Post Session Commentary - July 31 2008

The domestic market finally managed to end the day with gains after it witnessed volatility for throughout of trading session and remained in a narrow range ahead of F&O expiry day and inflation number for the week ended 19th July 2008, which has to come out today evening. Market opened in upbeat note tracking favorable global cues from global markets but was not able to sustain the momentum and slipped to negative territory soon after start . Further, market turned choppy and skipped up and down. Alternative shifts of buying and selling were witnessed during the trading hours but strong buying support during the final hours of trading led the market to close in green. NSE Nifty maintained the level of 4,300 and BSE Sensex maintained 14,300 level. On the sectoral front, Metal, Oil & Gas, Capital Goods and Reality stocks gained favor from the market as witnessed buying from these baskets. However, Pharma, IT and Reality stocks observed selling pressure. The market breadth was negative as 1296 stocks closed in green while 1326 stocks closed in red and 75 stocks remained unchanged.

The BSE Sensex closed higher by 68.54 points at 14,355.75 and NSE Nifty ended up by 19.40 points at 4,332.95. The BSE Mid Caps closed with losses of 13.64 points at 5,567.37 and Small Cap ended down by 14.81 points 6,912.79. The BSE Sensex touched intraday high of 14,369.59 and intraday low of 14,161.76.

Gainers from the BSE are Tata Power (4.00%), Tata Steel (3.95%), DLF Ltd (3.79%), SBI (2.03%), Reliance (1.99%), Sterlite In (1.50%), M&M Ltd (1.37%), Ranbaxy Lab (1.29%), Hindalco (0.68%) and BHEL (0.61%).

Lossers from the BSE are Tata Motors (3.13%), Grasim Indus (2.78%), MAruti Suzuki (2.36%), Wipro Ltd (1.53%), Bharti Airtel (1.33%), Infosys Tech (1.20%), ACC Ltd (1.12%), TCS Ltd (0.72%), Relaince Infra (0.58%) and Reliance Com Ltd (0.47%).

The Metal index closed up by 213.91 points at 12,912.61. Gainers are NMDC Ltd (4.98%), Tata Steel (3.95%), Steel Authority (3.42%), Sterlite In (1.50%), Ispat Industries (1.36%), and Sesa Goa Ltd (1.25%).

The Oil & Gas index ended up by 121.74 points at 9,729.48. As Cairn India (2.55%), Reliance (1.99%), Essar Oil Ltd (0.83%), ONGC (0.59%), Gail India (0.44%) and Reliance Pet (0.30%) closed in positive territory.

The BSE Capital Goods index gained 55.43 points to close at 11,683.80. Major gainers are Elecon Eng C (4.73%), Seimens Ltd (4.19%), Aiaengineer (3.51%), Usha Martin (3.51%), Everest Kanto (2.31%) and Suzlon Energy (1.83%).

The BSE Reality index ended higher by 37.13 points at 5,079.01. As DLF Ltd (3.79%), Mahindra Life (3.24%), Penland Ltd (2.56%), Sobha Dev (2.49%), Omaxe Ltd (2.10%), Unitech Ltd (0.86%), and Pheonix Mill (0.73%) closed in positive territory.

The BSE Pharma index closed lower by 45.88 points at 4,162.03. Lossers are Sterl Biotec (13.36%), Matrix Labs (3.54%), Bilcare Ltd (3.25%), Dr Reddy’s Lab (2.78%), Wockhardt Ltd (2.48%), Glenmark Pharma (2.24%), and Sun Pharma (1.78%).

The BSE IT index lost 32.52 points to close at 3,689.57. Major losers are Patni Computer (3.23%), Financ Tech (3.09%), Moser Bayer (3.07%), Aptech Ltd (2.04%), Wipro Ltd (1.53%) and HCL Tech (1.47%).