Post Session Commentary - May 28 2008

Indian market made a smart come back towards the final trading hours to close with good gains after jigging up and down through out the trading session. Buying during final hours witnessed due to the favoring cues from global markets as European markets opened on a positive note and crude oil prices tumbled below $127 a barrel. The domestic market opened higher tracking the favoring cues from the US Markets, but was not able to sustain the momentum and turned volatile due to the expiry of the derivatives contracts tomorrow. Further, buying in some key stocks like metal, banking, IT and FMCG powered the market to close in green. The capital goods and power stocks were out of favor as most of the selling was seen from these baskets. The market breadth was negative as 1312 stocks closed in green while 1358 stocks closed in red and 86 stocks remained unchanged.

The BSE Sensex closed higher by 249.78 points at 16,525.37 and NSE Nifty grew by 58.55 points to close at 4,918.35. The BSE Mid Cap and Small Cap closed up by 74.62 points and 27.01 points to 6,753.53 and 8,237.09 respectively.

Gainers from the BSE are Ambuja Cement (6.66%), ITC Ltd (6.19%), Hindalco (5.96%), TCS Ltd (4.46%), Tata Steel (4.00%), SBI (3.12%), Satyam Comp (3.09%), Wipro Ltd (2.96%), JP Associates (2.64%) and Bharti Airtel (2.49%).

Losers from the BSE are BHEL (2.78%), L&T Ltd (1.25%), ONG Corp Ltd (1.11%), Mahindra & Mahindra (0.46%), NTPC Ltd (0.37%), HDFC (0.21%) and Reliance Com Ltd (0.03%).

Metal index closed higher by 378.88 points at 16,649.65, gainers are Hindalco (5.96%), Welspan Gujarat SR (5.33%), Tata Steel (4.00%), Ispat Indus (3.49%), Bhushan Steel (3.46%), and Nat Aluminum Co (2.85%).

The Banking index closed up by 178.86 points at 7,933.50. Gainers are Axis Bank (9.51%), Kotak Bank (5.94%), PNB (3.97%), Union Bank (3.24%), SBI (3.12%), and Canara Bank (2.82%).

The IT index ended up by 116.02 points at 4,566.42. Major gainers are Mphasis Ltd (10.02%), Aptech Ltd (5.79%), TCS Ltd (4.46%), Rolta India (4.30%), Satyam Comp (3.09%), Wipro Ltd (2.96%) and NIIT Tech (2.86%).

The Oil & Gas index increased by 70.01 points to close at 10,777.91. Gainers are Gail India (2.81%), Reliance Pet (2.76%), BPCL (2.63%), Reliance Nat Res (1.88%), Reliance (1.15%) and HPCL (0.99%).

The Capital Goods index was down by 212.23 points to close at 12,571.91. Major losers are Jyoti Struct (6.24%), Crompton Greaves Ltd (6.07%), BHEL (2.78%), Suzlon Energy (2.64%), Elecon Eng C (1.40%), Areva (1.39%) and SKF India (1.39%).