Post Session Commentary - June 11 2008

Indian market closed with handsome gains on the back of continuous buying across the board. Both Nifty and Sensex recovered from three days losses and crossed 4,500 and 15,000 mark respectively. The domestic market started the day on a strong note tracking mixed global cues, which was also showing improvement. Further, it carried on to gather the buying force to close in green. The next trigger for the market is the industrial production numbers for April 2008, which the government will unveil on Thursday, 12 June 2008 will play a crucial role and the market may also be keeping a watch on this to take further direction. Also the corporate advance tax payments for the first installment which falls due on 15 June 2008 will be another near term trigger for the market. The income tax law requires a company to 15% the estimated tax liability for the year as advance tax in the first installment. From the sectoral front, all indices ended in green except FMCG index, which faced the selling pressure. Top gainer sectors were Capital Goods, Reality, Metal, Banking and Oil & Gas. The market breadth was strong as 1,830 stocks closed in green while 809 stocks closed in red.

The BSE Sensex closed higher by 296.07 points at 15,185.32 and NSE Nifty ended up by 73.80 points to close at 4,423.60. The BSE Mid Caps and Small Cap closed upbeat by 86.89 points and 126.14 points at 6,190.72 and 7,467.30 respectively. The BSE Sensex touched intraday high 15,225.81 and intraday low of 15,009.48.

Gainers from the BSE are BHEL (7.19%), Ambuja Cement (7.17%), DLF Ltd (6.53%), HDFC Bank Ltd (4.74%), HDFC (4.10%), Bharti Airtel (3.78%), Cipla Ltd (3.41%), JP Associates (3.39%), ACC Ltd (3.09%) and Reliance (2.76%).

The Capital Goods Index closed higher by 283.92 points at 11,901.49. Gainers are BHEL (7.19%) along with Jyoti Struct (5.87%), Crompton Greaves Ltd (5.69%), Punj Lloyd (3.44%), BEML Ltd (2.88%), Lakshmi Ma (2.75%) and L&T Ltd (2.45%).

The Realty index closed up by 173.05 points at 5,803.66. Gainers are Omaxe Ltd (6.97%), Akruti City (6.93%), Penland Ltd (6.60%), DLF Ltd (6.53%), Purvankara (6.28%) and Housing Development (4.45%).

The Banking index advanced by 156.09 points to close at 7,018.42 as BOI (5.73%), Union Bank (5.00%), HDFC Bank Ltd (4.74%), Bank of Baroda (4.53%), Axis Bank (3.30%), and SBI (2.38%) closed in positive territory.

The Oil & Gas index closed up by 141.02 points at 9,832.24. Gainers are Relaince (2.76%), Aban Offshore (2.61%), Essar Oil Ltd (0.85%), Reliance Nat Res(0.81%), IOC (0.67%), and Reliance Pet (0.15%).

The Metal index increased by 134.88 points to close at 15,400.80. Major gainers are Gujarat Nre C (4.42%), Hindustan Zinc (4.24%), Steel Authority (3.76%), Sh Precoated (3.18%), Jindal Steel (2.67%) and Jindal Saw (2.39%).

The FMCG index closed lower by 8.06 points at 2,268.53. Losers are United Spr (1.61%), Britania Industries (1.15%), ITC Ltd (1.09%), HUL (0.79%) and Glaxosmi Con (0.14%).