Post Market Commentary

The market closed on a negative territory following weak global cues. The BSE Sensex closed at 19,058.93 lost 230.90 points while Nifty dropped by 83.6 points to close at 5,698.75. The wholesale price index i.e. inflation which stood at 2.97% for the week ended October 27, 2007 as against 3.02% last week failed to give a direction to the market. Almost all the sectoral indices closed in red. Overall, the market breadth was weak as 1646 stocks are closed in red while 1074 stocks are closed in green. The BSE Mid Cap and Small Cap closed lower by 40.18 points and 84.22 points at 7,945.78 and 9,610.91 respectively.

BSE Metal index declined by 318.20 points to close at 17,049.52 Pulling it down are Jindal steel (7.64%), Sterlite (5.12%), SAIL (3.05%), JSW Steel (2.69%) and Tata steel (1.74%).

BSE bankex index fell by 267.03 points to close at 10,353.19 as SBI (3.65%), HDFC bank (3.62%), ICICI bank (2.92%), Allahabad bank (2.48%) and PNB (2.45%) closed lower.

The reality index slipped by 213.17 points at 10,077.92 as Unitech (4.97%), Penland (2.59%), Omaxe (2.34%), Purvankara (1.71%) and DLF (1.43%) closed in red.

The oil and gas index slipped by 94.43 points to close at 11,593.75. Scrips that fell are ONGC (4.07%), reliance industries (0.72%), BPCL (0.53%) and HPCL (0.41%).

The capital goods index dropped by 91.79 points to close at 19,646.57 as ABB (2.27%), Punj Lloyd (1.69%), BHEL (0.97%), Suzlon energy (0.35%) and Siemens (0.18%) closed in red.

The IT index closed lower by 44.56 points at 4,298.86 as Iflex (4.41%), Mphasis (3.32%), Infosys (1.61%), Wipro (1.60%) and TCS (0.59%) closed in negative.