Cipla led the decline, down 1.29% to Rs 267.75, on a volume of 2.28 lakh shares. Satyam fell 1.18 per cent to Rs 422.90. Satyam announced today that it has signed a seven-year contract with airline Qantas. Bajaj Auto lost 0.37% to Rs 2,595. It has ventured into the $6 billion Indonesian bike market with its flagship model, the 180 cc Bajaj Pulsar.

Oil refining and marketing companies plunged after the U.S. crude oil futures in Asian trade touched $61 a barrel. HPCL declined 2.07% to Rs 299.65, BPCL lost 2.10% to Rs 364 and Indian Oil Corporation edged lower 0.76% to Rs 485.

Other news

Samsung India Electronics today signed a memorandum of understanding with the Tamil Nadu government for setting up two projects - an SEZ unit and a domestic tariff area unit - with a total investment of Rs 450 crore.

Tata Motors has commenced in-factory trials of its upcoming small car, widely referred to as the Rs 1-lakh car.


9: 45AM Stocks opened modestly higher on weaker oil and a $13 B contract won by Boeing.
A pullback by the oil price pushed stocks modestly higher at opening. Light, sweet crude dropped 45 cents do $60.71, helping oil-sensitive airline stocks to recover from recent losses. Another boost for the market was news that Boeing (BA: chart) won out over Lockheed Martin Corp. and United Technology Corp.''s Sikorsky division in securing a contract to build U.S. Air Force helicopters. The contract is worth about $13 billion.

Among Friday’s movers, Bausch & Lomb (BOL: chart) dropped 3.5% after the company said 2006 and 2007 results would be at the low end of its prior estimates due the recall of its ReNu with MoistureLoc contact-lens solution. Tanox (TNOX: chart) surged 44% after Genentech said it plans to acquire the company for $20 per share in a $919 million deal, a 47% premium to the stock''s closing price.

On the earnings news front, California Pizza Kitchen (CPKI: chart) said it earned 34 cents a share in Q3, up from 28 cents a share, in the year-ago period on 15% revenue increase and 5.6% same store sales rise. Pacific Sunware of California (PSUN: chart) reported Q3 net income decline of 13 cents a share, compared with 54 cents a share last year. The retailer climbed 9% in early trading. In the first hour of trading, the Dow Jones industrial average rose 15.69, or 0.13%, to 12,118.99. The Standard & Poor''s 500 index was up 1.89, or 0.14%, at 1,380.22, and the Nasdaq composite index was up 5.69, or 0.24%, at 2,381.70.


10:30AM The Sensex gained 145 points supported by Reliance, banks.
The Sensex on BSE finished 145.42 points, or 1.11%, higher to end at 13,295.36. The market-breadth remained strong. As 1,274 shares advanced on BSE, 1,255 declined and 88 stocks were unchanged.. From the Sensex stocks, 23 advanced, while the rest declined. The turnover on BSE was Rs 4,541 crore, higher than Rs 4,263 crore on Thursday. The turnover on NSE was Rs 8,232.44 crore, higher than Rs 7,837.47 crore on Thursday.

Economic news

Industrial production in India grew 11.4% in September from a year earlier on strong manufacturing and electricity output, government data showed on Friday. Output had risen at 9.9% in August. Manufacturing production advanced 12% in September from a year earlier, compared with 11.1% in August.

Annual wholesale price index of slipped to 5.09% (as on October 28) from the previous week 5.41% due to a fall in the prices of manufactured products.

Most-active stocks

Reliance Industries was the most-active stock on BSE with a total turnover of Rs 338.09 crore. Indiabulls Financial Services followed.

Advancers

Index heavy Reliance Industries jumped 2.13%, to Rs 1,288.25, on a volume of 26.62 lakh shares. Reliance Industries announced on Thursday, its board had approved raising up to $2 billion through loans and bond issues, or a combination of fund-raising instruments.

Banking stocks surged on renewed buying. Private sector ICICI Bank led the advancers, up 4.35% to Rs 834, after its ADR gained more than 3% on the NYSE on Thursday. It had hit an all-time high of Rs 838, while its low was Rs 795. Centurion Bank of Punjab surged 7.33% to Rs 28.55, HDFC Bank gained 2.54% to Rs 1,043, SBI edged up 0.24% to Rs 1,133.20, Kotak Mahindra Bank rose 1.68% to Rs 361.15, Union Bank of India notched up1.63% to Rs 130.65 and Union Bank of India advanced 1.59% to Rs 130.60.

Software large-cap Infosys gained 0.51%, to Rs 2,148.90. The stock advanced for the fourth consecutive day today, after shareholders on Tuesday approved a sponsored ADR issue. Aluminium maker Hindalco Industries gained 0.25% at Rs 183.20, and its state-run counterpart Nalco was 0.62% higher, to Rs 200 after three-month aluminium futures rose 4%. Hindustan Zinc advanced 1.21% to Rs 964.45, as three-month zinc futures hit a record high of $ 4,545 a tonne on the LME, on Thursday.