Post Session Commentary - May 2 2008

The Indian Market closed with handsome gains backed by heavy buying across the sectoral indices. The market opened with a bang tracking the favoring cues from he global markets but pared some of its gains towards the mid of the session but gathered the momentum after that to close on a strong note. Despite of high inflation figures in which the India''s wholesale price index grew 7.57% in 12 months to 19 April 2008, from the previous week''s annual rise of 7.33%, the investors showed more buying interest to book their positions. The market breadth was strong as 1400 stocks closed in green while 1301 stocks closed in red.

The BSE Sensex closed higher by 312.81 points at 17,600.12 and NSE Nifty closed up by 62.3 points at 5,228.20. The BSE Mid Caps and Small Cap grew by 98.73 points and 48.14 points to close at 7,237.47 and 8,821.71 respectively.

The Bankex index surged 322.50 points to close at 9,142.18. Scrips that gained are ICICI bank (6.38%), Federal bank (5.54%), BOI (5.27%), Kotak bank (4.10%), IOB (3.14%), Allahabad bank (3.08%), SBI (2.58%) and Yes bank (2.47%).

The Capital Goods index grew by 313.62 points at 14,244.87. Major gainers are L&T (4.58%), Praj inds (3.42%), Punj Lloyd (2.96%), Lakshmi Machines (1.85%), Siemens (1.11%), Kalpataru Power (1.08%), BEML (0.61%).

The Realty index closed up by 213.20 points at 8,718.69. Gainers are HDIL (9.59%), Ansal Infra (4%), Indbul Real (3.27%), Unitech (2.50%), DLF (2.11%), Parsvnath (1.72%), Sobha Dev (1.36%), Penland (1.25%).

The Metal index closed lower by 251.23 points at 15,863.17. Losers are Sterlite inds (4.24%), Hindalco inds (4%), Tata Steel (2.52%), Nalco (2.42%), Jindal Stainless (1.71%), Gujarat NRE (1.07%) and SAIL (1%).

The Oil & Gas index advanced by 209.58 points to close at 11,715.37 as IOCL (4.25%), Aban Offshore (2.99%), HPCL (2.57%), Reliance inds (2.29%), RNRL (2.17%), Essar Oil (1.64%), Gail India (1.41%) and Cairn India (1.06%).