Post Market Commentary - June 9 2008

Indian market completely shattered the hope of the investors today to close with deep losses due to heavy selling pressure led by the investor’s cautious behavior. Today market reacted very badly to the global cues like the surging crude oil price above $139 a barrel that led the BSE Sensex touched below 15000 mark and NSE Nifty below 4500, during early trading hours. The domestic market tumbled since initial bell and continued the same till end of the trading on the back of weak cues from global market. The BSE Sensex was hanging around the 15000 mark and the NSE Nifty around the 4500 mark. From the sectoral front, only Pharma index ended in positive territory while reality, capital goods, oil & gas and banking stocks were the major losers. The market breadth was extremely weak as 474 stocks closed in red while 2,170 stocks closed in green.

The BSE Sensex closed lower by 506.08 points at 15,066.10 and NSE Nifty fell by 126.85 points to close at 4,500.95. The BSE Mid Caps and Small Cap closed lower by 179.82 points and 279.51 points at 6,170.33 and 7,416.54 respectively. The BSE Sensex touched intraday high 15,202.74 and intraday low of 14,846.18.

Losers from the BSE are JP Associates (8.65%), DLF Ltd (7.39%), ONGC (7.02%), HDFC (5.99%), Reliance Infra (5.65%), Wipro Ltd (4.85%), TCS Ltd (4.58%), Infosys Tech (4.46%), HDFC Bank Ltd (4.34%) and Tata Motors (4.25%).

The Realty index closed down by 458.08 points at 5,752.22. Losers are Unitech Ltd (9.30%), Housing Development (8.81%), Phoenix Mill (8.27%), Ansal Infra (8.10%), Penland Ltd (7.41%), and DLF Ltd (7.39%).

The Capital Goods index declined by 397.01 points to close at 11,635.63. Major losers are Alstom Proj (7.04%), Suzlon Energy (6.57%), Jyoti Struct (5.97%), Kirloskar Br (5.39%), Lakshmi Ma W (4.80%) and Punj Lloyd (4.71%).

The Oil & Gas index closed lower by 329.53 points at 9,676.55. Losers are HPCL (9.21%), BPCL (7.09%), ONGC (7.02%), Aban Offshore (4.94%), Reliance Nat Res (4.31%) and Essar Oil Ltd (4.08%).

The Banking index fell by 232.96 points to close at 7,033.32 as Axis Bank (7.38%), Yes Bank (5.73%), OBC (5.25%), Union Bank (4.78%), Allahabad Bank (4.54%), and HDFC Bank Ltd (4.34%) closed in negative territory.

The IT Index closed lower by 193.61 points at 4,404.98. Losers are Moser Bayer (6.20%) along with NIIT Tech (6.20%), I-Flex (5.48%), Aptech Ltd (5.09%), Wipro Ltd (4.85%), HCL Tech (4.58%) and TCS Ltd (4.58%).

Health Care index closed higher by 22.75 points at 4,318.75. Gainers are Lupin Ltd (8.05%), Ranbaxy Lab (3.87%), Nicholas Pira (2.89%) and Sun Pharma (2.72%).