Sensex slips into the red; breadth turns weak; Premier Explosives Ltd fails to nosedive; the share dipped due to wrong information. The company will publish the results in the 1st or 2nd week in the next month: Tips Industries Ltd hit the upper circuits: Flat Products Ltd hit another buyer freeze. Book some profit in the counter: Keep Holding Southern Online Bio Techmologies Ltd: Network 18 moved up today on the news of some Mutual fund buying. Please exit the stock as fast as possible as it is still in deep red, before it falls flat on the nose: Teledata Informatics Ltd approching near its first target of Rs.54: Speculative Positions are built up in Gujarat Themis Biosyn Ltd at the current market price of Rs.10.96. It is a bulk drug maker: Sabero Organics Ltd(recommended at Rs.15, some months back) does well. The company is into agro chemicals. The December quarter results of the company were excellent:This time the May Correction will not be as severe as the last year:

The market slipped into the red in afternoon trade as bank shares slipped and index heavyweight Reliance Industries (RIL) eased. IT shares remained subdued. Hindalco and L&T pared gains. At 13:33 IST, Sensex was down 33 points at 13846. The market was volatile today. Sensex pared gains in early afternoon trade after it had surged as much as 77.15 points, to 13,956.40, by 10:53 IST. Earlier during the day, Sensex had come off lower level after an initial 63.06-point slide. The market breadth was weak. 1412 shares declined on BSE as compared to 1004 shares that rose. 96 shares were unchanged. Losers outpaced gainers by a ratio of 1.4:1. BSE clocked a turnover of Rs 2653 crore. Bank shares slipped. State Bank of India lost 2.3% to Rs 1092.60. The largest commercial bank unveils its FY 2007 (year ended 31 March 2007) results on Saturday 11 May 2007. HDFC Bank shed nearly 1% to Rs 990.35. ICICI Bank was up 0.4% to Rs 847. A sudden surge had taken the stock to Rs 860 by 10:52 IST. The stock had plunged over the past few days ever since the company announced on 28 April 2007, that it had plans for a Rs 20000 crore equity issue. RIL shed 0.2% to Rs 1600.15, off an early high of Rs 1614.60. 3.8 lakh shares changed hands in the counter on BSE. Two-wheeler makers drifted lower. Hero Honda lost 3.4% to Rs 680. It was the top loser from 30-Sensex stocks. Bajaj Auto shed 0.7% to Rs 2547. An overnight fall in the ADRs and a rising rupee weighed on IT bellwether Infosys. The stock was down 1.6% at Rs 2005. On Monday, Infosys' ADR lost 3.6% to $51.92. Infosys enjoys 11% weightage in the benchmark Sensex. Among other IT pivotals, TCS was down 0.8% to Rs 1267, Satyam Computer shed 0.5% to Rs 457.80 and Wipro had shed 0.6% to Rs 551. The rupee was headed towards a nine-year high against the dollar on Tuesday. In early trade, the partially convertible rupee was at 40.755/765 per dollar, up from Monday's close of 40.87/89. The rupee’s surge is a cause of concern for IT firms, as it directly impacts their revenue and profits, a lion’s share of which is accounted for by exports. L&T was up 0.1% to Rs 1696, off session’s high of Rs 1724. L&T today secured an order valued at Rs 215 crore from the Abu Dhabi Water & Electricity Authority for the supply and installation of 33 kV power cables and fibre optic cables for inter connections between various substations in the eastern region of Abu Dhabi area. The contract will be executed within 18 months. Union Bank of India (UBI) on Monday cut interest rates on home loans below Rs 20 lakh by 50 basis points with immediate effect. ACC rose 1.7% to Rs 877.45 on market talk of Swiss firm Holcim raising its stake in the company to 41% from about 38%. The block deal of 58.59 lakh shares (a little above 3% equity) was struck in the cement pivotal on the NSE at a weighted average price of Rs 899.07, in early trade. Steel shares edged up, tracking firm global steel prices and on expectations of strong Q4 March 2007 results. Tata Steel rose 1.3% to Rs 559.20 and Sail gained 1.5% to Rs 136.70. Steel firms are seen posting strong Q4 results on the back of higher steel prices. Meanwhile, POSCO, the world's third-largest steel maker, said on Monday it would raise prices of stainless steel products by 400,000 won per tonne due to higher costs of nickel, a key raw material - the fifth time POSCO has raised stainless steel prices in this year after seven hikes in 2006. Hindalco pared gains. The stock was up 0.2% to Rs 145.25, off session’s high of Rs 148.50. The stock had firmed up earlier during the day on hopes of global consolidation after ALCOA on Monday announced a hostile bid for Canadian rival Alcan, saying the acquisition would create the world's biggest aluminum company. Moser Baer rose 1.3% to Rs 367.10. Moser Baer Photo Voltaic, the wholly owned subsidiary of the company, has tied up with International Finance Corporation (IFC) for a Rs 100 crore funding. Credit rating agency ICRA rose 0.5% to Rs 967.05, off session’s high of Rs 994.95. 13.8 lakh shares changed hands in the counter on BSE. The stock had spurted 17.4% on Monday (7 May) on huge volume of 43.2 lakh shares on BSE. Nagarjuna Fertilisers dropped 2.2% to Rs 19.95 after NSE barred further positions in its derivatives as 95% of marketwide limit had reached. The stock had spurted over the past few days on high volumes. GAIL (India) dropped 2.2% to Rs 299.40. The Dabhol power plant is expected to switch from naphtha to natural gas by June, when GAIL (India) expects to complete a pipeline to supply the fuel. The 576 km (358 mile) pipeline will transport gas from Dahej to the power plant at Dabhol. GAIL said that on Monday it had commissioned the first phase of the pipeline, which is 100 km long. The pipeline, expected to cost Rs 3200 crore, will be able to transport 12 million cubic metres of gas a day. Marico was flat at Rs 55.55 despite reports that it was set to hike hair oil product prices by 7% Asian stocks gave up early gains on Tuesday, as nervous investors worried whether a global rally would run out of steam. Key benchmark indices in Hong Kong, Japan, South Korea, Singapore and Taiwan were down 0.07 – 1%. The Dow closed at a record on Monday (7 May) for the fifth day in a row, buoyed by Alcoa's $27 billion bid for Alcan. Alcoa, the world's largest aluminum company, pushed the Dow and the S&P 500 higher with a gain of 8%, leading the latest round of takeover deals that have lifted the market in recent months. The Dow gained 48.35 points, or 0.36%, to end at a record of 13,312.97. Earlier, the Dow also hit an all-time intraday high of 13,317.69. The Standard & Poor's 500 Index advanced 3.86 points, or 0.26%, to finish at 1,509.48, off a fresh 52-week high at 1,511.00. But the Nasdaq Composite Index dipped 1.20 points, or 0.05%, to close at 2,570.95. Earlier, the Nasdaq also reached a new 52-week high at 2,580.06. Crude oil prices scrabbled out modest gains after six days of losses. Benchmark London Brent crude was up 19 cents at $64.63 a barrel after slumping nearly 6 percent in as many days on growing crude inventories. [With Inputs from the Internet]