Post Session Commentary - Aug 29 2008

Domestic market ended the day with handsome gains tracing positive cues from global markets along with fall in crude oil and lower inflation number. Crude oil slipped to $116 per barrel on the back of assurances from the International Energy Agency and the US government. India''s inflation falls to 12.40% during the week ended August 16 2008, as against 12.63% in the previous week. It was a sea of green all across the market for throughout of session. Indian market opened on strong note strong global markets and drop in crude oil along with inflation number. Further domestic market continued to extend its gains and neglected the slower Q1 GDP growth. India’s Q1 GDP growth slows to 7.9% from 8.8% of previous quarter. Finally, market gained more ground during final trade to end with heavy gains. NSE Nifty ended above 4,300 mark and BSE Sensex crossed 14,500 level. From the sectoral front, all indices closed with gains and Bank stocks outperformed the benchmark as closed with increase of more than 6%. Along with this Metal, Capital Goods, Oil & Gas, Reality and Consumer Durable stocks were in limelight as witnessed most of the buying from these baskets. Midcap and Smallcap stocks also witnessed buying and closed with gains of more than2% and 1.5% respectively. The market breadth was positive as 1851 stocks closed in green while 790 stocks closed in red and 101 stocks remained unchanged.

The BSE Sensex closed higher by 516.19 points at 14,564.53 and NSE Nifty ended up by 146 points at 4,360. The BSE Mid Caps and Small Caps ended with gains of 133.44 points and 109.34 points at 5,742.29 and 6,891.64. The BSE Sensex touched intraday high of 14,586.16 and intraday low of 14,279.02.

Gainers from the BSE are SBI (7.19%), Reliance Infra (5.97%), ICICI Bank Ltd (5.93%), Tata Motors (5.44%), DLF Ltd (5.35%), JP Associates (5.16%), HDFC Bank Ltd (5.09%), Tata Steel (4.99%), BHEL (4.77%) and Wipro Ltd (4.42%).

The BSE Metal index advanced 422.87 points to close at 12,348.02. Gainers are Nalco (5.14%), SAIL (5.12%), Jai Corp Ltd (4.99%), NMDC Ltd (4.99%), Tata Steel (4.99%) and Isapt Industries (4.59%).

The BSE Bank index closed higher 413.28 points at 7,009.69. Major gainers are Kotak Bank (8.79%), Union Bank (8.60%), OBC (8.48%), Axis Bank (7.85%), Canara Bank (7.67%) and SBI (7.19%).

The BSE Capital Goods index gained 394.12 points to close at 11,886.62. Gainers are Punj Lloyd (7.55%), SLF India (5.89%), BHEL (4.77%), Lakshmi Ma W (4.77%), Suzlon Energy (4.73%) and Gammon Indi (4.51%).

The BSE Oil & Gas index closed higher 251.67 points at 9,659.46. Major gainers are BPCL (6.18%), Essar Oil Ltd (3.56%), Reliance Nat Res (3.28%), Reliance (3.04%), Aban Offshore (2.68%) and ONGC (2.36%).

The BSE Reality index ended up 242.18 points at 4,995.25. As Indiabull Real (11.51%), DLF Ltd (5.35%), Orbit Co (4.39%), Housing Dev (4.08%), Ansal Infra (3.87%) and Unitech Ltd (3.82%) closed in positive territory.

The BSE Consumer Durables index gained 91.95 points to close at 3,840.79. Major gainers are Gitanjali Ge (3.47%), Rajesh Export (3.46%), Titan Ind (2.58%), Blue Star L (2.15%) and Videocon Ind (1.89%).