The market saw a complete trend reversal today. It was firm in first half of the day, but turned weak in the second half as profit booking emerged at higher level. It also turned volatile since mid-afternoon trade. Auto and IT pack saw buying while cement and banking shares were offloaded.

The BSE 30-share Sensex was down 45.48 points to 15,000.25, as per provisional data. It opened higher at 15,100.13 and surged to strike an all-time high of 15,114.95 at 10:34 IST, a gain of 69.22 points for the day. It slipped to a low of 14,966.40 at 15:01 IST, a fall of 79.33 points for the day.

The market breadth which was positive till afternoon session, turned negative later as profit booking emerged in small and mid-cap stocks. On BSE, 1,489 shares declined as compared to 1,188 that advanced, while 66 remained unchanged.

Turnover surged in last one hour of trade. BSE clocked a turnover of Rs 5,024 crore as compared to Rs 3,894 crore at about 14:30 IST

Among the Sensex pack, 17 declined while the rest advanced.

Auto shares rallied on hopes that interest rates will not go up in near future. Auto companies derive 50-75% sales from loan funds. All the top 3 gainers from the Sensex pack were auto counters.

Auto major Tata Motors surged 3.44% to Rs 740.30 on 5.26 lakh shares, and was the top gainer from Sensex pack. As per reports, the company may plan to unlock value of its profit making subsidiaries through initial public offerings. Tata Motors has around 30 subsidiaries most of them created through demergers of the various divisions that the company once had.

Other auto stocks Maruti Udyog (up 2.63% to Rs 815) and Bajaj Auto (up 1.41% to Rs 2135) also edged higher.

IT stocks saw continued buying support. Market men reckon that the under-performance of IT stocks in recent months provides a good buying opportunity due to strong core fundamentals of the sector.

Satyam Computers (up 1% to Rs 496.35), Infosys Technologies (up 1.20% to Rs 2,017), TCS (up 1.31% to Rs 1192), edged higher. However Wipro lost 0.62% to Rs 522.

Infosys Technologies declares its results on Wednesday, 11 July 2007.

The rupee inched towards a nine-year high on Tuesday, 10 July 2007, as investors adjusted positions in anticipation of strong capital flows. In early trade, the rupee was at 40.39/40 per dollar, up from Monday's 40.425/44, and in sight of a nine-year peak of 40.28 hit in late May 2007.

Index heavyweight Reliance Industries was down 0.60% to Rs 1700.80, on 2.51 lakh shares. The stock was slipped today ahead of the Bombay High Court's final verdict on the allocation of gas from RIL's D-6 block in the Krishna-Godavari basin, on 12 July 2007. RIL is set to start production from the block in June 2008, with around 26 million cubic metres a day (mcmd) and ramp it up to a peak of 80 mcmd by mid-2009.

Earlier on 20 June 2007, the court passed an interim order, which restricted RIL from selling gas from the D-6 block to any buyer other than Reliance Natural Resources (RNRL) and NTPC for a period of eight years.

RNRL galloped to 52-week high of Rs 41, up 8.32% on high volumes of 1.83 crore shares.

Telecom services provider Bharti Airtel was the top loser from the Sensex pack. The stock shed 1.76% to Rs 868, on 1.95 lakh shares. Reliance Communications shed 1.50% to Rs 544.05

Banking shares came under selling pressure. State Bank of India (down 1.67% to Rs 1545), and ICICI Bank (down 0.91% to Rs 964.45 ), edged lower.

HDFC Bank lost 1.59% to Rs 1149.50 despite reporting 34.24% rise in net profit in Q1 June 2007 to Rs 321.23 crore as against Rs 239.30 crore in Q1 June 2006. Total operating income rose 41.32% to Rs 2125.88 crore (Rs 1504.29 crore). The results were announced during the market hours today 10 July 2007

Ambuja Cements declined 0.91% to Rs 130.80 while ACC slipped 1.08% to Rs 1035.

Engineering and construction major Larsen & Toubro (L&T) declined 1.43% to Rs 2,381.20 despite winning a Rs 542-crore order from Indian Oil Corporation (IOCL).

Asian indices were trading mixed today, 10 July 2007, with Japan's Nikkei 225 declining on banking stocks such as Mitsubishi UFJ Financial Group, while South Korea's Kospi and Singapore's Straits Times Index touched intra-day record highs. Nikkei slipped 0.16% to 18,232.90. Shanghai Composite was down 0.78% to 3,853.21

However, Taiwan's Taiwan Weighted (up 0.16% to 9,384.73), Hong Kong's Hang Seng (up 0.30% at 22,885.84), and South Korea's Seoul Composite (up 0.58% at 1,894.53) edged higher.

European indices were mixed.

Wall Street edged higher in an erratic session on Monday, 10 July 2007, as investors were reassured by a drop in treasury bond yields. The Dow Jones industrials rose 38.29 points, or 0.28%, to 13,649.97. Broader market indexes also moved higher. The Standard & Poor's 500 index rose 1.41 points, or 0.09%, to 1,531.85, and the Nasdaq Composite index added 3.51 points, or 0.13%, to 2,670.02.

Brent crude oil eased on Tuesday, 10 July 2007 after a seven-day rally lifted prices to their highest in 11 months. London Brent crude fell 31 cents to $75.47 a barrel. US crude inched down 7 cents to $72.12 a barrel.

As per provisional data, foreign institutional investors (FIIs) bought shares worth a net Rs 841.64 crore, while domestic institutional investors (DIIs) were net sellers of shares worth Rs 236.85 crore on Monday, 9 July 2007.