Post Market Commentary - Feb 25 2008

The market closed on a strong note on the back of heavy buying across the sectoral indices. Taking the favoring cues from the global markets, the domestic market opened with a bang but unable to sustain at higher levels and fell immediately as the profit booking prevailed. Then after the mid session, the market got the momentum to came off from the day''s low and marched forward till the final closing of the session. Reliance Power remained in the lime light during the trading session as the company''s board approved the proposal to issue bonus shares to all categories of shareholders excluding promoters in the ratio of 3 shares for every 5 shares held. From the sectoral front, the Oil & Gas, IT, Metal and Realty stocks remained in the lime light as most buying was seen from these baskets. The BSE Sensex closed higher by 301.50 points at 17,650.57 and NSE Nifty closed up by 89.95 points at 5,200.70. The BSE Mid Cap and Small Cap closed lower by 0.04 points and 69.13 points at 7,594.41 and 9,526.28 respectively.

BSE Bankex index closed lower by 37.08 points at 10,113.14. Losers are CentBOP (14.45%), HDFC bank (3.54%), Union bank (2.47%), BOI (1.66%), Canara bank (1.58%) and Axis bank (1.44%).

BSE Oil & Gas index closed higher by 384.38 points at 11,057.38. Gainers are Reliance Inds (5.02%), GAIL India (4.34%), RNRL (3.62%), Cairn India (2.74%), BPCL (1.87%) and IOCL (1.62%).

BSE Metal index grew by 161.22 points to close at 16,530.16. Major gainers are Gujrat NRE (5.17%), Nalco (3.98%), Hindalco (2.45%), Hind Zinc (2.36%), Sterlite Inds (2.27%) and Jindal Steel (1.59%).

BSE IT index grew by 74.26 points to close at 3,992.54 as Karut Net (4.99%), Educopm Soln (4.22%), Wipro (4.06%), HCL Tech (3.94%), Satyam (2.62%), Infosys (2.11%) and I-Flex (1.66%) closed higher.

BSE Realty index advanced by 108.17 points to close at 9,769.31. Scrips that gained are Unitech (3.34%), Omaxe (0.90%), Ansal Infra (0.88%) and DLF (0.64%)