Post Market Commentary

The market closed the session on a deep red note on the back of weak Asian markets as well as statement by the Citigroup that it may suffer $11 billion in writing down of losses caused due to subprime. This led to the prevailing of selling pressure across the sectoral indices scrips. The Benchmark index Sensex fell 385.45 points to close at 19,590.78 while Nifty slipped by 85.1 points to close at 5,847.30. The BSE Sensex touched an intraday low of 19,502.45 and high of 20,009.35 during the trading session. Though the Sensex opened on a positive note but all of a sudden lost the grip to trade in red throughout the trading session. The selling pressure again ignites on the later half of the day as the investors tries to sell off their stocks to clear off their positions. BSE Capital goods, Bankex, Metal and Oil & Gas was the most hit as they fall with heavy points. Overall, the market breadth was little strong as 1433 stocks are closed in green while 1321 stocks are closed in red. The BSE Mid Cap and Small Cap closed higher by 54.01 points and 104.59 points at 8,057.81 and 9,847.02 respectively.

The oil and gas index closed lower by 230.89 points at 11,505.54. Pushing it down are ONGC (4.91%), IOCL (2.26%), Reliance industries (1.81%) and CAIRN India (0.96%) closed in red.

The capital goods index fell 334.13 points to close at 20,052.28 as L&T (3.89%), ABB (2.17%), Siemens (2.07%), BHEL (1.91%) and Suzlon energy (1.87%) closed in red.

BSE Metal index slipped by 291.97 points to close at 17,401.69. Leading the losers pack are Jindal saw (4.63%), Sterlite industries (3.46%), Hindalco (2.08%), Tata Steel (1.65%) and SAIL (1.63%).

BSE bankex index decreased by 233.58 points to close at 11,007.95 as ICICI bank (4.49%), Canara bank (3.70%), Kotak bank (2.72%), Union bank (1.28%) and SBI (0.51%) closed lower.

The IT index dropped by 67.51 points to close at 4,567.13. Pushing it lower are Patni computers (2.79%), Infosys (2.72%), Wipro (1.44%) and TCS (0.94%) closed in negative.