Post Session Commentary - Nov 20 2008

The Indian markets closed with deep cut on heavy selling pressures across the sectoral indices. The weak cues from the global markets led the domestic market to open on the backfoot and kept on hovering I the negative territory throughout the trading session without showing any sign of recovery. The fall in weekly inflation figures fell to give a support to the market. The wholesale price index rose 8.90% in the 12 months to 8 November 2008, marginally below the previous week''s annual rise of 8.98%. From the sectoral front, the Realty index was the worst hit that closed with a cut of more than 8%. Along with this, Consumer Durables, Oil & Gas, Bankex, Metal and Auto indices also remained out of favor that closed with losses of more than 4% each. The BSE Sensex ended below 8,500 level and NSE Nifty closed below 2,600 mark. The Midcap and Small cap stocks were also under extreme pressures.

Among the Sensex pack 25 stocks ended in red territory and 5 in green. The market breadth was negative as 1899 stocks closed in red while 594 stocks closed in green and 77 stocks remained unchanged.

The BSE Sensex closed lower by 322.77 points at 8,451.01 and NSE Nifty ended down by 81.85 points at 2,553.15. The BSE Mid Caps and Small Caps closed with losses of 102.60 points and 107.78 points at 2,895.79 and 3,385.34 respectively. The BSE Sensex touched intraday high of 8,540.46 and intraday low of 8,316.39.

Losers from the BSE Sensex pack are DLF 8.56%, Reliance Communication 8.32%, Sterlite Inds 7.96%, ICICI Bank 7.87%, HDFC bank 7.30% and JP Associates 6.66%.

The BSE Realty index dropped by (8.30%) or 151.88 points to close at 1,679.06. Losers are HDIL 11.06% along with Unitech 9.87%, Ansal Infra 9.71%, Indiabull Real 9.57%, Orbitco 8.99%, DLF 8.57% and Penland 7.04%.

The BSE CD index lost (4.95%) or 91.97 points to close at 1,763.93. Major losers are Blue Star 8.76%, Rajesh Exports 7.22%, Gitanjali GE 4.61%, Videocon Inds 4.37% and Titan Inds 2.80%.

The BSE Oil and Gas index ended down by (4.64%) or 255.47 points at 5,252.01 as Reliance Inds 6.58%, Cairn India 5.37%, Aban Offshore 4.56%, RPL 4.31%, Gail India 4.05%, RNRL 3.31% and HPCL 2.47% closed lower.

The BSE Bankex index ended lower by (4.32%) or 198.66 points to 4,398.29 as Yes bank 8.34%, ICICI Bank 7.87%, Indus Ind Bank 7.48%, HDFC bank 7.30%, Oriental bank 5.41%, IOB 5.37%, Axis bank 5%, Federal bank 4.82% closed in negative.

The BSE Metal index ended down by (4.18%) or 185.65 points at 4,250.49. Major losers are Gujarat NRE Coke 8.25%, Sterlite Inds 7.96%, Jindal Steel 7.48%, Sesa Goa 7.47%, JSW Steel 7.21%, NMDC 5.81% and Hind Zinc 4.47%.

The BSE Auto index plunged (4.14%) or 97.27 points to close at 2,252.97. Losers are Bharat Forge 8.15%, Maruti Suzuki 6.52%, Tata Motors 6.47%, Amtek Auto 6.17%, Bajaj Auto 5.41% and Hero Honda 5.21%.