Post Market Commentary - Jan 15 2008

After having a good start for the day, the market suffered heavy profit booking and cash withdrawal by the investors at a greater volume. One of the main reasons behind the heavy cash outflow from the market is the country''s biggest IPO Reliance Power Ltd, which opened for subscription today. The IPO got a very good response as it subscribed nearly 10 times on the first day of its opening itself. Finally after struggling through out the day, the market ended in deep red as the benchmark indices Sensex closed with heavy loss of 476.96 points at 20,251.09 and Nifty ended lower by 132.55 points to close at 6,074.25. Banking, IT, FMCG, Power and Capital good stocks were among the top losers. Further BSE Smallcap and BSE Midcap also closed with a loss of 1107.10 points and 105.01 points at 12,755.29 and 9,431.89 respectively.

BSE Capital Goods stood as the top looser with a loss 374.44 points to close at 19,146.91. Scrips those lost ground are Suzlon Energy, down by (3.95%), Thermax Ltd (2.75%), L&T (2.51%), Areva (2.42%), BHEL (2.36%), and Siemens (2.14%).

BSE Bankex also dropped heavily by 300.38 points to close at 12,258.42 as Axis bank (4.53%), ICICI Bank (4.05%), Karnataka Bank (2.57%), Canara Bank (2.41%), Andhra Bank (2.06%), SBI (1.95%) closed lower.

BSE Oil & Gas closed lower by 270.35 points at 13,856.48. Scrips those declined are BPCL (5.63%), HPCL (3.62%), Essar Oil (3.54%), Gail India (2.79%), RPL (2.46%) and Aban Offshore (2.29%).

BSE Metal index ended in red with a loss of 245.37 points at 18,610.63. Scrips those plunged are Sh. Precoated (4.99%), Sterlite Inds (3.23%), NALCO (3.05%), Gujarat NRE (3.05%) and Jindal Steel (2.66%).

BSE Realty also lost ground by 225.66 points to close at 13,421.49. Scrips those dropped are Parsvanath (8.24%), Omaxe Ltd (5.32%), Ansal Infra (4.49%), Penland India (3.84%) and DLF Ltd (2.45%).