Post Session Commentary - May 7 2008

Heavy selling pressures across the counters led the Indian market to close in red. Though the market opened with marginal gains but unable to sustain at higher levels as the profit booking prevails. The investors did not showed their active participation during the trading session as the cues from the global market are not in favor. The surging crude oil price above $121 per barrel led the investors to take cautious approach to book their position. From the sectoral front, the capital goods stocks faced the heavy selling pressures across the counters. The market breadth was weak as 1538 stocks closed in red while 1163 stocks closed in green.

The BSE Sensex closed lower by 33.70 points at 17,339.31 and NSE Nifty fell by 9.15 points to close at 5,135.50. The BSE Mid Caps and Small Cap closed lower by 28.74 points and 22.07 points at 7,201.57 and 8,727.17 respectively.

Losers from the BSE are Bharat Electricals (6.11%), Sesa Goa (5.32%), Reliance Indstrial Infra (5%), Axis bank (4.29%), BOI (4.17%), Bhel (4.12%), HPCL (3.96%) and IOCL (3.68%).

The Oil & Gas index closed higher by 78.95 points at 11,723.46. Gainers are Cairn India (7.47%), Aban Offshore (4.44%), Reliance inds (1.05%) and Essar Oil (0.74%).

The Capital Goods index declined by 312.93 points to close at 13,641.62. Major losers are Bharat Electricals (6.11%), Jyoti Structures (4.47%), Bhel (4.12%), BEML (2.52%), L&T (2.44%), Punj Lloyd (2.06%) and Havell India (1.99%) and Kalpataru Power (1.96%).

The Realty index closed lower by 129.45 points at 8,207.58. Losers are Indbull Real (2.83%), Anant Raj (2.74%), DLF (2.54%), Parsvnath (1.99%), HDIL (1.60%), Sobha Developers (1.49%) and Penland (1.34%).

The Bankex index fell by 71.79 points to close at 9,016.91 as Axis bank (4.29%), BOI (4.17%), Kotak bank (2.60%), BOB (2.40%), Allahabad bank (1.81%), Andhra bank (1.33%), Oriental bank (1%) and ICICI bank (0.99%) closed in negative territory.

The Metal index dropped by 101.97 points to close at 15,813.84 as Sesa Goa (5.32%), SAIL (3.31%), Jindal Steel (2.33%), Gujarat NRE (2.92%), Ispat inds (1.72%), Jindal Saw (1.57%), Bhushan Steel (1.44%) and Hindalco inds (1.15%) closed in negative.

From the IT space, TCS (3.02%), Mphasis (2.51%), Patni Computers (1.92%), Infosys (1.26%), Tech Mahindra (0.93%), Niit (0.73%), Niit Techno (0.51%) closed in green while Finance Tech (2.65%), Rolta Ind (2.19%), Satyam (1.56%) and I-Flex (0.35%) closed in red.