Post Market Commentary - March 4 2008

The Indian market closed on a disappointing note backed by heavy selling across the sectoral indices scrips. The market opened on firm note tracking the favoring cues from the global market but was unable to sustained at higher levels and fell few minutes after the start of the session. The market got a boost after the mid session to level its initial session but again fell in the final trading hours as the selling pressures prevailed. The market kept on hovering in the negative territory for most part of the trading session. From the sectoral front, the capital goods, realty, bankex and oil & gas indices remained in the lime light as most selling was from these baskets. The BSE Sensex closed lower by 337.99 at 16,339.89 and NSE Nifty fell by 88.75 points to close at 4,864.25. Following the benchmark indices, the BSE Mid Cap and Small Cap also closed lower by 182.62 points and 285.07 points at 7,182.23 and 8,953.28 respectively.

The Capital Goods index declined 360.35 points to close at 14,822.28. Major losers are L&T (3.61%), Bharat Electrical (3.13%), Praj Industries (2.45%), Punj Lloyd (2.18%), Siemens (1.07%) and BEML (1.51%).

The Realty index closed lower by 486.55 points at 8,467.41 as HDIL (9.97%), Akruti City (9.51%), Penland (7.47%), Anant Raj (7.30%), Ansal infra (5.77%), DLF (5.11%) and Unitech (3.83%) closed lower.

The Bankex index slipped by 377.68 points to close at 9,056.76. Losers are Yes bank (9.97%), Canara bank (6.43%), BOI (5.88%), PNB (5.36%), Union bank (4.66%) and Axis bank (3.32%).

The FMCG index fell by 57.23 points to close at 2,169.41 as United Spr (4.34%), United Breweries (4.30%), ITC (4.22%), Tata Tea (2.22%) and HUL (1.21%) closed in negative.

From the IT index, Mosear Baer (8.99%), Finance Tech (5.23%), Karut Net (4.99%), NIIT (4.94%), Infosys (3.54%) and Satyam (1.31%) closed lower.