Post Session Commentary - June 16 2008

Indian market ended in green on the back of buying support from realty, banking, metal, technology and oil & gas stocks. The domestic market opened with positive note and was trading firm on the back of strong global cues and slide in crude oil prices. Further it continued to trade in positive territory with gaining investors’ confidence and ended on a upbeat note. The BSE Sensex was trading above 15300 mark and the NSE Nifty 4500 mark. Oil crude futures fell on Monday and stood marginally above $134 a barrel after the UN chief informed that the top OPEC crude producer Saudi Arabia had agreed to increase its output by the next month by about a half million barrels a day to help record high prices. From the sectoral front, realty, banking, metal, technology and oil & gas stocks held gains of market while consumer durables and auto stocks were out of favor during final trading hours. Due to increase in excise duty by Union government on large cars, multi-utility vehicles and sports utility vehicles with an engine cubic capacity exceeding 1500, auto stocks dropped. The market breadth was positive as 1,776 stocks closed in green while 872 stocks closed in red.

The BSE Sensex closed higher by 206.20 points at 15,395.82 and NSE Nifty ended up by 55.40 points at 4,572.50. The BSE Mid Caps and Small Cap closed positive with increase of 71.55 points and 87.39 points at 6,299.72 and 7,669.11 respectively. The BSE Sensex touched intraday high 15,553.37 and intraday low of 15,333.07.

Gainers from the BSE are Reliance Infra (4.31%), ICICI Bank (4.43%), Reliance Infra (3.97%), Bharti Airtel (3.15%), NTPC Ltd (3.07%), Cipla Ltd (2.58%), HDFC Bank Ltd (2.50%), DLF Ltd (2.39%) and Infosys Tech (2.34%).

The Reality Index closed higher by 200.64 points at 5,870.87. Gainers are Indiabulls Real (6.75%) along with Unitech Ltd (5.63%), Purvankara (4.32%), Pheonix Mill (4.17%), Housing Development (3.66%), Penland Ltd (3.02%) and DLF Ltd (2.39%).

The Banking index closed up by 199.39 points at 7,255.63. Gainers are Axis Bank (4.51%), ICICI Bank (4.43%), Bank of Baroda (4.01%), PNB (3.82%), Union Bank (3.55%) and IOB (2.57%).

The Metal index increased by 188.85 points to close at 15,374.77. Major gainers are Welspan Gujarat Sr (9.63%), Jindal Saw (7.14%), JSW SL (5.10%), Sterlite Industries (3.25%),Gujarat Nre C (2.36%) and Jindal Stainless Steel (2.01%).

The Oil & Gas index closed up by 99.05 points at 10,016.06. As Gail India (4.50%), BPCL (3.37%), Essar Oil Ltd (3.23%), HPCL (1.77%), Reliance Natural Resources (1.11%) and Reliance Petroleum (0.81%) closed in positive territory.

The IT index closed upward by 77.29 points at 4,413.35. Gainers are NIIT Tech (3.14%), Patni Computer (2.48%), Infosys Tech (2.34%), Rolta India (2.23%), Financ Tech (2.19%), and Aptech Ltd (2.05%).

The Consumer Durables index decreased by 23.43 points to close at 3,958.12 as Titan Ind (2.55%), Lloyd Ele En (1.74%), Videocon India (0.43%) and Blue Star L (0.34%) closed in negative territory.

Auto index dropped by 5.91 points to close at 4,123.88. Major losers are Herohonda Motors (1.83%), Bharat Forge (1.44%), Marutisuzuki (0.52%), Apollo Tyre (0.51%) and M&M (0.23%)