Post Market Commentary - Aug 13 2008

Indian equities wrapped the day on a subdued note as investors are waiting for the outcome of SEBI`s board meet to review the rules regarding issuance of participatory notes. Weak global cues also added to the negative sentiments of investors. The index traded in a rangebound manner (15,000-15,200). Banking, realty, capital goods, power, auto and metal stocks lost ground while IT, pharma and FMCG stocks witnessed some buying interest.

BSE Midcap and Smallcap index too ended on a flat note.

The stock market opened on a negative note on Wednesday, August 13 on weak global cues. The index extended its losses after a sharp decline in the previous session.

The Sensex ended the day with a loss of 119.01 points, or 0.78% at 15,093.12 after touching a high of 15,272.56 and a low of 15,013.06. The broad-based NSE Nifty declined 23.20 points, or 0.51% at 4,529.05 after hitting a high of 4,572.65 and a low of 4,497.25.

Major gainers in the 30-share index were Sterlite Industries (India) (2.67%), Infosys Technologies (1.34%), Tata Consultancy Services (1.20%), Satyam Computer Services (0.87%), NTPC (0.57%), and Tata Steel (0.41%).

On the other hand, ICICI Bank (3.77%), HD FC Bank (3.69%), DLF (3.29%), Reliance Energy (2.45%), Housing Development Finance Corporation (2.13%), and Hindalco Industries (2.00%) were the major losers in the Sensex.

Overall market breadth was negative. Out of the total 2,749 stocks traded at BSE, 1,238 advanced, 1,420 declined while 91 remained unchanged.