Software large-cap Infosys gained 0.51%, to Rs 2,148.90. The stock advanced for the fourth consecutive day today, after shareholders on Tuesday approved a sponsored ADR issue. Aluminium maker Hindalco Industries gained 0.25% at Rs 183.20, and its state-run counterpart Nalco was 0.62% higher, to Rs 200 after three-month aluminium futures rose 4%. Hindustan Zinc advanced 1.21% to Rs 964.45, as three-month zinc futures hit a record high of $ 4,545 a tonne on the LME, on Thursday.

Decliners

Cipla led the decline, down 1.29% to Rs 267.75, on a volume of 2.28 lakh shares. Satyam fell 1.18 per cent to Rs 422.90. Satyam announced today that it has signed a seven-year contract with airline Qantas. Bajaj Auto lost 0.37% to Rs 2,595. It has ventured into the $6 billion Indonesian bike market with its flagship model, the 180 cc Bajaj Pulsar.

Oil refining and marketing companies plunged after the U.S. crude oil futures in Asian trade touched $61 a barrel. HPCL declined 2.07% to Rs 299.65, BPCL lost 2.10% to Rs 364 and Indian Oil Corporation edged lower 0.76% to Rs 485.

Other news

Samsung India Electronics today signed a memorandum of understanding with the Tamil Nadu government for setting up two projects - an SEZ unit and a domestic tariff area unit - with a total investment of Rs 450 crore.

Tata Motors has commenced in-factory trials of its upcoming small car, widely referred to as the Rs 1-lakh car.


9: 45AM Stocks opened modestly higher on weaker oil and a $13 B contract won by Boeing.
A pullback by the oil price pushed stocks modestly higher at opening. Light, sweet crude dropped 45 cents do $60.71, helping oil-sensitive airline stocks to recover from recent losses. Another boost for the market was news that Boeing (BA: chart) won out over Lockheed Martin Corp. and United Technology Corp.''s Sikorsky division in securing a contract to build U.S. Air Force helicopters. The contract is worth about $13 billion.

Among Friday’s movers, Bausch & Lomb (BOL: chart) dropped 3.5% after the company said 2006 and 2007 results would be at the low end of its prior estimates due the recall of its ReNu with MoistureLoc contact-lens solution. Tanox (TNOX: chart) surged 44% after Genentech said it plans to acquire the company for $20 per share in a $919 million deal, a 47% premium to the stock''s closing price.

On the earnings news front, California Pizza Kitchen (CPKI: chart) said it earned 34 cents a share in Q3, up from 28 cents a share, in the year-ago period on 15% revenue increase and 5.6% same store sales rise. Pacific Sunware of California (PSUN: chart) reported Q3 net income decline of 13 cents a share, compared with 54 cents a share last year. The retailer climbed 9% in early trading. In the first hour of trading, the Dow Jones industrial average rose 15.69, or 0.13%, to 12,118.99. The Standard & Poor''s 500 index was up 1.89, or 0.14%, at 1,380.22, and the Nasdaq composite index was up 5.69, or 0.24%, at 2,381.70.


9:30AM London trades flat in early afternoon Friday despite bid speculation.
In early afternoon, the FTSE 100 in London was broadly flat at 6,231.3.

Advancers

Cairn Energy was among the biggest large-cap gainers on Friday as a leading bank said the IPO of the Indian operations oil group could lead to a re-rating. Cairn was the biggest blue-chip gainer, up 4.9%.

In a busy day for the resources sector, Lonmin advanced 8.6% as Morgan Stanley upped its price target in a bullish note on the platinum sector.

Anglo American, the mining group, rose 2.8% as one of the richest men in China took a stake in the company.

J Sainsbury gained 1.6% - its highest level since 1999 - amid continued talk of private equity interest for the UK third largest grocer.

Broadcaster ITV gained of 0.2% despite scepticism about how a proposed merger with NTL, the cable group, would work.

Decliners