code snippet to display new products on home page
{{block type=“catalog/product_new” name=“home.catalog.product.new” alias=“product_homepage” template=“catalog/product/new.phtml”}}
code to display new products from a particular category on home page
{{block type="catalog/product_list" category_id="10" name="home.catalog.product.new" alias="product_homepage" template="catalog/product/new.phtml"}}