Post Market Commentary - May 6 2008

The Indian market closed in negative territory on the back of heavy selling pressures across the sectoral indices. Tracking the weak cues from the global market, he domestic market opened on the back foot and kept on hovering in the negative territory throughout the trading session. He investors did not showed their active participation in booking their further positions. The market breadth was weak as 1722 stocks closed in red while 965 stocks closed in green.

The BSE Sensex closed lower by 117.89 points at 17,373.01 and NSE Nifty fell by 47.6 points to close at 5,144.65. The BSE Mid Caps and Small Cap closed lower by 68.95 points and 96.11 points at 7,230.31 and 8,749.24 respectively.

Losers from the BSE are Unitech (7.21%) along with Reliance Capital (6.85%), Glenmark Pharma (6.53%), HDIL (6.15%), Godrej inds (5.66%), Omaxe (5.48%) and Bharti Airtel (5.29%).

The Realty index declined by 404.36 points to close at 8,337.03. Major losers are Unitech (7.21%), Omaxe (5.48%), DLF (5.26%), Ansal Infra (4.58%), Penland (4.22%), Parsvnath (3.79%), Sobha Dev (3.22%) and Purvankara (1.48%).

The Capital Goods index dropped by 255.48 points to close at 13,954.55. Losers are Elecon Eng (4.60%), Praj inds (4.52%), Havell’s India (3.53%), Punj Lloyd (2.83%), AIA Engineer (2.41%), Lakshmi Machines (2.40%) and L&T (2.30%).

The Bankex index fell by 41.91 points to close at 9,088.70 as BOI (2.47%), Yes bank (2.46%), Karnataka bank (2.31%), Andhra bank (2.07%), Allahabad bank (2.04%), Fedetal bank (1.71%), SBI (1.29%) and Canara bank (1.14%).

The Metal index closed with marginal gains of 28.81 points at 15,915.81 as Sterlite inds (5.01%), Maharash Sea (4.57%), Hind Zinc (2.3%), Tata Steel (1.73%) and Nalco (1.64%) closed in green.

The Oil & Gas index closed lower by 54.67 points at 11,644.51 as HPCL (3.95%), IOCL (1.97%), BPCL (1.68%), Essar Oil (1.55%), RNRL (1.52%), Gail India (1.14%) and Reliance Inds (0.42%).

From the IT space, NIIT Ltd (4.80%), Tech Mahindra (2.49%), Satyam (1.96%), Infosys (1.84%), Wipro (1.70%), TCS (1.44%) and Mphasis (0.59%).