Post Session Commentary - June 27 2008

The market went through the bloodbath during the trading session on the concern of surge in crude oil prices and inflation worries. Crude oil prices reached to a new high of $141.71 a barrel for the first time after the head of OPEC predicted that the price of crude could rise over $150 a barrel this year. Inflation for the week jumped to 11.42% for the week ended June 14, against 11.05% for the previous week. Market opened on extremely negative note on the back of weak global cues continued to trade weak. It was a bad day for the market as it remained in the terrible situation for through out trading session led all sectoral indices to witness heavy selling pressure. From the sectoral front, metal, capital goods, bank, oil & gas and realty stocks faced heavy selling across the counters. The market breadth was weak as 2051 stocks closed in red while 601 stocks closed in green.

The BSE Sensex closed lower by 619.70 points at 13,802.22 and NSE Nifty ended down by 179.20 points at 4,136.65. The BSE Mid Caps and Small Cap closed negative with fall of 183.29 points and 191.01 points 5,558.75 and 6,938.07 respectively. The BSE Sensex touched intraday high 14,127.76 and intraday low of 13,760.24. Among the Sensex pack, all 30 scrips closed in negative.

Lossers from the BSE are Tata Motors (8.24%), HDFC (8.15%), Wipro Ltd (7.78%), Reliance Infra (7.72%), M&M Ltd (7.61%), Ambuja Cement (7.14%), JP Associates (7.01), ICICI Bank Ltd (6.40%) and DLF Ltd (5.70%).

The Metal index closed lower by 630.96 points at 13,292.45. Lossers are NALCO (9.98%), Sterlite In (6.88%), Steel Authority (6.67%), Welspan Gujarat Sr (5.65%), Sh Precoated (5.52%), LSW SL (4.96%) and HINDALCO (4.16%).

The Capital Goods index dropped by 445.09 points to close at 10,442.14. Major lossers are Siemens Ltd (5.79%), Havells India (5.75%), Jyoti Struct (5.73%), ABB Ltd (5.27), Suzlon Energy (5.05%) and Punj Lloyd (4.98%).

The Banking index closed down by 345.64 points at 6,125.95. Lossers are Bank of India (8.42%), Axis bank (6.99%), ICICI Bank Ltd (6.40%), Kotak Bank (5.77%), Indian Overseas Bank (5.33%), Yes Bank (25.06%) and OBC (4.77%).

The Oil & Gas index closed down by 289.75 points at 9,387.63. As BPCL (8.35%), Gail India (6.11%), HPCL (5.79%), Essar Oil Ltd (4.88%), ONGC (4.62%) and Reliance Natural Resources (4.30%) closed in negative territory.

The Reality Index closed higher by 227.18 points at 4,875.25. Lossers are Phoenix Mill (13.11%) along with Indiabull Real (7.76%), MAhindra Life (6.28%), DLF Ltd (5.70%), Ansal Infra (5.52%) and Sobha Dev (4.15%).