4:35 PM:  Notwithstanding a few rounds of buying during the course of the session, the market ended flat on Friday with investors mostly treading a cautious path amid lingering worries about the financial situtation in Europe.

High inflation, a weak rupee and fears of a decline in fund inflow too contributed to the subdued mood. There were some encouraging earnings reports from India Inc., but investors mostly stayed wary of building up positions.

The Sensex, which rallied to 16,273.48 after declining to 16,118.35, gave up its gains and ended the session with a small loss of 4.48 points or 0.03% at 16,217.82. The Nifty index of the National Stock Exchange settled marginally downat 4920.40, more than 30 points off the day's low of 4889.35.

3:15 PM:  Hold IOC (Rs 266) and add more at declines for medium term.

Modest gains are likely in the near term as well.

2:44 PM:  BPCL says March-qtr net profit 39.63 bln rupees

2:41 PM:  Buy Jubilant Foodworks May Futures at Rs 1219 with a target of Rs 1275 and stop loss of Rs 1196

2:28 PM:  The rupee trades at 55.41/42 per dollar, recovering sharply from the day's low of 56.09 as exporter dollar sales and a recovery in the euro towards session high hurts; pair had closed Thursday at 55.65/66.

Traders cite dollar flows from exporters who had still not converted half of their foreign currency earnings into rupees as mandated by RBI. Some selling from foreign banks on likely custodian flows also seen: Dealers

2:22 PM:  GMR Infrastructure and Gammon India can be bought for long term.

Add these stocks at declines in a staggered way.

2:17 PM:  The Sensex, which declined to 16,118.35 but rose to 16,249.60 this afternoon, is currently trading at 16,234.77, up 12.47 points or 0.08% from its previous closing mark.

At 4933.95, nearly 50 points off the day's low 4889.35, is up with a gain of 12.55 points or 0.26%.

2:10 PM:  The BSE Sensex recovered from day's lows, helped by gains in European equities and a second session of recovery in the rupee after it hit an all-time low of 56.40 earlier on Thursday.

The recovery came even as MSCI's broadest index of Asia-Pacific shares outside Japan reversed early gains to slip 0.7 percent, hitting its lowest since late December.

1:33 PM:  ITC says March-quarter net profit 16.14 bln rupees vs consensus forecast of 15.7 bln rupees

1:31 PM:  Buy LIC Housing Finance (Rs 241) and add more at declines for long term.

Short term investors can exit at rallies.

12:56 PM:  Buy SAIL May Futures with a 3-4 day target of Rs 98 and strict stop loss of Rs 89, says Somil Mehta of Sharekhan on CNBC Awaaz.

12:42 PM:  One looking at medium term can pick up Andhra Bank, UCO Bank and Indian Bank at declines.

These stocks are likley to see a modest upmove in the near term.

12:35 PM:  Buy BHEL May Futures with a 3-4 day target of Rs 230 and strict stop loss of Rs 203, says Somil Mehta of Sharekhan on CNBC Awaaz.

12:22 PM:  Sell Maruti Suzuki May Futures in the range of 1147-1149: ICICIDirect

11:53 PM:  Buy Yes Bank for the target prices of Rs 335/338/Higher with a stop loss of Rs 326: ICICIDirect

11:18 PM:  The Sensex, which declined to 16,118.35, is currently down 70.13 points or 0.43% at 16,152.17. The Nifty index of the National Stock Exchange is down 17.50 points or 0.36% at 4903.90.

11:09 PM:  Buy Chambal Fertilisers with a target of Rs 75 and stop loss of Rs 71, says Sudarshan Sukhani, technical analyst, on CNBC TV18.

10:41 AM:  Sell Opto Circuit with a stop loss of Rs 169: ICICIDirect

10:36 AM:  Buy Infosys May Futures in the range of 2356-2358: ICICIDirect

10:19 AM:  Sell United Phosphorus with a stop loss of Rs 116.1: ICICIDirect

10:09 AM:  Buy Polaris Software for the target prices of Rs 110.60/112/Higher with a stop loss of Rs 107.5: ICICIDirect

9:51 AM:  Hold ITC (Rs 235) and add more at declines for medium term.

Though the stock may see some downside in the near term, a sharp slide looks unlikely.

9:44 AM:  The BSE benchmark Sensex, which opened marginally down at 16,213.24 and subsequently drifted down to 16,150, is currently at 16,163, down 59.30 points or 0.37% from its previous closing mark.

9:03 AM:  The market is likely to open on a weak note, tracking global cues. There may be some buying later on in the session, but stocks are unlikely to find support at higher levels.

Movements are likely to be quite volatile. Automobile, capital goods and realty stocks may find the going tough.

ITC, BPCL, Crompton Greaves, Gujarat Minerals, NHPC, Reliance Infrastructure, Suzlon Energy and Sun TV Network are among the companies scheduled to announce their quarterly results today.