1:00PM New York, 10:30PM Mumbai – Sensex in India added 3.8% and soared 42% in five weeks.

Sensex in Mumbai soared 3.82% or 734.50 to close at 19,977.67 after reaching an intra-day record high of 20,024.87. In the last five weeks the index has jumped 42% on strong fund flows from international investors. CNX Nifty index jumped 3.57% or 203.56 to close at 5,905.90.

Annualized wholesale price index for the week ended October 13th was unchanged at 3.07% from a year ago.

Daily trading on the Bombay Stocks Exchange was recorded at 8,884 crore rupees and on the National Stock Exchange was recorded at 21,809 crore rupees. Infrastructure, banks, and auto sector stocks rose sharply in the trading session.

Of the stocks traded on the BSE, 1,540 closed higher, 1,201 traded lower, and 320 were unchanged.

Oil in Asian trading closed above $93 per barrel lifting ONGC and Reliance Industries to record highs. ONGC surged 7.2% to 1,238 rupees and Reliance jumped 5% to close at 2,827.65.

HDFC, housing lender, soared 9.6% to close at 2,813 rupees.

Maruti Suzuki India reported second quarter fiscal 2008 profit increase of 27% to 466.50 crore rupees on revenue increase of 33% to 4,735.83 crore rupees. Maruti added 0.6% to close at 1,188 rupees.

Mahindra & Mahindra reported second quarter net revenue increased 12% to 2,871 crore rupees but net earnings fell 26% to 285 crore rupees. Mahindra stock dropped 0.7% to 796 rupees.

Infrastructure and power companies traded higher ahead of earnings from Bhel. Larsen & Toubro surged 11% to 4,277.45 rupees, Bhel increased 7.4% to 2,612 rupees, and NTPC closed record high of 233.25 rupees on 2% rise.

NTPC reported second quarter revenue rise of 17% to 8,016 crore rupees and net income increase of 31% to 1,925 crore rupees.

State Bank of India reported second quarter net revenue increase of 33% to 13,658.22 crore rupees and earnings increase of 36% to 1,611 crore rupees. State Bank of India stock added 1.6% to 2,118 rupees.

Grasim Industries reported second quarter net revenue increased of 25.30% to 2,519 crore rupees and net earnings increased 48% to 499.80 crore rupees. Grasim stock added 1.5% to 3,830 rupees.



10:00 AM New York – U.S. Market averages open higher. Oil crossed above $93 per barrel and dollar at record low against euro.

U.S. averages opened higher as oil rose above $93 per barrel and dollar fell to a record low against euro. Nasdaq traded up 14.86 to 2,817.79 after 10 minutes of trading and S&P 500 added 4.83 to 1,540.29.

Merrill Lynch stock was trading 44 cents down to $65.65 after the news report in the Wall Street Journal suggested that Chairman and Chief Executive Stanley O’Neal may be forced out as early as today. Merrill last week reported a quarterly loss of $3.5 on $8.4 billion loss in subprime securities.

CH Energy (CHG: chart) reported earnings per share of 27 cents compared to profit of 70 cents per share a year ago. The Central Hudson Gas & Electric Company reaffirmed its annual earnings guidance between $2.55 and $2.80.

Gehl Company (GEHL: chart) reported third quarter earnings from continuing operations of 40 cents per share compared to 57 cents in the previous year on a decline of 17% in net sales. The company lowered its annual sales outlook between $445 million and $460 million earnings per share from continuing operations between $1.90 and $2.00. Gehl stock fell 12% at the opening.