largest US automaker General Motors, higher
unemployment figures and rising oil prices. The blue-chip Dow Jones
Industrial Average dropped 51.70 points, or 0.5%, to 11,326.32. The
broader Standard & Poor's 500 Index fell 7.07 points, or 0.6%, to
1,260.31. The technology- heavy Nasdaq Composite Index lost 14.59
points, or 0.6%, to 2,310.96.

Back home, local benchmark indices advanced on Friday, 1 August
2008 brushing aside weak global cues, as prospects of the Indo-US
nuclear being operationalised took centre stage after the UN
nuclear watchdog endorsed that India met all safeguard standards.
The Bombay Stock Exchange's Sensex surged 300.94 points or 2.10% to
14,656.69,and the National Stock Exchange's Nifty ended gained
80.60 points or 1.86% to at 4413.55, on that day.