Post Market Commentary - Jan 11 2008

The Indian market closed on an upbeat note on the back of selective buying across the counters towards the end of the trading session. The market faced the volatility since after the strong start to the session. The market had slipped into the red in afternoon trade from an initial surge on thee back of less than expected industrial production data for the month of November 2007 that rose by 5.3% and was sharply lower than an upwardly revised annual growth of 12% in October 2007. The annual inflation, based on the wholesale price index (WPI) remained unchanged at 3.5% in the week ended 29 December 2007. The BSE Small cap closed with a heavy loss of 164.61 points at 12,694.02 while BSE Mid Cap closed flat. The BSE Sensex closed higher by 245.37 points at 20,827.45 and NSE Nifty grew by 43.15 points to close at 6,200.10.

BSE Metal index slipped by 19.54 points to close at 18,750.60. Scrips that fell are Nalco (3.23%), Bhushan Steel (2.85%), Jindal Stainless (2.55%), Jindal Steel (1.20%) and Hind Zinc (0.63%).

BSE Realty index closed higher by 212.83 points at 13,482.88. Scrips that grew are Ansal Infra (9.27%), DLF (4.71%), Purvankara (1.32%), Indbul Real (1.03%), Akruti City (0.95%) and Unitech (0.39%).

BSE Bankex index surged 434.15 points to close at 12,478.96 as Axis bank (7.46%), ICICI bank (6.13%), BOI (3.80%), Oriental bank (2.63%), HDFC bank (2.47%), Canara Bank (1.60%) and SBI (1.19%).

BSE Oil & Gas index inched up by 303.66 points to close at 13,832.60. Scrips that advanced are Reliance industries (3.34%), GAIL India (3.29%), Aban Offshore (2.60%), ONGC (1.14%), Essar Oil (0.84%).

BSE Capital Goods index fell by 180.18 points to close at 19,485.88. Scrips that dropped are Suzlon energy (3.92%), ABB (2.57%), Bharat Elec (2.35%), Praj inds (2%), SKF India (1.21%).

BSE IT index dropped by 43 points to close at 4,103.88. Scrips that slipped are Karut Net (4.99%), Mosear Baer (4.27%), Tech Mahindra (3.06%), Satyam (2.24%) and Infosys (1.38%).