Post Market Commentary - Feb 7 2008

The market tumbled and closed on a deep red note. Heavy selling pressures across all the sectoral indices was witnessed after the mid session on the back of the reports by the government, which cited that the economy is likely to grow at a reasonable rate of 8.7% during the current fiscal as against 9.6% last year. The estimation of growth was slightly higher than then RBI''s projection of 8.5%, which led o the negative sentiments in the market. The cues from the global markets are not in favor, which also add to the sentiments. A lot of volatility was witnessed during the trading session but finally market takes a huge turn to close with heavy losses. The Small Caps and Mid Caps also did not survive from the bloodbath as they also faced heavy selling pressures across the counters. The BSE Sensex closed lower by 612.56 points at 17,526.93 while NSE Nifty fell by 189.3 points to close at 5,133.25. The BSE Mid Cap and Small Cap indices closed lower by 189.62 points and 210.18 points at 7,781.12 and 10,202.63 respectively.

BSE Metal index closed lower by 660.62 points at 15,528.84. Scrips that fell are Jindal Steel (6.98%), Bhushan Steel (6.31%), Hindalco (5.63%), Ispat Inds (4.95%), SAIL (4.91%).

BSE Realty index plunged by 384.76 points to close at 10,030.33. Losers Unitech (7.17%), Omaxe (7.03%), HDIL (4.20%), Ansal Infra (4.08%), Purvankara (3.73%).

BSE CG closed lower by 451.03 points at 16,120.62. Losers are Crompton Greaves (6.72%), Bharat Elec (5.69%), Lakshmi Machines (5.05%), L&T (3.97%), Areva (3.41%).

BSE Oil & Gas index fell by 492.17 points to close at 10,668.66. Scrips that dropped are RNRL (6.44%), Reliance Inds (4.98%), Cairn India (4.90%), RPL (4.36%), IOCL (3.86%).

BSE Bankex index fell by 247.59 points to close at 10,690.01. Scrips that fell are CentBOP (6.24%), Axis bank (6.21%), PNB (5.41%), ICICI bank (4.13%), Allahabad bank (3.34%).

BSE IT index closed lower by 226 points at 3,813.82 as HCL Tech (7.89%), Rolta (7.68%), Tech Mahindra (4.97%) closed in red.