Post Session Commentary - Oct 29 2008

The Indian markets ended marginally higher after a sharp volatile session through out trading session. Markets witnessed instability ahead of expiry of the Derivative contract of the October 2008 series. Domestic market opened significantly higher on the back of positive cues from the global markets. However the market was not able to continue the same momentum and trimmed its initial gains as investors preferred to book some profits. Market revealed sea-saw movement as it was not able to hold a particular territory and traded with volatility in range bound manner. Most Asian stock markets raised on hopes that the Bank of Japan and the Federal Reserve will cut interest rates this week as a measure to encourage economic growth. BSE Sensex ended above 9,000 level and NSE Nifty above 2,600 mark. From the sectorial front, Metal, Oil & Gas, Auto and IT were in limelight as most of the buying witnessed from these baskets. However, Reality, Pharma, FMCG and Capital Goods stocks contributed to the most of the selling pressure. The BSE Mid Cap and the BSE Small Cap after a sharp rally in the early trade finally ended in negative territory.

Among the Sensex pack 17 stocks ended in green terrain and 13 in red. The market breadth was negative as 1319 stocks closed in red while 1104 stocks closed in green and 75 stocks remained unchanged.

The BSE Sensex closed higher by 36.43 points at 9,044.51 and NSE Nifty ended marginally up by 12.45 points at 2,697.05. The BSE Mid Caps and Small Caps closed with losses of 62.98 points 3,094.48 and by 37 points at 3,674.61. The BSE Sensex touched intraday high of 9,297.76 and intraday low of 8,894.34.

Gainers from the BSE Sensex pack are Hindalco (31.56%), M&M Ltd (8.25%), Wipro Ltd (7.33%), ACC Ltd (6.93%), Sterlite Industries (6.57%), Reliance (4.47%), Tata Power (4.33%), JP Associates (3.53%) and ICICI Bank (3.09%).

Losers from the BSE Sensex pack are Reliance Communication Ltd (10.27%), Ranbaxy Lab (9.62%), DLF Ltd (6.98 %), Satyam Computer (5.44%), HUL (4.74%), HDFC (3.03%), SBI (2.01%), Reliance Infra (1.98%), HDFC Bank Ltd (1.98%) and L&T Ltd (1.52%).

The BSE Metal index ended up by (6.52%) or by 298.19 points at 4,870.87. Major gainers are Hindalco (18.24%), Hindustan Zinc (15.13%), Jindal Steel (15.03%), Sterlite Industries (6.57%, Steel Authority (5.82%) and Welspan Guajrat Sr (5.37%).

The Oil & Gas index gained (2.78%) or 153.81 points to close at 5,678.33 as BPCL (7.91%), Cairn India (7.22%), IOC (6.14%) and Reliance (4.47%) in positive territory.

The BSE Auto index ended higher by (1.63%) or 40.55 points at 2,524.40. Gainers are Bharat Forge (9.75%), M&M Ltd (8.25%), Bajaj Auto (5.65%), Hero Honda Motors (3.74%) and Tata Motors (1.45%).

The BSE Consumer Durables index advanced by (1.46%) or 29.26 points to close at 2,027.42 as Videocon Ind (0.87%), Titna Ind (6.40%) ended in positive territory while Gitanjali GE (8.11%) and Rajesh Export (4.23%) ended in negative territory.

The BSE Reality index lost (3.24%) or 64.79 points to close at 1,933.84. Major losers are Omaxe Ltd. (11.81%), Mahindra Life (11.29%), Orbit Co (10.18%), DLF (6.98%), Sobha Dev (6.07%), Phoenix Mill (1.98%) and Akruti City (0.40%).

The BSE Pharma index closed lower by (3.23%) or 89.79 points at 2,691.72. Losers are Dishman Pharma (19.88%), Aurobindo Pharma (16.32%), Biocon Ltd (13.79%), Wockhardt Ltd (12.76%), Matrix Lab (9.72%) and Cadila Health (3.03%).