Post Session Commentary - Aug 6 2008

The domestic market pares most of its initial gains during the final hours of the session on the back of heavy profit booking across the sectoral indices. Market opened on strong note tracking favorable cues from global markets as the US Federal Reserve held key interest rate at 2% in a meeting on 5th August 2008. The market therefore continued its northward journey but the speed of the journey was reduced since after noon as market lost some ground but managed to close with gains. Weak cues from the European markets also upset the positive sentiment. NSE Nifty ended above 4,500 mark and BSE Sensex crossed 15,000 level. From the sectoral front, Capital Goods, Auto, IT, Consumer Durables and IT stocks were able to gather the buying momentum. Fall in crude oil prices helped auto stocks to rally. However, Metal stock was most unfavorable stock as most of the selling was seen from this basket. The market breadth was negative as 1266 stocks closed in green while 1444 stocks closed in red and 76 stocks remained unchanged.

The BSE Sensex closed higher by 112.47 points at 15,073.54 and NSE Nifty ended marginally up by 14.70 points at 4,517.55. The BSE Mid Caps closed with gains of 11.54 points at 5,855.42 and Small Cap ended down by 48.66 points 7,144.13. The BSE Sensex touched intraday high of 15,422.82 and intraday low of 15,035.60.

Gainers from the BSE are Maruti Suzuki (6.25%), Tata Motors (4.31%), Bharti Airtel (3.59%), ACC Ltd (3.48%), TCS Ltd (3.32%), BHEL (3.21%), HDFC Bank Ltd (2.74%), M&M Ltd (2.55%) and L&T Ltd (2.39%).

Lossers from the BSE are Tata Steel (2.48%), Tata Power (3.65%), SBI (3.49%), Reliance Infra (3.11%), HDFC (2.82%), DLF Ltd (1.55%), NTPC Ltd (1.07%) and Ranbaxy Lab (0.68%).

The BSE Capital Goods index closed higher by 203.11 points at 12,482.88. Gainers are Jyoti Struct (10.14%), Bharat Bijli (5.72%), Elecon Eng C (5.05%), Thermax Ltd (3.81%), Crompton Greaves (3.73%) and BHEL (3.21%).

The BSE Auto index ended up by 100.47 points at 12,482.88. As Maruti Suzuki (6.25%), Bajaj Auto (5.77%), Bharat Forge (5.19%), Tata Motors (4.31%), Apollo Tyre (2.86%) and M&M Ltd (2.55%) closed in positive territory.

The BSE IT index gained 45.37 points to close at 3,923.67. Major gainers are Moser Bayer (5.49%), Mphasis Ltd (3.87%), TCS Ltd (3.32%), Satyam Computer (1.94%) and Tech Mahindra (1.38%).

The Oil & Gas index ended up by 28.58 points at 10,187.69. As HPCL (2.24%), Cairn India (1.85%), IOC (1.77%), ONGC (1.35%) and Reliance (0.87%) closed in positive territory.

The Metal index closed down by 405.64 points at 12,859.19. Lossers are Ispat Industries (5.83%), JSW SL (5.69%), Nalco (5.09%), NMDC Ltd (5.00%), Jindal Steel (4.78%) and Tata Steel (4.48%).

The BSE Reality index ended down by 32.40 points at 5,542.67. Major lossers are Houing Dev (4.51%), Mahindra Life (2.77%), Unitech Ltd (2.56%), Omaxe Ltd (2.08%), Parsvnath (2.08%) and Orbit Co (1.55%).