Post Session Commentary - June 19 2008

Indian market ended with heavy losses as strong selling pressure had griped the market. The domestic market opened on back foot backed by weak global cues and rise in oil prices. Further it continued its negative sentiment and moved into the negative territory till the end of the session due to the inflation concern and expectation of political uncertainty in country. Nuke Deal was also a cause of distress for the market as political uncertainty occurred after CPM threatened the UPA to withdraw its support if government moves forward with the deal. It is expected that the government may go ahead to Nuke deal without the Left consent. The market breadth was negative as 842 stocks closed in green while 1,804 stocks closed in red.

The BSE Sensex closed lower by 334.32 points at 15,087.99 and NSE Nifty ended down by 78.15 points at 4,504.25. The BSE Mid Caps and Small Cap closed negative with fall of 129.62 points and 114.87 points at 6,230.17 and 7,660.42 respectively. The BSE Sensex touched intraday high 15,259.36 and intraday low of 15,051.66.

Losers from the BSE are Ranbaxy Lab (7.68%), Relioance Infra (5.68%), BHEL (5.04%), L&T Ltd (4.84%), ICICI Bank Ltd (4.08%), HDFC Bank Ltd (3.93%), SBI (3.69%), HDFC (3.29%), ONGC (3.06%) and DLF LtdBHEL (2.87%).

The Capital Goods index dropped by 451.64 points to close at 11,667.69. Major losers are Punj Lloyd (58.34%), BHEL (5.04%), Alstom Proje (5.03%), L&T Ltd (4.84%), Elecon Eng C (3.44%) and Aiaengineer (3.33%).

The Banking index closed down by 293.26 points at 7,013.18. Losers areIndian Overseas Bank (7.54%), Kotak Bank (5.49%), Punjab National Bank Ltd (499%), Bank of India (4.99%), Axis Bank (4.67%), Yes Bank (4.60%) and ICICI Bank Ltd (4.08%).

The Reality Index closed lower by 251.18 points at 5,364.60. Losers are Anant Raj Ind (7.67%) along with Unitech Ltd (5.82%), Pheoniox Mill (5.60%), Indiabulls Real (5.43%), Purvankara (5.17%) and Ansal Infras (3.65%).

The Oil & Gas index closed down by 147.50 points at 9,918.85. As BPCL (4.49%), Aban Offshore (3.14%), ONGC (3.06%), Reliance Natural Resources (2.67%), HPCL (2.54%) and IOC (2.17%) closed in negative territory.

The Metal index closed lower by 119.62 points at 15,131.86. Losers are Sh Precoated (3.00%), Jindal Saw (2.84%), Welspan Gujarat Sr (2.76%), Gijarat Nre C (2.33%), Ispat Industries (1.71%), and NALCO (1.71%).

The Pharma index dropped by 99.84 points to close at 4,426.92 as Ranbaxy Lab (7.68%), Bil Care Lt (5.62%), Opto Circuit (5.17%), Dishman Pharma (5.02%) and Fortis Helth (4.22%) closed in negative territory.

The Consumer Durables index move downward by 89.75 points to close at 3,928.77 Major losers are Rajesh Export (5.26%), Blue Star L (2.65%), Gitanjali GE (2.10%), Videocon India (1.98%) and Titan Ind (1.27%)