Post Session Commentary - Oct 13 2008

Today domestic market rebound sharply on the beginning of the week. Markets closed with huge gains on value buying over the counters. Finance minister P Chidambaram''s statement that the government was working to increase liquidity in the banking system, also gave a boost to the positive sentiments of the investors. BSE Sensex ended above 11,300 level along with NSE Nifty around 3,500 mark. Markets opened with positive gap tracking gains from some Asian markets. The positive trading across Asian markets gave a fillip to the sentiments of domestic investors as huge relief measures are resorted by the respective countries across the world to hydrate the financial markets. Further markets continued to march ahead as benchmark indices witnessed huge buying interest. Markets gained ground further to end the day with strong gains. European markets also added to the positive sentiments as they opened with huge gap up and continued to trade in green. On the sectoral front, all indices ended in green. The Bank stocks outperformed the benchmark index with gains of more than 12% as RBI''s move of CRR cut will ease the liquidity of around Rs 60,000 crore in the system. Along with this, another Rs 25,000 crore is expected to be infused as a first installment of farm loan waiver scheme once the Cabinet clears the disbursement. Apart from that, Capital Goods, Metal, Oil & Gas, Reality, Consumer Durables and IT stocks were in limelight as witnesses most of the buying from these baskets. Midcap and Smallcap stocks also followed the same trend and ended with gains of more than 4% and 3% respectively.

Among the Sensex pack 28 stocks ended in positive terrain while 2 in red. The market breadth was positive as 1687 stocks closed in red while 926 stocks closed in green and 59 stocks remained unchanged.

The BSE Sensex closed higher by 804 points at 11,332.19 and NSE Nifty ended up by 210.75 points at 3,490.7. The BSE Mid Caps and Small Caps closed with gains of 162 points at 3838.96 and by 168 points at 4,524.16. The BSE Sensex touched intraday high of 11,361.32 and intraday low of 10,817.68.

Gainers from the BSE Sensex pack are Reliance Comm (19.92%), Reliance Infra (19.13%), ICICI Bank (16.71%), Sterlite Indus (15.99%), HDFC Bank (12.58%), SBI (12.19%), M&M Ltd (11.78%), BHEL (11.61%), L&T Ltd (11.35%) and Hindalco (10.66%).

Only two losers from BSE Sensex pack are Ranbaxy Lab (5.88%) and ONGC (1.02%).

The BSE Capital Goods index closed higher by 827.19 points at 8,810.23. Gainers are Suzlon Energy (16.39%), Crompton Greaves (12.42%), BHEL (11.61%), Punj Lloyd (11.45%), L&T Ltd (11.35%) and Siemens Ltd (11.31%).

The BSE Bank index gained 665.66 points to close at 5,985.66. Major gainers are Axis Bank (20.01%), ICICI Bank (16.71%), IDBI Bank (14.01%), HDFC Bank (12.58%), SBI (12.19%) and Yes Bank (10.46%).

The BSE Metal index advanced by 465.05 points to close at 7,007.62. Major gainers are Sterlite Indus (15.99%), JSW Steel (14.66%), Hindalco (10.66%), Gujarat NRE (10%), Ispat Indus (6.25%) and Tata Steel (5.65%).

The BSE Oil & Gas index surged 277.37 points to close at 7,549.68 as Cairn Indi (17.47%), Gail India (11.27%), HPCL (10.42%), Reliance Natural Resources (8.82%), Aban Offshore (8.03%) and Reliance Natural Petroleum (5.22%) ended in positive territory.

The BSE Reality index ended up by 226.89 points at 2,749.96. Gainers are Housing Dev (24.18%), Indiabull Real (21.53%), Parsvnath (15.27%), Sobha Dev (11.61%), Unitech Ltd (10.27%) and Akruti City (8.88%).

The Consumer Durables index gained 219.60 points to close at 2,359.10. As Titan Ind (18.74%), Videocon Ind (10.55%), Blue Star L (4.12%) and Rajesh Export (2.28%) and Titan Ind (4.61%) in positive territory.