Post Session Commentary - Nov 21 2008

The domestic market broke its seven days of losing trend and concluded the day with handsome gains on huge buying across the board. The market opened strongly after a sharp pull back from yesterday on the back of recovery in the Asian markets from initial fall along with reduction in domestic inflation figures. The wholesale price index stood at 8.90% for the week ended 8th November 2008, marginally below the previous week’s annual rise of 8.98%. The market maintained its opening gains and continued to trade strongly though touched dotted line after mid session. Further, market managed to gain strength and rallied again to close with heavy gains on short covering and firm global markets. BSE Sensex crossed 8,900 mark with increase of 5.49% and NSE Nifty ended around 2,700 mark with gain of 5.5%. From the sectoral front, most of the indices closed in green and Power, Oil & Gas, Capital Goods, PSU, Bank, Teck and IT stocks were in limelight as strong buying witnessed in these baskets. However, Reality index remain out of favour during the trading session.

Among the Sensex pack 26 stocks ended in green territory and 4 in red. The market breadth was negative as 1293 stocks closed in red while 1177 stocks closed in green and 96 stocks remained unchanged.

The BSE Sensex closed higher by 464.20 points at 8,915.21 and NSE Nifty ended up by 140.30 points at 2,693.45. The BSE Mid Caps and Small Caps closed with gains of 20.87 points and 5.42 points at 2,916.66 and 3,390.76 respectively. The BSE Sensex touched intraday high of 8,988.03 and intraday low of 8,442.31.

Gainers from the BSE Sensex pack are Reliance Infra (14.07%), Reliance Communication Ltd (13.64%), Sterlite Indus (9.10%), NTPC Ltd (8.80%), HDFC (8.49%), SBI (8.29%), TCS Ltd (7.89%), BHEL (7.29%), L&T Ltd (6.75%), Reliance (6.49%), ONGC Ltd (6.10%) and Maruti Suzuki (5.90%).

Losers from the BSE Sensex pack are DLF Ltd (3.41%), JP Associates (2.18%), ACC Ltd (2.08%) and Tata Power (0.47%).

The BSE Power index gained (6.21%) or 92.94 points to close at 1,588.64. Major gainers are Reliance Infra (14.07%), GVK Power (13.28%), NTPC Ltd (8.80%), Suzlon Energy (8.04%), BHEL (7.29%) and Power Grid (6.28%).

The Oil & Gas index ended up by (5.69%) or 298.88 points at 5,550.89 as Reliance (6.49%), ONGC Ltd (6.10%), Reliance Petroleum (5.72%), Cairn Ind (5.52%), BPCL (4.78%) and IOC (4.22%) in positive territory.

The BSE Capital Goods index ended higher by (5.59%) or 346.99 points at 6,556.37. Major gainers are Suzlon Energy (8.04%), BHEL (7.29%), L&T Ltd (6.75%), Alstom Proje (4.90%), Punj Lloyd (4.71%) and Reliance Industrial Infra (4.64%).

The BSE Teck index advanced by (5.22%) or 95.69 points to close at 1,927.62 as Reliance Communication Ltd (13.64%), Deccan Chronicle (11.75%), Jagran Prak (9.53%), TCS Ltd (7.89%), Financ Tech (7.52%) and Idea Cell (7.15%) ended in positive territory.

The BSE PSU index surged (5.04%) or 220.39 points to close at 4,589.33. Gainers are Nalco (10.55%), NTPC Ltd (8.80%), SBI (8.29%), BHEL (7.29%), SAIL (7.25%) and Power Grid (6.28%).

The BSE Reality index dropped by (2.00%) or 33.64 points to close at 1,645.42. Losers are Unitech Ltd (9.39%), Housing Dev (4.05%), Penland Ltd (3.78%), DLF Ltd (3.41%), Ansal Infra (3.37%) and Mahindra Life (2.27%).