12:30 PM New York, 10:00PM Mumbai – Sensex closed to yet another high, ninth record in a row.

Sensex in Mumbai was up for the ninth day in a row. The BSE Sensex added 0.8% or 140.5 to close at17,291. Strong rollover from September 2007 futures to October 2007 futures boosted the market Friday. The CNX Nifty rose 0.4% or 20.8 at 5,021. Of the BSE shares, 1,392 fell, 1,362 gained while 58 remain unchanged.

Of the 30-member Sensex, 20 advanced while the rest slid. The BSE net turnover surged 7,915 crore rupees. The National Stock Exchange turnover amounted to 17,595 crore rupees.

The wholesale inflation declined to 3.23% for the week ended September 15th compared to 3.3% for the previous week. The fall was attributed the falling prices of fruits and vegetables, pulses, milk and some manufactured items. The wholesale price based index stood at 5.27% in the corresponding week a year ago. However, prices of cement moved up by 0.2% during the week followed by other items like steel furniture and hydraulic pump.

Of the Sensex shares, Reliance Energy led the gainers with a surge of 8.8% to 1,215 rupees on 35.31 lakh shares. Bharti Airtel slid 2.3% to 938 rupees on 1.83 lakh shares. It was the top loser from Sensex pack.

Tata Motors rose 1% to 758 rupees. Hindalco gained 4.8% to 172 rupees, Cipla increased 3.9% to 183 rupees, ICICI Bank gained 2.99% to 1060 rupees. The bank raised $2 billion through a bond issue in the international market through a five-year fixed rate note. The stock struck an all time high of 1,070 rupees today. State Bank of India surged 4.2% to 1,965 rupees.

Tata Steel surged 7% to 850 rupees after the company Chairman said that the company is likely to generate 60% of its revenue from its UK operation up from 38% a year ago. Other Tata group company Titan Industries jumped 1.1% to 1,470 rupees after the company indicated that it expects profit to rise at least 50% in the fiscal year 2008 and revenue increase of 50% to 3,150 crore rupees.

Sesa Goa surged 8% to 2,548 rupees after it had added 7% on Thursday on the speculation that international iron ore exporters in Australia and Brazil are looking to raise the shipment price by 30% during the upcoming price negotiations with Chinese customers.

Bank of India rose 7.7% to 280 rupees, Canara Bank jumped 3.3% to 278 rupees, Union Bank of India closed firmer at 4.45% 164.25 rupees, Kotak Mahindra Bank rose 3.3% to 924 rupees and Federal Bank gained 2.7% to 375 rupees. Emkay Share & Stock Brokers soared 10% to 146 rupees after its subsidiary received an approval to act as insurance broker.

Arvind Mills jumped 6% to 61.50 rupees after the company approved 5 core convertible warrants to founders at 52 rupees per share. The founders will increase its stake to 47% from 34% after the full conversion.

Financial Technologies surged 6% to 2,760 rupees after the company sold 5% stake in Multi Commodities Exchange to Citigroup and Merrill Lynch each.

Wipro rose 0.09% to 460 rupees. It acquired Oki Techno Centre of Singapore in a cash deal.

Of the Sensex share, some of the decliners were Bharat Heavy Electricals which closed weaker at 0.6% to 2,027 rupees. Infosys was down 1.03% to 1,892 rupees while TCS shed 1.08% to 1,050 rupees. Ambuja Cements slipped 1.4% to 143 rupees, Larsen and Toubro slump 0.6% to 2,818 rupees. Reliance Industries was down 0.7% at 2302 rupees on 7.55 lakh shares.

10:30AM New York – Consumer in the U.S. shows resilience in spending. German retail sales fell. Unemployment in Japan edged higher.

After one hour of trading in New York, stocks meandered on the last day of trading. In the overnight trading in Asia market closed higher but near the end of day stocks in Europe weakened. Volatile third quarter left several markets nervous ahead of earnings season due in the next two weeks.

The Commerce Department reported August personal income increased 0.3% and consumption added 0.6%. Construction spending rose 0.2% from July and fell 1.7% from a year ago to $1.167 trillion. Earlier in the week August consumer price index fell 0.2% from July but added 2% from a year ago and core rate in the index fell 0.1% and up 1.8% from a year ago.

The Reuters/University of Michigan survey of consumer sentiment was unchanged in September from August and was reported at 83.4. Chicago purchasing managers’ index increased to 54.2 in September from 53.8 in August.

Economic reports in Japan indicated a mild rise in consumer spending in August and sharp rise in industrial production of 3.4% as automakers revved up manufacturing after earthquake. Unemployment in Japan rose to 3.8% in August from 3.6% in July.

In Germany, retail sales declined in August unexpectedly declined 1.4% and economic outlook for the next year was revised lower to 1.9% from 2.2% earlier in the week. Housing prices edged up a fraction defying the credit market turmoil as reported during the week.