Of the CNX 50 index stocks, Suzlon Energy, GlaxosmithKline, ONGC, Infosys Technologies and Wipro Ltd were the leading gainers with each gaining more than 1.4%.

Planning Commission Deputy Chairman Montek Singh Ahluwalia on Tuesday expressed concern that high economic growth over the years had not provided enough benefits to the rural poor.

He expressed a concern that not enough benefits were reaching to a large segment of population. The Planning Commission plans to focus on rural areas in the 11th 5-year plan. He predicted that India can achieve economic growth between 8% and 8.5% in the next five years.

Of the BSE shares Reliance Industries was up 1.05% to 3,047.25 rupees ICICI Bank fell 1.7% to 1,340.05 rupees and Reliance Natural Resources surged 7.2% to 244.15 rupees.

Tata Steel shed 4.2% to 866.95 rupees and Hindalco Industries lost 3.8% to 209 rupees.

Infosys advanced 1.6% to 1,665 rupees and. Wipro rose 1.2% to 489 rupees.

Bharat Heavy Electricals declined 0.6% to 2,494.3 rupees after the company signed a joint venture agreement with NTPC for engineering, procurement and construction business.

Cipla shed 1.3% to 209.15 rupees and Dr. Reddy''s Laboratories lost 1.4% to 702.6 rupees.

Tata Motors slipped 1.6% to 774.2 rupees and Maruti Suzuki India slid 2.4% to 939.65 rupees.


6:00AM New York, 6:00PM Hong Kong – Foreign exchange reserves rose to a record level in Hong Kong.

Stocks in Hong Kong reversed earlier gains in the session to close lower on lingering worries of a slowdown in the U.S.

In Hong Kong trading Hang Seng index tumbled from a 1.7% rise in the morning session to close down 0.3% or 66.59 at 27,112.90, while the China Enterprises Index of Hong Kong-listed mainland companies gained 0.4% or 68.97 to 15,659.71.

Daily turnover on the main-board was reported at HK$114.9 billion compared to HK$113.5 billion recorded yesterday.

The Hong Kong Monetary Authority announced yesterday that foreign currency reserve assets increased by $2.3 billion from November to record $152.7 billion in December.

The Standard news, an online Hong Kong edition, reported today that Hong Kong Tourism Board chairman James Tien Pei reported today tourist arrivals increased from 25.3 million in 2006 to 28 million in 2007.

Visitors total spending also climbed from HK$119.4 billion in 2006 to a record HK$130 billion in 2007, as visitors spent an average HK$5,100 during each visit compared to HK$4,799 in 2006.

Chinese lenders rallied after China Merchants Bank said it estimated its annual earnings for 2007 will rise 110% to Rmb15 billion based on Chinese accounting.

Industrial and Commercial bank of China rose 0.6% to HK$5.30, Bank of China Communications Company rose 1.2% to HK$10.18.

However, property companies fell on analysts’ assertions that yesterday’s gains in the sector were not warranted. Sun Hung Kai declined 0.6% to HK$168.80, Cheung Kong Holdings Limited plunged 3% to HK$142.60, and Hung Lung Properties fell 2.8% to HK$33.20.