Post Session Commentary - Sep 2 2008

Domestic market outperformed today to close with massive gains. It was a remarkable day and crude oil played an important role to strengthen the positive attitude of investors. Crude oil plunged to $107 a barrel, after early reports that showed Hurricane Gustav had spared major U.S. Gulf oil facilities. Indian market opened on positive note due to the drop in crude oil. Further market continued to strengthen itself on significant buying over the counters. The market extended its gains and rallied sharply since afternoon trade to close with heavy gains. Firm cues from the European markets also lifted the sentiments. BSE Sensex regained 15,000 mark and NSE Nifty crossed 4,500 level. From the sectoral front, all indices closed in green and Reality and Bank stocks closed with gains of more than 7% and 6%. Along with that, major boost was seen in Capital Goods, Oil & Gas, Metal and IT stocks as witnessed most of the buying from these baskets. The BSE Midcap and Smallcap stocks also observed heavy buying and ended with increase of more than 1%. The market breadth was positive as 1675 stocks closed in green while 986 stocks closed in red and 72 stocks remained unchanged.

The BSE Sensex closed higher by 551.35 points at 15,049.86 and NSE Nifty ended up by 155.35 points at 4,504.00. The BSE Mid Caps and Small Caps ended with gains of 95.03 points and 91.00 points at 5,837.01 and 6,982.39. The BSE Sensex touched intraday high of 15,106.15 and intraday low of 14,543.21.

The market will remain closed tomorrow, 3 September 2008 on account of Ganesh Chaturthi.

Gainers from the BSE are State Bank of India (7.44%), ICICI Bank Ltd (7.34%), DLF Ltd (7.14%), ONGC (6.97%), JP Associates (6.83%), Reliance Infra (5.99%), Maruti Suzuki (4.84%), HDFC (4.66%), L&T Ltd (4.63%) and TCS Ltd (4.23%).

Only losers form the BSE are Ranbaxy Lab (1.89%) and Tata Motors (1.82%).

The BSE Capital Goods index gained 439.46 points to close at 12,303.24. Gainers are Suzlon Energy (5.83%), Siemens Ltd (5.42%), Jyoti Struct (4.90%), L&T Ltd (4.63%), Walchand In (3.77%) and Reliance Industrial Infra (3.36%)

The BSE Bank index closed up 425.17 points at 7,446.52. Major gainers are Kotak bank (9.57%), Indian Overseas Bank (8.06%), State Bank of India (7.44%), ICICI Bank Ltd (7.34%), Union Bank (6.13%) and Oriental Bank of Commerce (5.85%).

The BSE Reality index ended higher 367.29 points at 5,367.27. As Orbit Co (16.80%), Housing Dev (16.27%), Indiabull Real (9.64%), DLF Ltd (7.14%), Unitech Ltd (7.14%) and Sobha Dev (6.17%) closed in positive territory.

The BSE Oil & Gas index advanced 337.38 points to close at 10,025.96. Major gainers are HPCL (12.09%), IOC (8.23%), ONGC (6.97%), BPCL (5.79%), Relaince (3.41%) and Reliance Natural Resources (2.39%).

The BSE Metal index gained 167.54 points to close at 12,381.65. Gainers are NALCO (5.56%), Welspan Gujarat Sr (5.16%), Hindustan Zinc (3.18%), Jindal Steel (2.39%), Sterlite In (2.14%) and Hindalco (1.35%).

The BSE IT index went up 112.76 points to close at 4,066.93. Major gainers are Aptech Ltd (5.86%), TCS Ltd (4.23%), Wipro Ltd (3.99%), Infosys Tech (3.02%), HCL Tech (3.01%) and Satyam Comp (2.34%).