Market volatile after inflation data:

The key indices declined in the early afternoon trade after data showed a surge in inflation. The market, however, quickly pared some losses after some buying emerged in some large caps including IT stocks.

The BSE Sensex is trading down at 16055 (up 52 points) while the NSE Nifty is trading at 4851 (up 21 points). The rupee is trading at 40.15 to the dollar.

BSE Indices: Most of the key indices were trading Positive like the Realty (5.81%), Metal (6.24%), Oil and Gas (10.01%), Power (7.10%), and BANKEX (5.68%) indices. The Midcap and Small cap were trading down at (19.85%) and (5.85%).

Sensex/Nifty: Tata Steel (+5.29%), Cipla (+2.65%), Infosys (+2.38%), ITC (+2.20%) and REL Energy (+1.94%) were amongst the top gainers while HDFC BANK (-3.86%), ICICI BANK (-3.28%), ONGC (-2.62%), and Tata Motors (-1.71%) were amongst the top losers.

BSE Mid-Cap, Small-Cap indices score gains

The BSE Mid-Cap index gained 1.24% to 6,353.86 and the BSE Small-Cap index advanced 2.34% to 6,353.86, with both the indices outperforming the Sensex.

Stocks in News

Jupiter Bioscience soars on overseas acquisition

Jupiter Bioscience soared 4.95% to Rs 143.05 at 11:53 IST on BSE after the company said on Thursday, 27 March 2008 it would acquire a manufacturing facility of Merck Life Sciences, Switzerland, for an undisclosed sum.

ETC Networks relists following scheme of arrangement

ETC Networks was trading at Rs 345.05 at 11:20 IST on BSE after the stock was relisted following a scheme of arrangement

Smooth sailing for Varun Shipping after vessel acquisition

Varun Shipping Company surged 8.24% to Rs 73.55 at 11:22 IST on BSE after the company said it has acquired India’s third largest anchor handling and towing supply vessel.

Steel makers shine

Shares of three steel makers rose between 0.95% to 5.67% on reports the Indian government has suspended export subsidy under the duty entitlement pass book scheme on some steel products temporarily to control inflation and boost domestic supplies

Tata Chemicals gains on overseas acquisition

Tata Chemicals gained 2% to Rs 277.50 at 10:45 IST on BSE after the company said it has successfully completed the acquisition of General Chemical Industrial Products Inc. USA.

Bharat Forge forges ahead on expansion buzz

Bharat Forge rose 1.33% to Rs 282 at 10:18 IST on BSE on reports the company has signed a memorandum of understanding with the Maharashtra government for its centre for advanced manufacturing at Baramati, Maharashtra.

SEZ plan boosts Alembic

Alembic rose 2.18% to Rs 46.85 at 9:56 IST on BSE on reports that the company plans to set up its own special economic zone dedicated to the pharma sector.

Pre Opening

Key Indices:

Market traded slightly lower tracking weak Asian markets, but had quickly entered into recovery mode. In spite of some volatility in early trade, select metal stocks recorded strong gains. In mid session, indices extended their decline, falling 2% as European markets slid after reports UBS posted a record loss on a $14 bn write-down from its U.S. mortgage exposure.

Indices	Close	Support	Trigger	Resistance	Advance Decline%	Direction
Sensex	17759	17585-17411	17857	18031-18303	39:60	volatile
Nifty	5168	5102-5036	5208	5274-5380	30:70	volatile
Nifty (Feb) Future	5137	5071-5005	5168	5234-5331	16: 84	volatile

Outlook:

• Markets are likely to be volatile

• Medium term accumulation and long term remains positive.

Key indicators:

FII- Equity Rs Cr	Mutual Fund. Rs Cr for 22nd Jan	Crude Oil $	Rupee/$	Advance Decline Ratio	US Markets	Asian Markets
(1513.40) 29jan	368.40 28 jan	NA	39.40	3:7	Flat	Flat

Market News:

• Credit Suisse gets SEBI OK for portfolio management services
• GSK Pharma launches vaccines for diphtheria, tetanus, pertussis
• ICSA India gets Rs 389.4 mn orders from Northern Power
• Sadbhav Engineering gets order worth Rs 475.6 mn
• DoT OKs Reliance Comm plan for CDMA svc in Assam, northeast

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