Post Session Commentary - July 25 2008

The domestic market ended the day in extremely negative territory due to the aggressive selling throughout of trading session. The selling pressure was fuelled on weak cues from global stock markets. The Indian market opened sharply lower tracking negative cues from the global markets and drop in crude oil prices. Light, sweet crude for September delivery raised $1.05 to close at $125.49 a barrel on the New York Mercantile Exchange. Further it slipped more and continued to trade in deep red till the end of session.

The market lost further momentum after reports of serial bomb blasts that hit the IT city Bangalore.

The BSE Sensex slipped below 14,300 and NSE Nifty closed below 4,400. From the sectoral front, heavy selling pressure was seen in the Oil & Gas, Bank, Capital Goods, Reality, Metal and Power stocks. While, FMCG and Pharma stocks were in limelight as most of the buying was witnessed from these baskets. The market breadth was negative as 1154 stocks closed in green while 1460 stocks closed in red and 77 stocks remained unchanged.

The BSE Sensex closed lower by 502.07 points at 14,274.94 and NSE Nifty ended down by 121.70 points at 4,311.85. The BSE Mid Caps and Small Cap closed with losses of 8.31 points and 17.33 points to 5,572.59 and 6,778.78 respectively. The BSE Sensex touched intraday high of 14,484.39 and intraday low of 14,210.63.

Losers from the BSE are ICICI Bank Ltd (9.62%), HDFC Bank Ltd (7.17%), Reliance (6.90%), HDFC (5.66%), JP Associates (4.50%), ONGC (4.31%), Reliance Infra (4.12%), BHEL (4.01%), DLF Ltd (3.24%) and L&T Ltd (3.16%).

The Oil & Gas index ended down by 508.98 points at 9,504.42. As Reliance (6.90%), Reliance Petroleum (4.52%), ONGC (4.31%), Reliance Natural Resources (3.34%), Gail India (2.64%) and Cairn (1.09%) closed in negative territory.

The BSE Bank index closed lower by 411.62 points at 6,751.86. Major losers are ICICI Bank Ltd (9.62%), HDFC Bank Ltd (7.17%), Bank of Baroda (6.44%), Canara Bank (4.06%), Karnataka Bank (3.79%), Yes Bank (3.41%), and Indian Kotak Bank (3.35%).

The BSE Capital Goods index lost 380.89 points to close at 11,738.27. Major lossers are ABB Ltd (7.71%), Crompton Greaves (6.51%), Punj Lloyd (4.40%), BHEL (4.01%), Havells India (3.74%) and L&T Ltd (3.16%).

The Metal index ended lower by 204.15 points at 12,492.10. Losers are Sterlite In (3.95), Sesa Goa Ltd (2.92%), Jindal Saw (2.25%), Tata Steel (2.08%), Steel Authority (1.97%), and JSW SL (1.96%).

The BSE Reality index closed down by 201.09 points at 5,029.06. As Indiabulls Real (10.21%), Purvankara (3.67%), Omaxe Ltd (3.55%), Anant Raj In (3.52%), DLF Ltd (3.24%), Parsvnath (2.80%) and Ansal Infra (2.72%) closed in negative territory.

The BSE FMCG index gained 5.43 points to close at 2,124.52. Major gainers are United Brew (6.90%), Glaxosmi Con (2.79%), Britania In (2.50%), HUL (1.91%), Tata Tea Ltd (1.54%) and Dabur India Ltd (1.38%).