Post Session Commentary - Sep 25 2008

Domestic markets closed in red terrain on huge selling pressure over the ground due to F&O expiry day. Concern over US governments’ financial sector bailout plan also weighed on the sentiments as congressional hearings of the $ 700 billion bailout plan resumed. Markets opened on flat note but suddenly lost its momentum and slipped below to trade in the negative territory ahead of the F&O expiry for the month of September. Further, weakness continued to prevail over the markets on inflation worries as inflation number for the week ended 13th September 2008 due to released today after market hours. Though markets tried to recover but profit booking led the markets to end the day in losses. BSE Sensex ended below 13,600 level and NSE Nifty closed below 4,150 mark. From the sectoral front, most of the selling was visible in Metal, Reality, Oil & Gas, Capital Goods, IT and Pharma stocks. However, Auto stocks ended almost flat as witnessed some buying form its baskets. The market breadth was negative as 1688 stocks closed in red while 899 stocks closed in green and 78 stocks remained unchanged.

The BSE Sensex closed lower by 145.34 points at 13,547.18 and NSE Nifty ended down by 50.70 points at 4,110.55. The BSE Mid Caps and Small Caps closed with losses of 33.73 points at 5,093.05 and by 51.48 points at 6,050.03. The BSE Sensex touched intraday high of 13,716.88 and intraday low of 13,430.68.

Losers from the BSE are Wipro Ltd (4.81%), Ranbaxy Lab (4.70%), Hindalco (4.00), Grasim Indus (3.50%), TCS Ltd (3.26%), DLF Ltd (2.81%), ACC Ltd (2.65%), Bharti Airtel (2.44%), Tata Power (2.39%), ITC Ltd (2.31%) and Sterlite Indus (2.13%).

Gainers from the BSE are HDFC Bank Ltd (1.28%), ONGC Ltd (0.87%), L&T Ltd (0.59), Maruti Suzuki (0.38%), NTPC Ltd (0.36%), JP Associates (0.12%) and HUL (0.12%).

The BSE Metal index dropped by 165.19 points to close at 9,977.10. Major losers are Sesa Goa Ltd (5.54%), Nalco (5.34%), Gujarat NRE C (4.47), Hindalco (4.00%), Jindal Steel (2.81%) and Sterlite Indus (2.13%).

The BSE Capital Goods index lost 83.67 points to close at 11,257.13. Major losers are Suzlon Energy (7.17%), Siemens Ltd (5.91%), Havells India (3.43%), Praj Indus (2.54%), Lakshmi MA W (2.21%) and Kalpat Power T (2.14%).

The BSE Reality index closed lower by 76.77 points at 3,840.21. Losers are Indus Indiabull Real (5.17%), Akruti City (4.20%), Parsvnath (3.38%), Orbit Co (2.63%), Sobha Dev (2.45%) and Penland Ltd (2.31%).

The BSE Oil & Gas index ended down by 71.84 points at 9,364.01 as Cairn India (2.40%), Aban Offshore (2.21%), Gail India (2.07%), BPCL (1.87%), Reliance (1.10%) and HPCL (1.07%) ended in negative territory.

The BSE IT index dropped by 68.69 points to close at 3,348.42. As Aptech Ltd (5.50%), Oracle Fin (5.36%), Mphasis Ltd (5.22%), Wipro Ltd (4.81%), Moser Bayer (4.07%) and HCL Tech (3.67%) closed in negative territory.

The BSE Auto index gained marginally 3.67 points to close at 3,852.54. As MRF Ltd (2.55%), Ashol Leyland (2.11%), Escorts Ltd (1.98%), Amtek Auto L (1.57%), Bharat Forge (1.42%) and Tata Motors (1.03%) closed in positive territory.