Post Session Commentary - Nov 12 2008

The Indian market tumbled for the second straight session to close with deep cut on heavy selling pressures across the sectoral indices. The market opened on the back foot tracking the weak cues from the global markets and recovered a bit on the back of growth in IIP figures that rose 4.8% in September 2008 much higher than 1.4% rise in August 2008. However, this does not hold the market for so long and gave up to drift downward after the mid session. The investors took calculated steps to book their position ahead of the state elections starting from next week. Five Indian states go to the polls in the next few weeks. Polls will be held in two phases on 14 November 2008 in Chhattisgarh, followed by Madhya Pradesh on 25 November 2008. Delhi and Mizoram will go to the polls on 29 November 2008 and Rajasthan on 4 December 2008. The BSE Sensex ended above 9,500 level with loss of more than 3% and NSE Nifty closed above 2,840 with fall of more than 3%. From the sectoral front, the Retail index tumbled to close with loss of more than 7%.

Among the Sensex pack 28 stocks ended in negative territory and 2 in positive. The market breadth was negative as 1701 stocks closed in red while 818 stocks closed in green and 76 stocks remained unchanged.

The BSE Sensex closed lower by 303.36 points at 9,536.33 and NSE Nifty fell by 90.2 points at 2,848.45. The BSE Mid Caps and Small Caps closed with losses of 75.43 points and 74.63 points at 3,281.27 and 3,813.38. The BSE Sensex touched intraday high of 9,928.60 and intraday low of 9,376.73.

Losers from the BSE Sensex pack are JP Associates 9.13%, DLF 8.61%, ICICI Bank 8.31%, Reliance Infra 6.53%, Hindalco Inds 5.75% and Sterlite Inds 4.57%.

The BSE Realty index closed lower by (7.34%) or 162.07 points at 2,046.64. Major losers are Indiabull Real (13.82%), DLF (8.61%), Anant Raj (6.55%), Penland (4.96%), Ansal Infra (4.38%) and Unitech (4.02%)

The BSE Bankex index fell (4.38%) or 237.83 points to close at 5,187.67. Losers are ICICI Bank (8.35%), Axis bank (6.82%), Yes bank (5.48%), PNB (4.48%), Indus Ind (3.87%) and SBI (3.86%).

The BSE Metal index dropped by (3.67%) or 191.88 points to close at 5,041.89. Scrips that fell are Welspun Guj (8.81%), SAIL (8.24%), Jindal Saw (7.22%), Jai Corp (6.44%), Hindalco Inds (5.75%), NMDC (4.97%) and Sterlite Inds (4.57%).

The BSE CG index fell (3.63%) or 7,257.53 points to close at 7,257.53 as Thermax 8.69%, Crompton Greaves 7.87%, Reliance Industrial Infra 7.48%, Gammon India 6.25%, ABB 5.10% and L&T 4.20% closed in negative.

The BSE Oil and Gas index dropped by (2.96%) or 175.07 points to 5,747.54 as Aban Offshore 9.36%, Cairn India 3.92%, Reliance Industries 3.72%, ONGC 3.20%, Gail India 3.02% and RPL 2.92% closed in red.