Post Market Commentary - March 13 2008

The Indian market closed in deep red territory backed by the global concerns that whether the US Federal Reserve initiative to infuse $200bn into the global finance system will bring a shy of relief to the credit markets. This led to the heavy selling pressures across the sectoral indices. Tracking the weak global cues, the domestic market opened with a huge gap down and kept on drifting down further throughout the trading session. Due to the lack of investors interests in buying, the market kept on hovering in the trading session. From the sectoral front, metal, realty and capital goods indices were the most hit as heavy selling was witnessed from these baskets. The BSE Sensex closed lower 770.63 points at 15,357.35 and NSE Nifty fell by 248.4 points to close at 4,623.60. From the Sensex pack, 29 stocks closed in red and the Sensex touched an intraday low of 15,228.99. The BSE Mid Cap and Small Cap also closed lower by 382.18 points and 456.74 points at 6,527.67 and 8,075.18 respectively.

The Metal index declined by 1314.95 points to close at 14,373.96. Major losers are SAIL (11%), Jindal Steel (9.97%), Sesa Goa (9.71%), Tata Steel (9.04%), Jindal Stainless (8.44%).

The Capital Goods index closed lower by 792.22 points at 13,309.34. Major losers are Kirloskar BR (10.67%) in line with Suzlon Energy (10.61%), Alstom Projects (9.49%), Praj inds (8.29%), BHEL (6.63%) and L&T (4.60%).

The Oil and Gas index fell by 620.12 points to close at 10,021.97 as Cairn India (12.17%), RNRL (11.41%), Essar oil (10.72%), RPL (6.70%), Reliance Inds (5.66%) closed lower.

The Bankex index dropped by 478.05 points to close at 8,076.80 as Kotak bank (9.65%), Cent BOP (7.07%), Yes bank (6.48%), SBI (6.21%), Union bank (5.89%), ICICI bank (4.77%) closed in red.

The IT index closed lower by 160.50 points at 3,311.91 as Educomp solutions (11.48%), Karut Net (9.99%), Finance Tech (8.68%), Niit Techno (8.20%), Wipro (6.37%) and Infosys (3.65%) closed lower.