Post Session Commentary - Sep 8 2008

Domestic markets closed the day on strong note on NSG approval for India on nuclear deal. However, market pared some of its earlier gains due to the profit booking during final hours of trading. Indian market opened on pleasant note tracking positive cues from global markets along with strong domestic trigger as India joins nuclear club and gets NSG waiver. Further market continues to trade firm on account of sustained buying activity across the board. Supportive Asian and European markets also lifted the sentiment. Shares in Europe and Asia rallied after the US government announced to takeover troubled mortgage giant Freddie Mac and Fannie Mae. Domestic markets continued its northward journey but some bouts of profit booking led market to shed small portion of its gains. NSE Nifty ended around 4,500 mark and BSE Sensex around 15,000 level. From the sectoral front, Bank stocks outperformed the benchmark index as ended with gap up of more than 4%. Along with that, Capital Goods Metal, Oil & Gas, Power and Reality stocks led the rally. However, Consumer Durables stocks remained out of favor as witnesses most of the selling from this basket. The market breadth was positive as 1199 stocks closed in green while 1389 stocks closed in red and 104 stocks remained unchanged.

India has received a clearance from the Nuclear Suppliers Group (NSG). The NSG clearance will encourage the setting up of around 18 to 20 nuclear reactors in India and would help to fulfill India''s target of adding 63,000 MW by 2030. It will also enable the country to get nuclear fuel for all its nuclear reactors that are running at almost half of their capacities.

The BSE Sensex closed higher by 461.14 points at 14,944.97 and NSE Nifty ended up by 130 points at 4,482.30. The BSE Mid Caps and Small Caps closed with gains of 66.17 points at 5,819.89 and by 77.55 points at 6,982.77. The BSE Sensex touched intraday high of 15,107.01 and intraday low of 14,917.06.

Gainers from the BSE are Sterlite In (5.88%), ICICI Bank Ltd (4.89%), SBI (4.81%), L&T Ltd (4.63%), NTPC Ltd (4.58%), TCS Ltd (1.77%), HDFC Bank Ltd (4.27%), HDFC (4.20%), Reliance Infra (4.19%) and Tata Motors (3.93%).

The BSE Capital Goods index ended up by 443.42 points at 12,424.02. Major gainers are Wallchand In (13.95%), Alostom Proje (6.39%), L&T Ltd (4.63%), Suzlon Energy (4.59%), Punj Lloyd (4.11%) and Aiaengineer (4.10%).

The BSE Bank index closed higher by 291.39 points at 7,464.24. Gainers are ICICI Bank Ltd (4.89%), SBI (4.81%), HDFC Bank Ltd (4.27%), Yes Bank (3.65%), Indian Overseas Bank (3.56%) and Axis Bank (3.54%).

The BSE Metal index gained 229.27 points to close at 12,015.04. Major gainers are Sterlite In (5.88%), Nalco (3.82%), Steel Authority (2.84%), Jai Corp Ltd (2.02%), Jindal Steel (2.01%) and JSW SL (1.44%).

The BSE Oil & Gas index closed higher by 195.38 points at 9,848.06. As ONGC (2.66%), Reliance (2.54%), Gail India (2.40%), Aban Offshore (2.35%), Reliance Nat Res (1.12%) and Cairn India (1.03%) ended in positive territory.

The BSE Reality index gained 157.74 points to close at 5,137.00. As Anant Raj In (5.12%), Unitech Ltd (3.82%), Unitech Ltd (3.82%), Indiabull Real (3.79%), DLF Ltd (3.56%) and Housing Dev (3.35%) closed in positive territory.

The BSE Consumer Durables index dropped marginally by 9.83 points to close at 3,776.45. Blue Star L (1.23%), Gitanjali GE (0.88%) and Titan Ind (0.77%).