Post Session Commentary - June 5 2008

The Indian market made a smart turnaround after the mid session to close on an optimistic note. The favoring cues from the European markets also gave a boost to the domestic market. The market breaks its last three days losing trend to close on an optimistic note. Though the market faced the volatility throughout the trading session due to concern of rising inflation backed by hike in domestic fuel prices. From the sectoral front, the IT stocks, Bankex and Metal stocks shine as most buying was witnessed from these baskets. The market breadth was weak as 1397 stocks closed in red while 1240 stocks closed in green.

The BSE Sensex closed higher by 254.93 points at 15,769.72 and NSE Nifty closed up by 91.35 points at 4,676.95. The BSE Mid Cap and Small Cap grew by 2.92 points and 15.33 points to close 6,400.29 and 7,735.59 respectively.

The IT index closed up by 220.09 points at 4,617.44. Gainers are Niit Techno 9.13%, Tech Mahindra 7.52%, Wipro 6.25%, Infosys 5.86%, HCL Tech 5.80%, Satyam Comp 5.47%, NIIt 4.90% and I-Flex 2.19%.

The Metal index closed higher by 291.44 points at 15,714.59. Major gainers are Jindal Steel 5.09%, Nalco 4.90%, Tata Steel 3.10%, Ispat Inds 2.43%, SAIL 2.21%, JSW Steel 1.92% and Welspun Guj 1.49%.

The Bankex index grew by 138.21 points at 7,348.58. Scrips that gained are Yes bank 4.27%, Axis bank 4.19%, ICICI bank 3.09%, HDFC bank 2.22%, SBI 1.70%, Kotak bank 1.29%, IOB 0.80%.

The Power index advanced by 76.12 points at 2,708.49 as Suzlon Energy 8.66%, Tata Power 7.79%, Reliance Infra 5.68%, NTPC 5.57%, Crompton Greaves 4.63%, GMR Infra 2.63% and ABB 0.76% closed in green.

From the Oil and Gas basket, ONGC 7.46%, Gail India 7.39%, Essar Oil 4.15%, RNRL 2.92%, Aban Offshore 2.41%, Cairn India 0.71% and RPL .75% closed higher.