Post Session Commentary - Sep 9 2008

Domestic markets rebounded smartly during final trading hours by tracking firm cues from European markets to close with marginal losses. Also the fall in crude oil prices as much as $2.11, to $104.23 gave a support to the market. Indian market opened on weak note as lower Asian markets weighed on sentiment. Market ignored positive cues from US markets and reacted to the weak Asian cues. Profit booking after Monday’s sharp rally also added to the negative sentiment. Further market moved southward on significant selling pressure over the ground and remained weak throughout the day despite some recovery in late trade. Though market tried to recover since after noon trade and touched dotted line on some buying in key stocks but was not able to sustain the momentum and lost further ground. Buoyant European markets lifted the sentiment to trim the earlier losses and end with minimal gap. NSE Nifty ended below 4,500 mark and BSE Sensex around 14,900 level. From the sectoral front, Metal, Bank, Reality, Capital Goods and Auto stocks were major sufferers of selling pressure. However, Oil & Gas stocks were in limelight as witnesses most of the buying from this basket. The market breadth was negative as 1195 stocks closed in red while 1443 stocks closed in green and 74 stocks remained unchanged.

The BSE Sensex closed lower by 44.21 points at 14,900.76 and NSE Nifty ended down by 13.60 points at 4,468.70. The BSE Mid Caps and Small Caps closed with cut of 41.69 points at 5,778.20 and by 18.19 points at 6,964.61. The BSE Sensex touched intraday high of 14,998.32 and intraday low of 14,714.92.

Lossers from the BSE are Sterlite In (7.50%), Tata Motors (3.68%), BHEL (2.44%), SBI (1.95%), Ranbaxy Lab (1.71%), DLF Ltd (1.60%), M&M Ltd (1.43%), Tata Power (1.30%), ICICI Bank Ltd (1.10%) and ITC Ltd (1.02%).

Gainers from the BSE are Maruti Suzuki (2.10%), Bharti Airtel (2.09%), Reliance Com Ltd (1.68%), TCS Ltd (1.32%), Reliance Infra (1.18%), Grasim Indus (0.88%), Reliance (0.50%) and Hindalco (0.32%).

The BSE Metal index lost 213.86 points to close at 11,801.18. Major lossers are Sterlite In (7.50%), Guajrat NRE C (5.88%), Jindal Saw (3.23%), Hindustan Zinc (3.15%), Welspan Gujarat Sr (1.78%) and Nalco (1.54%).

The BSE Bank index closed lower by 95.91 points at 7,368.33. Losers are Indian Overseas Bank (3.74%), Punjab National Bank (3.56%), Canara Bank (2.84%), Federal Bank (2.39%), Bank of India (2.37%) and Bank of Baroda (2.36%).

The BSE Reality index plunged 59.84 points to close at 5,077.16. As Anant Raj In (4.33%), Pheonix Mill (1.70%), DLF Ltd (1.60%), Housing Dev (1.58%), Omaxe Ltd (1.52%) and Parsvnath (0.96%) closed in positive territory.

The BSE Capital Goods index ended down by 57.63 points at 12,366.39. Major losers are Areva (5.31%), Walchand In (2.72%), BHEL (2.44%), BEML Ltd (2.43%), Elecon Eng C (1.68%) and Havells India (1.37%).

The BSE Pharma index dropped by 40.32 points to close at 4,257.79. As Opto Circuit (2.21%), Dr Reddys Lab (2.07%), Ranbaxy Lab (1.71%), Piramal Health (1.39%) and Lupin Ltd (1.23%) closed in negative territory.

The BSE Oil & Gas index closed higher by 35.10 points at 9,883.16 as HPCL (4.84%), BPCL (2.33%), Aban Offshore (2.00%), Reliance (0.50%), IOC Ltd (0.27%) and ONGC Ltd (0.17%) ended in positive territory.