Post Market Commentary - March 10 2008

The Indian market made a smart recovery during the trading session after a sharp fall at the initial session. The market opened a disappointing note backed by the unfavoring cues from the global markets and tumbled down due to heavy selling pressures. The market staged a strong recovery after the mid session as the buying intensified across the sectoral indices and kept on marching forward. A lot of volatility was witnessed during the trading session. From the sectoral front, the capital goods was the worst hit as most selling was witnessed from these baskets while metal and oil & gas posted a smart recovery as most buying was seen from these counters. The BSE Sensex closed lower by 51.80 points at 15,923.72 and NSE Nifty closed higher by 28.8 points at 4,800.40. The BSE Mid Cap and Small Cap also closed lower by 36.47 points and 160.45 points at 6,767.92 and 8,248.73 respectively.

The Metal index closed up by 346.01 points at 15,799.61. Major gainers are Tata steel (4.78%), Sterlite inds (3.17%), SAIL (1.72%).

The Capital Goods index declined 684.03 points to close at 13,341.09. Major losers are L&T (8.17%), BHEL (6.45%), Alstom Projects (5.59%), Havell India (5.43%), Siemens (4.28%) and SKF (3.61%).

The Realty index fell by 76.62 points to close at 7,705.76 as Mahindralife (11.62%), Purvankara (10.71%), Indbull Real (6.03%), Anant Raj (3.37%), Sobha Dev (3.90%), Unitech (3.09%) closed lower.

The Bankex index dropped by 38.47 points to close at 8,438.99. Losers are Axis bank (4.09%), Karnataka bank (3.32%), ICICI bank (2.42%), BOB (1.79%), Federal bank (1.19%), BOI (1.18%).

The Oil and Gas index closed higher by 202.76 points at 10,225.67. Major gainers are RPL (7.82%), Essar Oil (7.59%), Cairn India (6.88%), HPCL (1.89%), ONGC (1.36%), RNRL (1.17%).

From the IT index, Finance Tech (8.55%), Karut Net (7.61%), NIIT (5.38%), Satyam (3.72%), Wipro (3.14%) and Rolta India (2.48%) closed lower.