Post Session Commentary - July 18 2008

The domestic market continued its rally for the second consecutive day to close on an upbeat note on the back of heavy buying across the counters. The fall in global crude oil prices to $130 a barrel gave a boost to the sentiments in the domestic market. The market opened higher but did not present a good show till the mid session as it was trading almost flat but the market changed its gear soon after that to kept on marching forward on sustained buying across the indices. The BSE Sensex ended above 13,600 level with gain of more than 3.5% and NSE Nifty closed above 4,090 with increase of more than 3.67%. From the sectoral front, the bankex index surged to close with gains of more than 8%. The Capital Goods, Oil and Gas and Realty index also followed the rally to post good buying. However, the IT and Metal index remained out of favor. The market breadth was positive as 1616 stocks closed in green while 980 stocks closed in red and 90 stocks remained unchanged.

The BSE Sensex closed higher by 523.55 points at 13,635.40 and NSE Nifty ended up by 145.05 points at 4,092.25. The BSE Mid Caps and Small Cap closed up 84.05 points and 68.77 points 5,239.39 and 6,455.89 respectively. The BSE Sensex touched intraday high of 13,684.27 and intraday low of 13,093.34.

Gainers from the BSE are Infra Dev fin 15.54%, ICICI bank 12.05%, Indian bank 10.08%, Essar Ship 9.99%, HDFC 9.47%, Jet Airways 9.37%, Gujarat NRE 9.07%, Yes bank 8.93%.

The BSE Bankex index surged 461.29 points to close at 6,188.89. Major gainers are ICICI Bank 12.05%, Yes bank 8.93%, Axis bank 8.07%, HDFC bank 7.87%, PNB 7.56%, Union bank 6.62% and IOB 5.09%.

The BSE Capital Goods index advanced by 384.50 points to close at 11,146.51. Scrips that gained are Alstom Projects 6.02%, Havell India 5.84%, Bhel 5.35%, Punj Lloyd 5.31%, L&T 4.29%, ABB 3.59% and Areva 2.31%.

The Oil & Gas index closed up by 379.86 points at 9,232.04 as Gail India 5.39%, Reliance industries 4.82%, IOCL 4.79%, ONGC 4.30%, RNRL 3.52% and BPCL 3.37% closed in green.

The BSE Reality index grew by 242.22 points to close at 4,670.24. Gainers are Ansal infra 7.83%, Indiabul Real 7.62%, DLF 6.99%, HDIL 4.99%, Sobh Dev 4.82%, Unitech 4.63%.

The IT index fell by 94.55 points to close at 3,580.65. Losers are Satyam Comp 7.51%, Mphasis 7.33%, HCL Tech 5.85%, Niit Tech 4.30%, Wipro 3.75%, Infosys 2.20% and I-Flex 1.25%.

The Metal index dropped by 28.91 points to close at 11,668.39 as Tata Steel 2.43%, Sterlite inds 2.09%, JSW Steel 1.62%, Sesa Goa 1.38%, Hind Zinc 0.88% and Jindal Stainless 0.41%.