[R]10:30AM The Sensex advances modestly Thursday on autos and metals.[/R]
The Sensex on BSE finished 44.65 points, or 0.33%, higher at 13,384.86. The market-breadth was firm as buying for small-cap and mid-cap stocks recovered. As 1,430 shares advanced, 1126 declineda and 70 remained unchanged. From the 30-issue Sensex stocks, 19 advanced while the rest declined. The turnover on BSE was Rs 4,050 crore, lower than Rs 4,417 crore on Wednesday while the turnover on NSE was Rs 7,936.67 crore, compared with Rs 10,066.83 crore.

Economic news

Vodafone is reportedly mulling over a $13.5-billion-plus bid for India''s Hutchison Essar, the fourth largest mobile phone company in the country. Newbury-based Vodafone’s likely bid of $13.5-$14 billion would probably sprak a bidding war with India''s Reliance Communications Ltd, second-largest mobile services company.

Most-active stocks

Tech Mahindra was the most-active stock with a turnover of Rs 358.25 crore followed by Great Offshore and Indiabulls.

Advancers

The auto sector was in the center of attention today. The main advancers included Mahindra & Mahindra adding 4.03% to Rs 848.10, Tata Motors gaining 3.13% to Rs 862.10 and Bajaj Auto rising 2.22% to Rs 2,565.

Reliance Communication led the advancers, up 3.54% to Rs 463.40, and Reliance Energy also gained 2.52% to Rs 527. It rebounded from a low of Rs 505.

Index heavy Reliance Industries advanced 1.06% to Rs 1,261.80 on a volume of 7.38 lakh shares. Reliance Industries and Niko Resources, found out oil in the hydrocarbon rich Krishna-Godavari basin. Reliance Industries has 90% stake in the block and Niko 10%.

Maruti Udyog gained 0.43% to Rs 927 on reports that the Cabinet Committee on Economic Affairs approved the sale of 10.2% stake that remained with the government.

Glenmark Pharma soared 10.63% to Rs 631 on buying interest and Moser Baer India gained 12.58% to Rs 302 as it announced a sortie into the entertainment industry through the Indian home video market.

Software firm Tech Mahindra surged 20% to Rs 1,492.55, having reported the signing of a five-year deal to provide BT with strategic sourcing services.

Decliners

Gujarat Ambuja Cements led the decliners, losing 1.25% to Rs 132.55, and oil exploration large-cap ONGC shed 0.91% to Rs 851 on reports that it has discovered gas in Mahanandi, which may contain 3-4 trillion cubic feet natural gas.

Banking stocks were under selling pressure. ICICI Bank was down 0.72% to Rs 853, State Bank of India lost 0.52% to Rs 1210, and HDFC Bank sank 0.75% to Rs 1,010.

i-flex plummeted 10.91% to Rs 1,749.90. i-flex fears that market may strip the stock in the open market up to the point that the shares tendered in the ongoing open offer by Oracle are rejected.

Sobha Developers lost 2.46% to Rs 944.95. The stock had made a debut on the market on Wednesday.


[R]9:45AM Stocks opened moderately higher on robust earnings an d deal news.[/R]
Wall Street opened slightly higher as robust corporate profit reports helped offset some negative sentiment generated by weaker-than-expected economic growth in Q3.

Retail shares gained, led by strength in home electronics retailers. Circuit City Stores Inc. (CC: chart) rose 2.4% after it was upgraded to overweight from neutral by J.P. Morgan. Best Buy Co. (BBY: chart) rose 1.7% after an upgrade to outperform by Credit Suisse. Drug maker chain Rite Aid (RAD: chart) rose 3% after reporting a narrower fiscal Q3 loss amid stronger pharmacy sales and improved prescription volume. the company posted a loss of $6.82 million, or a penny per share, vs. a loss of $12.5 million or 2 cents per share last year. Analysts predicted a loss of two cents a share on revenues of $4.27 billion. The drug maker chain reiterated its 2007 profit forecast.