MARKET UPDATE

MARKET UPDATE AT 11.30 AMON 22AUGUST

Key benchmark indices staged a comeback from early lows

asheavyweights rebounded. A rally in crude oil prices weighed

on thesentiment in opening trade. Global cues were mixed.

Banking sharesgained as the weekly inflation figure was in line

with marketexpectation. The wholesale prices index rose 12.63%

in the year through 9 August2008, up from the previous week's 12.44%

rise, data released by thegovernment after trading hours on

Thursday, 21 August 2008, showed. As per reports, nuclear supplier

nations at a meeting in Vienna onThursday, 21 August 2008, proposed

conditions for lifting a globalban on fuel and technology exports to India,

a step required toimplement a US-India nuclear cooperation deal. A green

light fromthe 45-nation Nuclear Suppliers Group is needed for the deal

toproceed to the US Congress for final ratification. At 10:25 IST, the BSE 30-share

Sensex was up 5.56 points or 0.04%to 14,247.89. It had opened 90.34 points lower

at 14,153.39 andslipped further to a low of 14,136.86 in early trade. At the day'slow

hit in early trade, the Sensex lost 106.87 points. At the day'shigh of

14,298.16 points hit in early trade, the Sensex gained54.43 points. The S&P

CNX Nifty was up 1.15 points or 0.03% to 4,285.10 The market

breadth was weak on BSE with 754 shares declining ascompared to 602

that advanced. 36 remained unchanged. The total turnover on BSE

amounted to Rs 405 crore Among the 30-member Sensex pack,

21 slipped while the rest themgained. India's largest aluminium and

copper producer Hindalco Industriessurged 3.41% to Rs 133.45 on

1.46 lakh shares. It was the topgainer from Sensex pack.