Post Session Commentary - July 7 2008

The domestic market tumbled in the final trading hours to give up most of its initial gains to close marginally above the dotted line due to profit booking across the counters. The market opened with upbeat note on the back of mixed global cues and relief in political worries as SP may support the UPA in Nuke Deal. It continued to extend it momentum but some selling pressure griped the market in closing hours and pares some of its gains, but still concluded the day in positive territory. BSE Sensex closed above 13,500 points today and NSE Nifty 4,000. Oil & Gas and Pharma stocks were major sufferers of selling pressure while Metal, IT, Auto and Bank stocks were best performers as witnessed most of the buying in these baskets. The BSE Small Cap index closed the day with gain of more than 2%. The market breadth was positive as 1853 stocks closed in green while 788 stocks closed in red and 65 stocks remained unchanged.

The BSE Sensex closed higher by 71.99 points at 13,525.99 and NSE Nifty ended up by 14.00 points at 4,030.00. The BSE Mid Caps and Small Cap closed positive with gain of 61.57 points and 143.34 points 5,339.81 and 6,593.01 respectively. The BSE Sensex touched intraday high 13,793.39 of and intraday low of 13,475.48.

Gainers from the BSE are JP Associates (4.47%), M&M Ltd (4.40%), Maruti Suzuki (4.34%), Satyam Comp (4.28%), ITC Ltd (3.98%), SBI (3.92%), HUL (3.89), ACC Ltd (3.82%), Hindalco (3.08%) and DLF Ltd (2.76%).

Lossers from the BSE are Reliance Com Ltd (4.20%), Reliance (3.38%), BHEL (2.26%), Tata Motors (2.07%), Ambuja Cement (1.07%) and Ranbaxy Lab (0.65%).

The Metal index closed up by 220.35 points at 12,257.99. Gainers are JSW SL (6.35%), Jindal Steel (4.86%), Jindal Saw (4.80%), Ispat Industries (3.63%), Hindalco (3.08%) and Bhushan Steel (2.72%).

The IT Index closed higher by 107.23 points at 4,175.72. Gainers are Financ Tech (4.29%) along with Satyam Comp (4.28%), Mphasis Ltd (4.19), HCL Tech (3.35%), Infosys Tech (2.61%), Wipro Ltd (2.54%) and Tech Mahindra (2.30%).

The Auto Index closed higher by 76.55 points at 3,508.96. Gainers are Apollo Tyre (7.61%) along with M&M Ltd (4.40%), Maruti Suzuki (4.34%), Exide Industries (4.28%), Hero Honda Motors (3.39%) and Ashok Leyland (3.32%).

The Banking index closed up by 173.04 points at 5,820.83. Gainers are SBI (3.92%), Kotak Bank (3.29%), Bank of India (3.07%), OBC (1.96%), Bank of Baroda (1.53%), and Karnataka Bank (1.28%).

The Oil & Gas index closed lower by 184.02 points at 8,882.14. As Cairn India (5.49%), Reliance (3.38%), Reliance Nat Res (3.25%), Reliance Petroleum (2.77%) and Essar Oil Ltd (1.95%) closed in negative territory.

The Pharma index lost 14.71 points to close at 4,108.58. Major lossers are Bil Care Ltd (4.75%), Lupin Ltd (1.68%), Piramal Ltd (1.47%), Biocon Ltd (1.34), Glenmark Pharma (1.24%) and Dr Reddys Lab (0.95%).