Post Session Commentary - June 26 2008

The Indian market made a smart come back in the final hours of the session on the back of short covering of the ahead of the expiry of the June derivatives contract. The market opened on a handsome note tracking the favoring cues from the global markets like the US Federal Reserve’s decision on Wednesday to keep the interest rates steady at 2%, which was widely expected and signaled that it was in no hurry to raise them. But the market was not able o sustain at the higher levels and pare its gains but selective buying at the final hours led the market close in positive territory. The volatility gripped the market throughout the trading session. From the sectoral front, the oil and gas and metal ruled the market during the session as most buying was witnessed from these baskets. The market breadth was positive as 1483 stocks closed in green and 1143 stocks closed in red while 72 stocks remained unchanged.

The BSE Sensex closed higher by 201.75 points at 14,421.82 and NSE Nifty ended up by 63.2 points at 4,315.85. The BSE Mid Caps closed lower by 4.62 points at 5,742.04 while BSE Small Cap closed up by 71.06 points at 7,129.08. The BSE Sensex touched intraday high 14,421.82 and intraday low of 14,196.68.

Gainers from the BSE are Tata Communications 8.55%, Maytas Infra 8.27%, Bharat Forge 6.82%, Chambal Fertilisers 6.71%, Tata Chemicals 6.29%, Ambuja Cements 6%, Nagarjuna Fert 5.98%.

The Metal index closed higher by 158.27 points at 13,923.14. Gainers are JSW Steel 2.50%, SAIL 2.42%, Sterlite industries 2.34%, Nalco 2.13%, Sesa Goa 1.84% and Bhushan Steel 1.73%.

The Oil & Gas index closed up by 265.82 points at 9,677.38. Scrips that gained are Reliance industries 4.87%, Gail India 3.58%, RPL 1.85%, Cairn India 1.18% and ONGC 0.73%.

The Capital Goods index grew by 85.05 points to close at 10,887.23 as Kir Oil Eng 6.23%, Havells India 3.28%, L&T 1.98%, Kalpataru Power 1.51%, Siemens 1.40%, Crompton Greaves 1% closed in green.

The Reality Index closed lower by 105.42 points at 5,102.43. Losers are Phoenix mill 8.42%, Purvankara 7.34%, Ansal Infra 7.07%, HDIL 5.89%, Omaxe 5.79%, Parsvnath 5.73% and Sobha Dev 4.13%.

The IT index advanced by 86.91 points to close at 4,181.86 as Wipro 5.14%, HCL tech 5.01%, I-Flex 4.72%, Finance Tech 2.96%, Aptech 2.34% and Infosys 1.90% closed in green.