Post Session Commentary - May 9 2008

Indian market closed with heavy losses backed by unfavoring cues like the growth in domestic inflation figures that rose at the fastest pace in three and half years to 7.61% in the week ended 26th April. Also the surge in global crude oil prices to $125 led to the negative sentiments in the market. The domestic market opened on the weak note spurred by the negative cues from the Asian market. Soon after the mid session the market did not showed any sign of recovery and kept on drifting down further as the selling pressures prevailed across the sectoral indices. From the sectoral front, the oil and gas stocks faced the heavy selling across the counters. The market breadth was negative as 2019 stocks closed in red while 704 stocks closed in green.

The BSE Sensex closed lower by 343.58 points at 16737.07 and NSE Nifty fell by 99.10 points to close at 4,982.60. The BSE Mid Caps and Small Cap closed lower by 160.77 points and 183.40 points at 6,992.66 and 8,505.64 respectively.

Losers from the BSE are Jaiprakash Associates (6.60%), Reliance (5.19%), Reliance Energy (4.45%), ACC Ltd (4.20%), HDFC Bank (3.74%), Hindalco (3.61%), Cipla Ltd (2.81%) and Housing Development Finance Co (2.79%).

The Oil & Gas index closed lower by 547.57 points at 11,6080.88. Lossers are Essar Oil Ltd (9.45%), Reliance Petrolium (8.03%), RIL Natural Resources (5.86%), Reliance (5.19%) and Aban Offshore (4.18%).

The Capital Goods index declined by 265.83 points to close at 13,109.36. Major losers are Kirlosker Br (5.86%), AREVA (4.96%), Kalpat Paw T (4.00%), Havells India (3.71%), Punj Lloyd (3.68%) and Praj Industries Ltd (3.28%).

The Realty index closed lower by 239.60 points at 7,891.10 Losers are Housing Development (7.63%), Penland Ltd (5.08%), Omaxe Ltd (5.04%), Unitech Lyt (4.59%), Ansal Infra (3.15%), and DLF Ltd (2.08%).

The Bankex index fell by 243.83 points to close at 8511.65 as Kotak Bank (5.78%), Punjab National Bank (4.92%), Canara bank (4.52%), Yes bank (3.97%), HDFC Bank (3.74%), and Axis bank (3.13%) closed in negative territory.

Metal index closed lower by 232.58 points at 15,610.69. Losers are Welsp Gujarat (5.22%), Jindal Steel (4.71%), Ispat Industries (4.20%), SH.Precoated (3.77%), Jindal Stain (3.57%), and Hindalco (3.61%).