Indian stock market started on a slow note on Wednesday with cement and steel stocks among key losers due to the higher coal prices, even refineries also fell victim to the market after getting an early boost from oil products price hike but later in the day the market showed a good rise reaching a maximum of 14,733 points. The market on Tuesday reached its lowest low since 31^st July on Tuesday with BSE going down by .70 percent. It has fallen 6.2 percent over the past five sessions and was down by more than 28 percent on the year.The BSE on Wednesday gained 0.92% to be closed at 14,678.23 points gaining 134.50 points as compared to the previous date which was closed at 14,543.73. Nifty also rose 47.50 points with a overall gain of 1.08% as compared to the previous date’s trading to be closed at Rs. 4415.75 points. Indian Rupee declined to its lowest in the last 17 months on Wednesday due to the recovery of crude oil prices from a 15 week low. The Indian Rupee witnessed a marginal decrease of 0.6% to stand at Rs. 43.87 against dollar in the early hours of trading.

Ambuja Cement Ltd went up by 1.94 per cent to be closed at 81.35 rupees while Ultra cement and India cement went down by 0.22 and 0.07 per cent respectively.Tata Power and Reliance Energy also went up by 0.59 and 2.23 percent to be closed at 1024.35 and 160.60 rupees respectively. The prices of refineries rose due to the oil product price hike.Softening in global oil prices may lead to cut in aviation fuel prices but it is indicated that the passengers would not benifit from the reduction in oil prices.The Crude oil which  was averaged at $132.47 a barrel in July came down to $113. 52 per barrel and is expected to come down more by the end of the month.

IT giants has a mixed response in the market today with Infosys gaining 0.30% to be closed at Rs. 1698.70 while TCS ended 0.02% lower at Rs. 839.95 and Wipro witnessed a 0.56% gain to be closed at Rs. 433.65.

The Petroleum industry showed good result in today’s trading with Hindustan Petroleum gaining by 0.25 per cent, Bharat Petroleum by 0.93% , Chennai petroleum by 0.59% while Indian Oil Corporation lose by 0.92 %.

Steel Authority of India has planned an investment of Rs. 1.2 billions to boost the loading facilities at Bolani iron ore mines in Orissa.The company has plans to manufacture over 26 MT of steel production by the year 2011.

ITC Infotech, an IT enabled services company and a wholly owned subsidiary of ITC has acquired US based company Pyxis Solutions which was engaged in software quality assurance and testing services for $25 millions

L&T is in the process of buying an equity stake in coal mines in Australia and Indonesia. The company expects to have 4,000 to 6,000 MW of power plants in the next couple of years and the equity in the coal mines abroad will help to feed these power plants.The Company has also tied up Mitsubishi Heavy industries for manufacturing special critical boilers,turbines and generators.The stocks of the company went high by 1% during the whole day's trading.

Vodafone Essar, India’s third largest mobile operator is planning to sell Apple’s iPhone 3G at 31,000 rupees. India’s largest automobile company, Tata Motors plans to manufacture an electric driven version of Nano called the E-Nano. The E-Nano would be built in cooperation with the Norwegian Electric car manufactures named Miljoebi Greenland.The company has also signed an agreement with Moteur Development International(MDI) of France for developing a car that runs on compressed air,thus making travelling very economical and pollution free

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