Post Market Commentary - Feb 11 2008

The market tumbled and faced a blood bath during the trading session on the back of miserable debut of Reliance Power in the capital market. The market opened on a weak note tracking the unfavoring cues from the Asian markets and trade on the back foot throughout the trading session. The negative sentiments on the poor performance of the Reliance Power IPO weighed across all the sectoral indices that led to the heavy selling across the counters. The State Bank of India which slashed its Prime Lending Rate by 25 basis point to 12.50% from 12.75% also fell to give a boost to the market. Except IT index all the sectoral indices clsoed in red. The Mid Caps and Small Caps also joined the rally of the benchmark indices as they faced heavy selling pressures. The BSE Sensex closed lower by 833.98 points at 16,630.91 and NSE Nifty fell by 263.35 points to close at 4,857. The BSE Mid Cap and Small Cap indices closed lower by 413.44 points and 480.25 points at 7,219.83 and 9,440.10 respectively. BSE IT index closed higher by 4.82 points at 3,848.16 as Satyam Comp (3.38%), Infosys (0.48%), TCS (0.36%) and Wipro (0.25%) closed in green..BSE Metal index declined by 840.59 points to close at 14,274.25. Losers are Jindal Steel (12.32%), Maharash Sea (11.55%), Welspun Guj (10.75%), Ispat Inds (10.63%).BSE Realty index dropped by 615.52 points to close at 9,168.33. Losers are HDIL (13.75%), Ansal Infra (13.48%), Phoenix mill (10.55%), Purvankara (10.41%).BSE CG plunged by 825.04 points to close at 15,034.07. Scrips that fell are Kirloskar BR 10.41%, Lakshmi Mac 9.26%, Jyoti Struc 8.95%, Praj Inds 7.89%, L&T 6.12% and Bhel 5.76%.BSE Bankex index closed lower by 414.54 points at 9,744.88. Scrips that fell are Kotak bank (7.02%) and CentBOP (7.02%), SBI (6.67%), Andhra bank (6.24%), BOB (5.49%), Axis bank (5.38%).BSE Oil & Gas index slipped by 752.64 points to close at 9,885.80. Scrips that dropped are RNRL (16.36%), Essar Oil (15.94%), GAIL India (8.90%), HPCL (7.93%), IOCL (7.29%).