Post Session Commentary - Nov 14 2008

Market ended in red terrain on sustained profit booking. Negative attitude was influenced by lower US index futures that offset expectations of a further cut in interest rates and gains in Asian stocks along with this political uncertainty ahead of state election also weighed on sentiments. Polling for assembly elections in Chhattisgarh began on 14 November 2008.The BSE Sensex ended below 9,400 level and NSE Nifty dropped below 2,850. Indian market opened on the pleasant note tracking the favorable global cues on anticipation of coordinated rescue effort from the G-20 meeting during the weekend along with decline in inflation to single digit. However, market was not able to hold the momentum and started losing ground due to weakness in key stocks. Further, market continued to extend its losses with bit of volatility till end, though tried to recover during afternoon session. From the sectoral front, Heavy selling was witnessed from the Capital Goods, Consumer Durables, Auto, Metal, Power and IT baskets. Midcap and Small cap stocks were also under pressure. However only FMCG index witnessed some buying.

Among the Sensex pack 23 stocks ended in red territory while 7 stock ended in green territory. The market breadth was negative as 1594 stocks closed in green while 924 stocks closed in red and 74 stocks remained unchanged.

The BSE Sensex closed lower by 150.91 points at 9,385.42 and NSE Nifty ended down by 38.10 points at 2,810.35. The BSE Mid Caps closed with losses of 65.19 points at 3,216.08 and Small Cap ended down by 48.33 points 3,765.05. The BSE Sensex touched intraday high of 9,836.11 and intraday low of 9,267.49.

Losers from the BSE Sensex pack are ACC Ltd (8.95%), Tata Motors (8.49%), Tata Steel (6.40%), HDFC (4.86%), JP Associates (4.67%), Reliance Infra (4.46%), L&T Ltd (4.36%), BHEL (4.26%), Sterlite Industries (4.16%), MAruti Suzuki (4.15%), M&M Ltd (3.36%) and Infosys Tech (3.28%).

Gainers from the BSE Sensex pack are Bharti Airtel (2.99%), Tata Power (2.02%), Reliance Communication Ltd (1.88%), HDFC Bank Ltd (0.37%) HUL (0.30%), ITC Ltd (0.09%) and Hindalco (0.09%).

The BSE Capital Goods index dropped by (4.22%) or 306.21 points to close at 6,951.32. Losers are Everest Kanto (10.97%), Crompton Greaves (9.18%), Praj Industries (7.34%), Reliance Industrial Infra (5.62%), Thermax Ltd (5.39%) and Punj Lloyd (5.01%).

The Auto index ended down by (4.04%) or 102.58 points at 2,439.61 as Tata Motors (8.49%), Boch Ltd (6.80%), Amtek Auto (5.21%), Exide Industreis (4.27%), MAruti Suzuki (4.15%) and Cummins Indi (3.88%) in negative territory.

The BSE Metal index ended lower by (3.34%) or 168.49 points at 4,873.40. Major losers are Jai corp Ltd (19.21%), Tata Steel (6.40%), JSW Steel (6.10%), Ispat Indus (5.80%), Gujarat NRE C (4.50%) and Steel Authority (4.31%).

The BSE Consumer Durables index lost (3.12%) or 62.51 points to close at 1,940.40. Major losers are Gitanjali GE (8.53%), Videocon Ind (3.59%), Videocon Ind (3.42%), Reliance (7.37%) and Blue Star L (0.54%).

The BSE Power index lost (2.66%) or 45.62 points to close at 1,670.22. Losers are Lanco Infra (11.94%), GVK Power (10.82%), Crompton Greaves (9.18%), GMR Infra (6.70%), Suzlon Energy (4.63%) and Reliance Infra (4.46%).


The BSE FMCG index ended higher by (0.07%) or 1.34 points to 1,906.68 as United Spr (1.32%), Tata Tea Ltd (0.91%), Colgate Palm (0.43%), Marico Ltd (0.40%), HUL (0.30%) and Dabur India (0.23%) ended in positive territory.