Post Session Commentary - Nov 11 2008

Market crashed badly during the trading session to close in deep red on account sharp cut over the counters led by growing worries about a global recession. The Sensex sinked below 10,000 level and closed below 9,850 mark. Along with this, Nifty fell below 3000 level and closed below 2,950. Indian market opened on the back foot tracking the weak global cues and tumbled down further as the investors decided to book some profit after yesterday’s gains. The market kept on hovering in extremely territory without showing any sign of recovery on weak Asian markets as bankruptcy of two more banks and General Motors fueled the sentiments all over the world. Further, harsh selling during final trading hours forced market to extend its losses and knock down stridently. All indices closed in red. Out of which, Reality stocks underperformed the benchmark index as closed with deep cut of more than 10%. Followed by this, the Metal index also lost more than 8%. Heavy selling was also witnessed from the Power, Oil & Gas, Teck, IT and Bank stocks baskets.

Among the Sensex pack 29 stocks ended in red territory while only 1 stock ended in green territory. The market breadth was negative as 1766 stocks closed in green while 759 stocks closed in red and 77 stocks remained unchanged.

The BSE Sensex closed lower by 696.47 points at 9,839.69 and NSE Nifty ended down by 209.60 points at 2,938.65. The BSE Mid Caps closed with losses of 118.39 points at 3,356.70 and Small Cap ended down by 100.02 points 3,888.01. The BSE Sensex touched intraday high of 10,405.39 and intraday low of 9,799.45.

Losers from the BSE Sensex pack are JP Associates (12.71%), Sterlite Industries (11.03%), Tata Steel (10.98%), Hindalco (10.18%), DLF Ltd (10.15%), BHEL (9.65%), Satyam Computer (9.22%), ONGC Ltd (8.77%), Tata Motors (8.54%), Wipro Ltd (8.03%), M&M Ltd(7.92%) and ICICI Bank (7.94%).

Only gainer from the BSE Sensex pack is ITC Ltd (0.06%).

The Reality index ended down by (10.25%) or 252.14 points at 2,208.71 as Indiabull Real (15.00%), Mahindra Life (11.33%), Housing Dev (11.18%), Orbit Co (10.93%), DLF Ltd (10.15%) and Parsvnath (9.97%) in negative territory.

The BSE Metal index ended lower by (8.42%) or 481.06 points at 5,233.77. Major losers are SAIL (11.77%), Sterlite Industries (11.03%), Tata Steel (10.98%), Hindalco (10.18%), Welspan Gujarat Sr (8.99%) and Sesa Goa Ltd (8.68%).

The BSE Power index lost (7.70%) or 147.62 points to close at 1,769.37. Losers are Suzlon Energy (13.78%), GVK Power (13.41%), GMR Infra (10.10%), BHEL (9.65%), ABB Ltd (9.61%) and NEyveli LIG (8.41%).

The BSE Capital Goods index dropped by (7.24%) or 587.55 points to close at 7,530.88. Losers are Suzlon Energy (13.78%), BHEL (9.65%), ABB Ltd (9.61%), Lakshmi Machines (8.07%), Crompton Greaves (8.00%) and Punj Lloyd (7.71%).

The BSE Oil & Gas index lost (7.18%) or 458.47 points to close at 5,922.61. Major losers are Cairn Ind (9.40%), ONGC Ltd (8.77%), Essar Oil Ltd (8.57%), Reliance Natural Resources (7.39%), Reliance (7.37%) and Reliance Pet (7.01%).

The BSE Teck index ended lower by (6.47%) or 143.08 points to 2,067.45 as Zee Entertainment (9.80%), Satyam Computer (9.22%), HCL Tech (9.22%), Aptech Ltd (9.03%), Tel Eighteen (8.85%) and Tanla (8.43%) ended in negative territory.