Post Session Commentary - May 13 2008

Indian market closed in red due to negative cues from European markets that led to the profit booking by the investors during the final trading hours. Investors take cautious approach to book their position during closing as oil stocks lost ground due to the news from oil ministry that the union cabinet is not going to bear 57% of the total under recovery through oil bonds. Earlier in February this year, the government claimed that it would bear 57% of the total under-recovery of three oil marketing companies- Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) - through oil bonds. The domestic market opened on strong note on the back of favoring global cues. After remaining in the positive territory for most part of the day, the market lost he grip in the final hours to close on a disappointment note. The investors showed their active participation during the first half of the trading session. From the sectoral front, the oil and gas stocks were not in favour and dropped over 2%. The market breadth was positive as 1410 stocks closed in green while 1305 stocks closed in red.

The BSE Sensex closed lower by 108.04 points at 16752.86 and NSE Nifty fell by 54.85 points to close at 4,957.80. It touched an intraday high of 17,085.63 and low of 16,697.47. The BSE Mid Cap closed higher by 10.90 points and Small Cap closed lower by 5.85 points to 6,956.81 and 8,397.71 respectively.

Losers from the BSE are ONG Corp Ltd (63.08%), ACC LTD (2.66%), Wipro Ltd (2.66%), Reliance (2.08%), Bharti Airtel (2.03%), Ranbaxy Lab (1.84%) and Grasim Industries (1.64%).

The Oil & Gas index closed lower by 286.32 points at 10907.37. Lossers are Cairn India (8.48%), Essar Oil Ltd (3.95%), ONG Corp Ltd (3.08%), Aban Offshore (2.77%%) and Bharat Petrolium Corp Ltd (2.6%).

The Capital Goods index declined by 60.85 points to close at 13,060.97. Major losers are KirOil Eng (4.98%), Elecon Eng (3.17%), Praj Industries Ltd 2.67%), Thermax Ltd (1.53%), Crompton Greaves Ltd (1.04%) and SKF India (1.00%).

The IT index closed lower by 32.70 points at 4,265.14. Losers are Fiananc Tech (2.91%), Wipro Ltd (2.66%), TCS Ltd (2.33%), NIIT Tech (1.91%), Tech Mahindra (1.75%), and Infosys Techonologies (1.43%).

The Metal index closed higher by 100.57 points at 15,747.88 gainrs are Nat Aluminium Co (6.24%), JSW SL (3.42%), Gujarat Nre C (2.87%), Hindalco (2.83%), Jindal Steel (2.26%), and Tata Steel (1.01%).

The Consumer Durables index closed higher by 60.32 points at 4,401.45. Gainrs are Titan Ind (7.01%), Lloyd Ele En (2.12%), Gitanjali Ge (0.27%), and Rajesh Export (0.10%).