Post Session Commentary - Aug 19 2008

The domestic market had shown smart recovery during final trading hours to came off from the day’s low but closed with marginal losses. Market opened on downbeat note tracking weak cues from the global markets and continued to trade lower due to heavy selling over the ground. Weak European markets also added to the negative sentiments. Along with this, fears of more losses from the US mortgage crisis globally mulled over the sentiment. Due to some buying during last half an hour of trade, market managed to pared some of its losses to close with minimal gap. NSE Nifty ended below 4,400 mark and BSE Sensex below 14,600 level. From the sectoral front, most of the indices closed in red and among that, Metal, Consumer Durable, IT and Auto stocks witnessed heavy selling from these baskets. However, Power and Bank stocks were in limelight as were able to gain market favor. The market breadth was negative as 1107 stocks closed in green while 1514 stocks closed in red and 90 stocks remained unchanged.

The BSE Sensex closed lower by 101.93 points at 14,543.73 and NSE Nifty ended down by 24.80 points at 4,368.25. The BSE Mid Caps and Small Cap closed with losses of 15.48 points and 23.87 points at 5,766.32 and 7,012.74 respectively. The BSE Sensex touched intraday high of 14,604.11 and intraday low of 14,368.72.

Lossers from the BSE are ACC Ltd (5.78%), Maruti Suzuki (3.90%), HDFC (3.24%), M&M Ltd (2.56%), Satyam Comp (3.21%), Reliance Com Ltd (2.06%), Bharti Airtel (2.05%), ITC Ltd (2.05%) and Sterlite Indus (1.61%).

The BSE Metal index closed down by 91.37 points at 12,272.80. Lossers are Jai Corp Ltd (4.99%), Sesa Goa Ltd (4.15%), NMDC Ltd (4.09%), Sterlite Indus (1.61%), Ispat Industries (1.56%), and Hindustan Zinc (1.54%).

The BSE Consumer Durables index dropped by 44.92 points at 3,783.26. Major lossers are Videocon Ind (1.89%), Gitanjali Ge (1.35%), Titan Ind (1.05%), Rajesh Export (1.01%) and Blue Star L (0.14%).

The BSE IT index ended lower by 34.12 points at 3,892.26. As Aptech Ltd (3.71%), Satyam Comp (3.21%), HCL Tech (1.97%), I-Flex (1.35%), NIIT Ltd (0.77%) and Moser Bayer (0.37%) closed in negative territory.

The BSE Auto index lost 33.33 points to close at 3,849.33. Major losers are Maruti Suzuki (3.90%), MRF Ltd (1.63%), Ashok Leyland (1.23%), M&M Ltd (1.21%), Exide Ind (0.84%) and Bosch Ltd (0.64%).

The BSE Bank index ended up by 6.81 points at 6,892.18. As ICICI Bank Ltd (2.01%), Bank of Baroda (1.24%), Oriental Bank of Commerce (1.03%), Canara Bank (0.72%), HDFC Bank Ltd (0.59%) and Allahabad Bank (0.24%) closed in positive territory.

The BSE Power index closed higher by 6.76 points at 2,615.11. Gainers are Lanco Infra (2.34%), Reliance Infra (2.26%), GVK Power (2.06%), Suzlon Energy (1.88%), GMR Infra (1.78%), and Siemens Ltd (1.44%).