Post Market Commentary - Feb 8 2008

The market closed in the negative territory on the back of selling pressures across the counters. The market keeps on moving in the positive and negative region throughout the trading session. The market opened with marginal gains but unable to sustain at the higher levels and fell as the profit booking prevailed. The annual inflation that rose 4.11% in the week ended 26 January 2008 from 3.93% last week also add to the negative sentiment. From the sectoral point, IT scrips remained in the limelight as they reported most buying from the counters, however Metal, Realty, CG and Bankex scrips fell to attract investor''s confidence as most selling was seen from these baskets. The Mid Caps and Small Caps underperformed the benchmark indices as they faced heavy selling pressures. The BSE Sensex closed lower by 62.04 points at 17,464.89 and NSE Nifty fell by 12.9 points to close at 5,120.35. The BSE Mid Cap and Small Cap indices closed lower by 147.85 points and 282.28 points at 7,633.27 and 9,920.35 respectively.

BSE IT index closed higher by 138.04 points at 3,843.34 as NIIT (6.30%), Rolta India (6.05%), HCL Tech (5.57%), Satyam (4.90%), Infosys (4.76%), Wipro (3.07%).

BSE Metal index closed lower by 414 points at 15,114.84. Scrips that fell are Jindal Stainless (6.15%), Welspun Guj (5.93%), Bhushan Steel (4.95%), SAIL (4.61%).

BSE CG plunged by 261.51 points to close at 15,859.11. Losers are Jyoti Structures (6.53%), Praj Inds (5.93%), Punj Lloyd (4.92%), Thermax (4.73%), Kalpataru Power (3.40%).

BSE Bankex index closed lower by 225.35 points at 10,159.42. Scrips that fell are Axis bank (5.12%), Kotak bank (4.82%), Yes bank (4.49%), Canara bank (3.77%).

BSE Realty index dropped by 246.48 points to close at 10,030.33. Losers are Purvankara (5.66%), Akruti City (3.52%), Omaxe (3.41%), DLF (3.33%), HDIL (2.79%).

BSE Oil & Gas index slipped by 30.22 points to close at 10,638.44. Scrips that dropped are Cairn India (3.04%), Essar Oil (2.74%), RPL (2.16%), RNRL (1.62%).