[R]11:30AM Market averages traded higher amid easing credit concerns.[/R]

U.S. market averages rebounded Monday after the Fed Reserve and other central banks injected more cash into global financial systems, easing concerns about credit tightness. The Federal Reserve added only $2 billion in liquidity into the market, far below the $52 billion requested by banks. Economic data also generated optimism, as July retail sales rise 0.3% following June's 0.7% decrease.

In corporate news, Goldman Sachs Group (GS: chart) added 1% after it said it invested additional $3 billion in its troubled Equity Opportunities hedge fund. Among stocks driven by analyst comments, J.P. Morgan Chase Co. (JPM: chart)gained 1% after Deutsche Bank upgraded its stock to buy from hold.

By sector, telecommunication stocks advanced, led by Telephone Data Systems (TDS: chart) whose shares jumped 11%. Strength was also visible among technology stocks. Wireless, computer hardware, and networking stocks posted significant gains.

However, housing stocks continued their recent downward trend. Accredited Home Lenders Holdings (LEND: chart) dropped 30% after private equity firm Lone Star Funds said it abandoned plans to complete its tender offer for the mortgage lender due to the company's weakening financial position. Lone Star said that Accredited no longer met the conditions of its $400 million buyout offer. Accredited warned that it is likely to face bankruptcy without a deal.

In late morning trading, the Dow Jones industrial average rose 60.40, or 0.46%, to 13,299.94. The Standard & Poor's 500 index advanced 9.28, or 0.64%, to 1,462.92, and the Nasdaq composite index rose 15.94, or 0.63%, to 2,560.83.


[R]11:00AM New York, 9:00PM Mumbai – Sensex in Mumbai fell sharply on the last day of trading, third weekly loss.[/R]

Sensex in Mumbai trading gained 148.96 points or 1.0% to close at 15,017.21 in volatile trading. In the broader market 807 stocks fell, 1,915 increased, and 47 were unchanged. Rupee in international trading weakened to 40.63 against one dollar from 40.53.

Daily turnover on the Bombay Stocks Exchange increased to 4,126 crore rupees from 5,221 crore rupees. Of the thirty stocks in index, 3 lost ground while 27 increased in value.

Recently listed Everonn Systems soared 15% to 592 rupees and was the most active stock in the BSE trading followed by Orbit Corporation, IFCI and Tata Steel. Orbit is reported to be in talks with Reliance Industries to sell its land holdings.

IDBI jumped 10% to 126 rupees on the news report that the company subsidiary is likely to push in retail brokerage business in the coming months.

Transport Corporation of India declined 2% to 112 rupees after it place 50,00,000 or 5 million shares, or 7% stake in the company to a FID Funds.

Saurashtra Cement jumped 10% to 63.40 after the company said that it will convert part of its convertible debt issued to India Debt Management or sell 14% stake in the company. The company plans to discuss and finalize this transfer in the board meeting on August 16th.

Shobha Developers fell 2.2% to 795 rupees after reporting first quarter earnings of 40 crore rupees, an increase of 140% on sales rise of 31% to 269 crore rupees.

India Hotels jumped 3% after the company decided to issue two rights issues and raise 844 crore rupees.

Bajaj Auto rose 2.5% to 2,377 rupees ahead of shareholder meeting. Consumer stocks jumped with defensive stocks climbing. Hindustan Unilever jumped 4% to 203 rupees followed by 3% rise in Godrej Consumer, 2.6% increase to 1,260 in Nestle India, and 1.2% increase in ITC.

Software exported fell led by 1.13% decline in Tata Consulting Services to 1,132 leading all the stocks in the Sensex. Infosys gained 0.2% to 1,955, and Wipro closed down 0.1% to 479 rupees.

NTPC, the power generation company, jumped 2% to 168 rupees on induction in Nifty index.


[R]09:45AM Wall Street opened higher. Nasdaq rallied 1%.[/R]