Post Session Commentary - Aug 4 2008

The domestic market closed the day in red after showing volatile trading throughout the session. Market opened in downbeat note tracking weak global cues from global markets and soon after start it tried to recover but turned volatile. Further, market gained some ground after mid session but was not able to sustain the momentum and again turned instable to close with losses. NSE Nifty ended below 4,400 mark and BSE Sensex below 14,600 level. BSE Midcaps and Smallcaps maintained their opening gains and ended with increase of more than 1.5%. From the sectoral front, Capital Goods, Oil & Gas and Power stocks were most unfavorable stocks as witnessed most of the selling pressure from these baskets. However, Metal, Consumer Durables, Pharma and Bank stocks were in the limelight as contributed to the positive sentiment with significant buying from these baskets. The market breadth was positive as 1845 stocks closed in green while 805 stocks closed in red and 69 stocks remained unchanged.

The BSE Sensex closed lower by 78.82 points at 14,577.87 and NSE Nifty ended down by 18.20 points at 4,395.35. The BSE Mid Caps closed with gains of 99.98 points at 5,742.72 and Small Cap ended up by 123.24 points 7,103.34. The BSE Sensex touched intraday high of 14,725.94 and intraday low of 14,503.51.

Lossers from the BSE are TCS Ltd (2.73%), Reliance (2.49%), BHEL (2.41%), ONGC (1.53%), Sterlite In (1.38%), L&T Ltd (1.33%), DLF Ltd (1.22%), HDFC (1.22%), Reliance Infra (0.89%) and NTPC Ltd (0.88%).

The BSE Capital Goods index closed lower by 103.04 points at 12,028.96. Lossers are Crompton Greaves (3.64%), BHEL (2.41%), Usha Martin (2.20%), L&T Ltd (1.33%), Reliance Industrial Infra (1.14%) and Bharat Elect (0.21%).

The Oil & Gas index ended down by 18.42 points at 10,028.45. As Reliance Nat Res (2.49%), BPCL (2.14%), ONGC (1.53%) and Gail India (0.77%) closed in negative territory.

The BSE Power index lost 5.42 points to close at 2,656.33. Major losers are Crompton Greaves (3.64%), BHEL (2.41%), Suzlon Energy (0.94%), Reliance Infra (0.89%) and NTPC Ltd (0.88%).

The Metal index closed up by 273.26 points at 13,523.57. Gainers are Ispat Industries (9.56%, JSW SL (9.31%), NMDC Ltd (5.00%), Steel Authority (4.64%), Welspan Gujarat Sr (3.67%), and Sesa Goa Ltd (1.77%).

The BSE Consumer Durables index gained 143.82 points to close at 3,856.01. Major gainers are Titan Industries (8.55%), Rajesh Export (3.35%), Gitanjali GE (3.34%), Blue Star L (3.22%) and Videocon Ind (0.23%).

The BSE Pharma index ended higher by 63.36 points at 4,254.20. As Pirama Healt (5.74%), Aurbindo Pharma (5.66%), Opto Circuit (5.57%), Cipla Health (4.92%), Devis Lab (4.57%) and Orchid Chem (3.67%) closed in positive territory.