Post Market Commentary

The market closed marginally up after a strong rally at the initial stage. The market came off sharply from the higher levels towards the end of the session on the back of heavy profit booking by the investors. The market opened on a firm note tracking the strong global cues but failed to sustain the momentum towards the final hours of the trading as the selling intensified across all the segments. Also, the expiry of the November 2007 derivatives contracts also put some pressure into the market. Selling is seen mostly in the capital goods and Metal scrips while Bankex, Oil & Gas and Realty attracts investors confidence. The BSE Sensex closed higher by 64.39 points at 19,003.26 and NSE Nifty grew by 17.05 points to close at 5,634.60. Overall, the market breadth was little weak as 1,468 stocks are closed in red while 1317 are closed in green. The BSE Mid cap fell by 20.94 points to close at 8,362.55 while Small cap closed up by 14.45 points at 10,389.75.

BSE Bankex surged 212.20 points to close at 10,601.41. Scrips that gained are IOB (7.43%), HDFC bank (4.30%), ICICI bank (3.15%), PNB (1.53%) and SBI (0.79%).

BSE oil & gas index grew by 127.02 points to closed at 12,044.60 as RPL (11.95%), Essar Oil (3.72%) and Reliance industries (1.15%) closed higher.

BSE Auto index closed up by 15.36 points at 5,419.51. Pushing it up are Hero Honda (3.53%), Maruti Suzuki (2.46%), M&M (1.47%), Exide industries (1.50%), Apollo tyres (0.82%) and Tata Motors (0.25%).

BSE Realty index closed up by 154.69 points at 10,223.93. Scrips that gained are Unitech (3.56%), DLF (0.27%), Sobha developers (0.12%) closed higher.

BSE Power index closed lower by 44.39 points at 4,253.53 as Areva (3.46%), Power Grid (2.39%), Reliance energy (2.37%), Torrent Power (1.89%), Suzlon energy (1.03%) closed lower.

BSE IT index closed marginally up by 4.36 points at 4,085.76 as Educomp solu (5.91%) and Rolta India (4.23%) closed higher while Niit techno (4.67%), Tech Mahindra (3.45%) and I-Flex (3.05%) closed lower.