rebounded from early lows

At 10:25 IST, the BSE 30-share Sensex was up 67.86 points or 0.47%
to 14,647.57, which is also its day's high. It had opened 15.19
points lower at 14,562.68

The S&P CNX Nifty was up 12.50 points or 0.28% to 4,407.85

The market breadth was strong on BSE with 1261 shares advancing as
compared to 453 that declined. 56 remained unchanged.

The total turnover on BSE amounted to Rs 885 crore

Among the 30-member Sensex pack, 26 advanced while the rest them
slipped.

Banking shares were in demand on fresh buying. India's second
largest private sector bank in terms of net profit HDFC Bank surged
3.28% to Rs 1145.05 on 35,385 shares. It was the top gainer from
Sensex pack.

ICICI Bank (up 1.17% to Rs 648), and State Bank of India Bank (up
1.38% to Rs 1530), gained from the frontline banking pack.

India's largest pharma company by sales, Ranbaxy Laboratories
climbed up 1.68% to Rs 532.80 after the United States district
court of Maryland has given 60 days time to the Indian drug maker
to submit all documents sought by the Department of Justice through
an information-seeking motion before the court on 3 July 2008.

Bhel (up 1.27% to Rs 1736), Grasim (up 1.35% to Rs 1920) and
Hindalco (up 1.16% to Rs 143.75) edged higher from Sensex pack.

India's largest private sector firm by market capitalization and
oil refiner Reliance Industries declined 0.45% at Rs 2232.30 on
1.59 lakh shares.

Tata Steel, India's largest private sector steelmaker by sales
slipped 2.44% to Rs 674.85 on 3.44 lakh shares. It was the top
loser from the Sensex pack. 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.

Infosys (down 1.44% to Rs 1632), and Wipro (down 1.09% to Rs
426.10), were the other losers from the Sensex pack.

Among the side counters, Sujana Industries (up 18.05% to Rs 14.26),
Span Diagnostics (up 13.87% to Rs 87), and LML (up 11.48% to Rs
13.35), surged.

US crude futures tumbled yesterday, 4 August 2008, as OPEC output
rose for the third month in a row in July, outweighing concerns
about Tropical Storm Edouard. On the New York Mercantile Exchange,
September crude settled down $3.69 at $121.41 a barrel.

Most Asian markets were trading lower today, 5 August 2008. Key
benchmark indices in China, Hong Kong, Taiwan, Singapore, and South
Korea were down by between 0.17% and 2.23%. However the Japanese
Nikkei 225 was up 0.16%.