Post Session Commentary - Aug 25 2008

The domestic market pared its earlier gains and ended sharply lower from the days’ high due to the profit booking at higher levels. Market opened on strong note tracking favorable cues from global markets and steep drop in crude oil prices. Crude oil closed lower by $6.62 at $114.59 per barrel on New York Mercantile Exchange. Further market turned little volatile and started losing ground since afternoon. Domestic market continued to lose momentum till the end of session but managed to conclude the day marginally up. NSE Nifty ended above 4,300 mark and BSE Sensex crossed 14,400 level. From the sectoral front, buying was continued in Bank, Reality, Auto and IT stocks. However, Metal, Power, Capital Goods and Oil & Gas stocks remained out of favor as most of the selling was seen from these baskets. The market breadth was positive as 1347 stocks closed in green while 1287 stocks closed in red and 88 stocks remained unchanged.

The BSE Sensex closed higher by 48.86 points at 14,450.35 and NSE Nifty ended marginally up by 7.90 points at 4,335.35. The BSE Mid Caps closed with gains of 14.36 points at 5,741.21 while Small Caps ended down by 3.60 points at 6,922.25. The BSE Sensex touched intraday high of 14,672.69 and intraday low of 14,416.20.

Gainers from the BSE are HDFC (3.63%), M&M Ltd (2.62%), DLF Ltd (2.32 Tata Motors (2.04%), Satyam Computer (1.79%), Grasim Indus (1.47%), HDFC Bank Ltd (1.12%), Reliance Comm Ltd (0.89%) and Bharti Airtel (0.86%).

The BSE Reality index ended higher by 98.79 points at 5,043.52. Major gainers are Indiabull Real (6.69%), Akruti City (6.48%), Mahindra Life (5.15%), DLF Ltd (2.32%), Sobha Dev (1.19%) and Orbit Co (0.85%).

The BSE Bank index closed up by 89.96 points at 6,745.72. Gainers are Bank of Baroda (3.92%), Yes Bank (3.74%), IOC (2.44%), Union Bank (2.29%), Kotak Bank (2.13%) and IDBI Bank Ltd (1.88%).

The BSE Auto index ended higher by 26.33 points at 3,865.85. As Apollo Tyre (3.84%), Cummins India (3.67%), M&M Ltd (2.62%), Tata Motors (2.04%), Bajaj Auto (0.98%) and Hero Honda Motors (0.17%) closed in positive territory.

The BSE IT index closed up by 25.24 points at 3,862.43. Gainers are Mphasis Ltd (2.34%), Financ Tech (2.03%), HCL Tech (0.83%), I-Flex (0.81%) and Wipro Ltd (0.50%).

The BSE Metal index lost 120.56 points to close at 12,243.37. Major lossers are NMDC Ltd (3.97%), Hind Zinc (2.89%), Gujarat Nre C (2.24%), Tata Steel (1.49%) and Sterlite In (1.32%).

The BSE Capital Goods index closed lower by 67.87 points at 11,857.49. Lossers are Suzlon Energy (4.27%), ABB Ltd (1.94%), BHEL (1.60%), Areva (1.53%), Walchand In (1.39%) and Everest Kanto (1.34%).