Post Market Commentary - Jan 22 2008

The Indian bourses closed in deep red but considering the initial set back, it has managed to recover some ground. The market opened with circuit down and was shut for an hour. However, during the last trading hour, the market has some buying support mainly on account of positive cues of recovery in European market.

The BSE Sensex touched an intraday high of 17,068.57 and low of 15,332.42. Finally, the BSE Sensex ended the day with a decline of 875.41 points to close at 16,729.94. The NSE Nifty reached an intra day high and low of 5,203.35 and 4,448.50 respectively and finally ended with a decline of 309.5 points to close at 4,899.30. The BSE Mid Cap and Small Cap closed with a decline of 679.74 points and 883.27 points at 7,202.25 and 10,028.39 respectively.

Among BSE sectoral indices, Oil & Gas and Reality witnessed the most significant decline and reported 10.05% or 1,114.55 points and 9.15% or 959.03 points downfall to close at 9,974.78 and 9,520.84 respectively. In oil & gas index, RNRL and Essar Oil were the main losers with a significant loss of 26.87% and 21.67% respectively. In Reality Index, Omaxe and Peninsula Land reported the hefty decline of 30.22% and 28.51% respectively.

BSE Consumer Durables and FMCG ended with a reduction of 7.99% or 427.60 points and 7.96% or 173.04 points to close at 4,924.03 and 2,000.17 respectively. In BSE CD index, Rajesh Export and Gitanjali fell by a staggering 15.62% and 15.35% respectively. In FMCG index, Tata Tea and GlaxoSmithKline Consumer Healthcare were the main losers.

BSE Auto and Bank indices moved in a similar fashion as both the indices fell by nearly 4%. In auto index, Escorts and MRF fell by 15.87% and 14.20% respectively.

BSE Teck and IT indices were witnessed the lowest decline of 3.58% or 115.13 points and 3.63% or 129.66 points respectively. In BSE IT index, GTL Ltd ended the day with a gain of 1.67%.