Post Session Commentary - Oct 28 2008

The Indian market today kick start the Muhurat trading session with handsome gains with the BSE Sensex ended above the favoulous 9,000 mark and the NSE Nifty above the 2,650 mark. The buying support is seen across all the sectorial indices today mainly led by the Realty, Metal, Power Capital Goods, Oil & Gas and Auto stocks. The positive Aian Markets and the European markets along with the relaxing of norms of creeping acquisition norms for promoters by SEBI has provided the support to the market.

The Securities & Exchange Board of India (SEBI) yesterday has hiked the promoter creeping acquisition limit to 75% i.e up to 5% every year till the 75% limit reached. SEBI has also further added that the creeping acquisition beyond 55% will only be through open market normal segment and not bulk deals.

Among the Sensex pack all of the 30 components ended in green

The BSE Sensex closed higher by 498.52 points at 9,008.08 and NSE Nifty ended up by 160.40 points at 2,684.60. The BSE Mid Caps and Small Caps closed with gains of 191.23 points at 3,157.46 and by 232.77 points at 3,77.61. The BSE Sensex touched intraday high of 9,056.97 and intraday low of 8,909.34.

Gainers from the BSE Sensex pack are Mahindra & Mahindra (12.68%), Jai Prakash Associate (11.52%), Hindalco Industries (11.26%), Tata Motors (10.82%), Reliance Infra (10.53%), DLF (9.87%) and TCS (8.75%).

The BSE Capital Goods index surged 444.22 points to close at 6,784.02 as Praj Industries (14.29%), AIA Engineering (9.77%), Alstom Project (8.98%), and Elecon Eng (9.99%) and Siemens (9.83%) ended in positive territory.

The Bank index grew 232.66 points to close at 4,704.68 as Yes Bank (10.44%), Indian Overseas Bank (9.65%), IDBI Bank (7.41%), SBI (6.32%), AXIS Bank (5.78%) and ICICI Bank (6.04%) ended in positive territory.

The BSE Realty index ended up by 181.35 points at 1,998.63. Gainers are Mahindra Life (15.41%), Penland (15.85%), Parsavnath (13.92%), Unitech (14.99%), DLF (9.87%).

The BSE Metal index closed higher by 304.12 points at 4,572.68. Gainers are Hindalco Industries (11.26%), Ispat Industries (9.50%), NALCO (9.67%), Tata Steel (8.49%), Jindal Steel (7.38%)

The BSE Oil & Gas index ended higher by 345.21 points at 5,524.52. Major gainers are Essar Oil (18.15%), Gail India (9.98%), ABN Off shore (7.97%), Cairn India (7.20%), Gail India (9.98%).