Post Session Commentary - Sep 24 2008

Domestic markets rebounded today after sharp fall on Tuesday to close with gains ahead of September F&O expiry on Thursday. Markets today opened on upbeat note as US-India civilian nuclear cooperation agreement moved closer to approval by Congress on Tuesday. US Senate Foreign Relations Committee passed the Indo-US civilian nuclear deal with a majority of 19-2. With this approval, first step is cleared and it is to be approved by House of Representatives. Drop in crude oil for November delivery by $2.76 to $106.61 on the New York Mercantile Exchange also added to positive sentiment. Further, markets continued its northward journey on the news of US investor Warren Buffet’s announcement of an infusion of $5 billion in Goldman Sachs Group. Though, markets trimmed some of its growth during second half of trading on inflation worries for the week ended 13th September 2008, but still ended on positive note. BSE Sensex ended above 13,650 level and NSE Nifty closed above 4,150 mark. From the sectoral front, Metal, Capital Goods, Oil & Gas and Bank stocks witnessed most of the buying. However, IT and Consumer Durable stocks witnessed most of the selling from these baskets. The market breadth was positive as 1349 stocks closed in green while 1241 stocks closed in red and 89 stocks remained unchanged.

The BSE Sensex closed higher by 122.21 points at 13,692.52 and NSE Nifty ended up by 34.35 points at 4,161.25. The BSE Mid Caps and Small Caps closed with gains of 13.47 points at 5,126.78 and by 8.54 points at 6,101.51. The BSE Sensex touched intraday high of 13,840.81 and intraday low of 13,592.79.

The markets were closed between 11.25AM to 12.10PM on account of disruption of satellite services due to sun outage. The new trading timing is effective from today (24th September 2008) to 8 October 2008. Trading will start as usual at 9.55 IST, but will end at 16.15 IST.

Gainers from the BSE are Sterlite In (8.36%), HDFC Bank Ltd (3.57%), Tata Steel (3.13), Reliance Infra (2.92%), Grasim Indus (2.35%), BHEL (2.29%), Bharti Airtel (2.03%), Reliance (1.89%), M&M Ltd (1.75%), DLF Ltd (1.43%) and SBI (1.05%).

The BSE Metal index surged 217.75 points to close at 10,142.29. Major gainers are Sterlite In (8.36%), Nalco (5.79%), Tata Steel (3.13), Jai Corp Ltd (1.73%), Welspan Guajrat Sr (1.60%) and Jindal Saw (1.53%).

The BSE Oil & Gas index ended up by 113.87 points at 9,435.85 as Cairn India (2.68%), Reliance (2.30%), IOC Ltd (1.78%), Reliance Natural Resources (1.20%), ONGC Ltd (0.65%) and BPCL (0.42%) ended in positive territory.

The BSE Capital Goods index gained 122.00 points to close at 11,340.80 Major gainers are Everest Kanto (6.78%), Usha Martin (6.08%), Jyoti Struct (4.58%), Crompton Greaves (4.10%), Praj Indus (4.08%) and BHEL (3.43%).

The BSE Bank index closed higher by 82.23 points at 6,886.65. Gainers are Indus Ind Bank (4.79%), Axis Bank (3.76%), HDFC Bank Ltd (3.57%), IDBI Bank Ltd (3.25%), Kotak Bank (1.56%) and Allahabad Bank (1.33%).

The BSE Consumer Durables index ended lower 39.51 points to close at 3,166.84. As Titan Ind (3.00%), Gitanjali GE (1.07%), Videocon Ind (0.50%) and Blue Star L (0.02%) closed in negative territory.

The BSE IT index dropped by 37.94 points to close at 3,417.11. As Wipro Ltd (5.05%), Oracle Fin (2.49%), NIIT Ltd (1.46%), Financ Tech (1.33%), Infosys Tech (1.27%), TCS Ltd (1.01%) and Mphasis Ltd (0.68%) closed in negative territory.