Post Session Commentary - Aug 27 2008

Markets declined sharply due to heavy selling during final trading hours to close in red after moving in a range during the trading session. Indian market opened on positive note tracking mixed cues from global markets but was not able to sustain the momentum and slipped to trade in the negative territory. Further domestic market continued to trade in negative note ahead of August series derivatives contracts expiry, which is due on Thursday. After trading in a tight range, market slipped further and lost more ground during late trades to close the day with losses. NSE Nifty ended below 4,300 mark and BSE Sensex around 14,300 level. From the sectoral front, all indices closed with losses and reality stocks slipped dipper into red with cut of more than 3%. Along with this heavy selling pressure was witnessed in Bank, Capital Goods, Oil & Gas, Power and Consumer Durable stocks. Midcap and Smallcap stocks also witnessed offloading. The market breadth was negative as 1583 stocks closed in red while 1021 stocks closed in green and 103 stocks remained unchanged.

The BSE Sensex closed lower by 185.43 points at 14,296.79 and NSE Nifty ended down by 45.10 points at 4,292.10. The BSE Mid Caps closed with losses of 58.34 points at 5,686.43 along with Small Caps ended down by 52.71 points at 6,859.91. The BSE Sensex touched intraday high of 14,563.10 and intraday low of 14,261.69.

Lossers from the BSE are DLF Ltd (3.99%), Reliance Infra (3.65%), SBI (2.96%), ICICI Bank Ltd (2.71%), Tata Motors (2.43%), BHEL (2.34%), Reliance Com Ltd (2.34%), HDFC (2.17%), HDFC Bank Ltd (1.76%) and TCS Ltd(1.66%).

The BSE Reality index ended lower by 175.65 points at 4,837.04. As Indiabull Real (8.59%), DLF Ltd (3.99%), Ansal Infra (3.11%), Unitech Ltd (2.28%), Akruti City (1.88%) and Penland Ltd (1.78%) closed in negative territory.

The BSE Bank index closed down by 147.09 points at 6,715.45. Lossers are Kotak Bank (3.76%), Indus Ind Bank (3.47%), SBI (2.96%), ICICI Bank Ltd (2.71%), IDBI Bank Ltd (2.31%) and Bank of India (2.26%).

The BSE Capital Goods index lost 138.54 points to close at 11,754.87. Major lossers are Alstom Proje (4.25%), Areva (2.83%), BHEL (2.34%), Reliance Indus Infra (1.99%), SKF India (1.87%) and Bharat Bijli (1.68%).

The BSE Oil & Gas index closed lower by 112.74 points at 9,655.70. Lossers are Essar Oil Ltd (1.85%), Reliance Nat Res (1.85%), Reliance (1.46%), Reliance Pet (1.37%), HPCL (1.04%) and ONGC (0.97%).

The BSE Power index dropped by 36.44 points to close up at 2,550.31. Lossers are Lanco Infra (3.80%), Reliance Infra (3.65%), GVK Power (2.64%), BHEL (2.34%), Tata Power (1.65%) and Neyveli Lig (1.47%).

The BSE Consumer Durables index lost 35.25 points to close at 3,766.71. Major lossers are Gitanjali Ge (1.92%), Titan India (1.91%), Blue Star L (0.74%) and Rajesh Export (0.51%).