Post Session Commentary - July 14 2008

The domestic market ended the day in negative note after showing volatility throughout the trading session, due to the selective buying and selling across the board. The Indian market opened with a heavy gap down, tracking weak cues from the US markets but showed some recovery in the mid session as the European markets gave supports on the back of the US government announcement to prop up troubled mortgage financiers Fannie Mae and Freddie Mac. This led to the market to witness some buying in afternoon trade. However, the market did not hold up its gains for so long as tumbled in the final hours as the profit booking prevailed. From the sectoral front, metal index was remained in the limelight as most of the buying was witnessed from this basket while selling pressure led by the weakness in IT, Bank and Pharma stocks. The market breadth was negative as 1009 stocks closed in green while 1576 stocks closed in red and 64 stocks remained unchanged.

The BSE Sensex closed lower by 139.34 points at 13,330.51 and NSE Nifty ended down by 9.30 points at 4,039.70. The BSE Mid Caps and Small Cap closed with loss of 34.54 points and 73.60 points 5,330.80 and 6,640.06 respectively. The BSE Sensex touched intraday high of 13,559.36 and intraday low of 13,269.62.

Lossers from the BSE are Ranbaxy Lab (10.45%), Satyam Computer (7.92%), Infosys Tech (7.18%), TCS Ltd (3.79%), HDFC (3.38%), BHEL (3.37%), ITC L:td (3.30%), HDFC Bank Ltd (3.26%), Hindalco (2.96%) and ICICI Bank (1.98%).

The IT Index closed lower by 232.04 points at 3,675.59. Lossers are Satyam Computer (7.92%) along with Infosys Tech (7.18%), HCL Tech (5.81), MPhasis Ltd (5.04%), Moser Bayer (4.77%), Tech Mahindra (4.49%) and TCS Ltd (3.79%).

The Banking index closed down by 74.24 points at 5,970.52. Lossers are Axis Bank (5.05%), HDFC Bank Ltd (3.26%), Kotak Bank (2.54%), ICICI Bank (1.98%), Overseas Bank (1.52%), and Federal Bank (1.50%).

The Pharma index lost 50.02 points to close at 4,079.92. Major lossers are Ranbaxy Lab (10.45%), Orchid Chem (3.20%), Sunpha Adv (2.77%), Piramal Heal (1.83), Fortis Health (1.52%) and Apollo Hos (1.23%).

The Reality index ended down by 37.56 points at 4,762.53. Lossers are Anant Raj (5.29%), Purvankara (4.47%), Unitech Ltd (3.54%), Mahindra Life (3.08%), Parsvnath (1.69%), and Pheonix Mill (1.69%).

The Metal index went up by 185.48 points at 12,897.19. Gainers are Hind. Zinc (8.08%), Bhushan Steel (4.60%), Sterlite In (3.21%), Tata Steel (2.69%), Steel Authority (2.24%) and NALCO (2.14%).

The Oil & Gas index closed higher by 98.79 points at 8,985.07. As ONGC (3.24%), Reliance (1.51%), IOC (0.97%), Essar Oil Ltd (0.44%) and HPCL (0.34%) closed in positive territory.