During the week under review, furnace oil increased 5% and bitumen coal rose by 4% and naptha surged by 3%. Coffee and vegetable prices went up while gram, moong, urad and rice got cheaper.

Of the Sensex index stocks, ICICI Bank led the advancers with a rise of 4.2% to 1,279 rupees. State Bank of India shed 0.4% to 2,386 rupees, and HDFC Bank fell 0.08% to 1,696 rupees.

Reliance Communications surged 3.7% to 760.2 rupees and Larsen & Toubro gained 3.9% to 4,220 rupees.

Oil & Natural Gas Corporation jumped 2.6% to 1340 rupees and Cairn India was up 2.3% to 260.6 rupees.

Tata Steel rose 0.3% 929 rupees after the company said it has signed a joint venture agreement with the Steel Authority of India for incorporation of a joint venture company, for coal mining activities in Jharkhand.

Reliance Industries advanced 2.6% to 2,979 rupees on news reports that it has emerged as the highest bidder for the Motipur sugar unit of Bihar State Sugar Corporation at a price of 57 crore rupees, marginally higher than the floor price of 55.36 crore rupees.

National Thermal Power Corporation fell 2.2% to 270.5 rupees. Mahindra & Mahindra shed 1.4% to 824 rupees, Tata Motors slipped 1.3% to 783.8 rupees while and Maruti Suzuki India slid 1.1% to 964 rupees.

Infosys slipped 1.05% to 1,695 rupees, TCS shed 0.9% to 1,009 rupees, Satyam Computers was down 0.6% to 423.5 rupees and Wipro lost 0.3% to 493.9 rupees.

Reliance Petroleum gained 4.8% to 243.5 rupees, Reliance Natural Resources advanced 2.7% to 207.8 rupees, Reliance Capital climbed 2.8% to 2743 rupee, Reliance Industrial Infrastructures surged 5% to 2660.35 rupees, and Adlabs Films climbed 16.4% to 1840 rupees.

Reliance Energy slipped 0.7% to 2,499.9 rupees. The Reliance Power Initial Public Offering will open for subscription on 15 January 2008. REL holds 50% stake in Reliance Power.

The price band for the IPO is set between 405 rupees to 450 rupees. The IPO is scheduled to close on January 18, 2008.


[R]9:00AM New York, 9:00PM Hong Kong - Rising gold and oil prices lift Hong Kong stock average by 2.4%.[/R]

In Hong Kong trading Hang Seng index snapped a two-day decline to close up 2.4% or 632.41 to 27,519.69. Hang Seng China Enterprises index gained 2.8% to 15,903.40. For the week Hang Seng index edged up 0.5%.

About HK$5.6 billion worth of shares changed hands during today’s trading session.

Commodity and energy-related stocks rose after gold and oil increased to record highs. Gold reached $868.89 per ounce yesterday as a falling dollar and worries of inflation drove international investors to precious metals and other commodities.

Commodities also rose after CLAS said today investors should buy shares of Chinese gold and coal producers, as they are most likely to be cushioned from the Chinese government measures to prevent the economy from overheating.

CLAS further added that the telecommunications sector is further set to benefit in 2008 as there is likely to be a restructuring in the industry.

China coal rose 3.5% to HK$24 and Zhaojin mining climbed 7.1% to HK$37.05.

Zijin Mining jumped 7.2% to HK$13.44 after Goldman Sachs raised a target on the stock by 11% to HK$15.

A Hong Kong-based jeweler Hang Fung Gold Technology Ltd rose the most since June 2000 after saying it plans to sell a metric ton of gold this month. Stocks rose 26% to HK$2.51 as a result.