Post Session Commentary - Nov 24 2008

The domestic market closed flat after remaining unstable during the trading session due to lack of conviction. Market opened slightly lower tracking weak cues from Asian markets. Further benchmark indices suddenly made sharp turn from the opening low’s and gained some ground as buying action was witnessed among the selective scrips. However, same momentum did not sustained for long as the volatility griped the market. Asian markets ended weak, as the Citigroup share slump worries and investors decided to stay on the edge of the fence, hoping for some fresh cues from the policymakers. Further, the announcement made by US government that an amount of USD 306 billion will be provided as a rescue package for Citigroup did not impact much on domestic investors. NSE Nifty ended above 2,700 mark and BSE Sensex around 8,900 level. From the sectoral front, Reality, Bank, Consumer Durable, Metal and Capital Goods stocks remained out of favor as most of the selling was seen from these baskets. Midcap and Small cap stocks were also under bears'' control. However, Power, FMCG, Oil & Gas, Teck and Pharma stocks tried to offset the negative sentiment as were able to gather the buying momentum.

Among the Sensex pack 17 stocks ended in red territory and 13 in green. The market breadth was negative as 1382 stocks closed in red while 1060 stocks closed in green and 75 stocks remained unchanged.

The BSE Sensex closed marginally lower by 12.09 points at 8,903.12 and NSE Nifty ended slightly up by 14.80 points at 2,708.25. The BSE Mid Caps and Small Caps closed with losses of 14.37 points and 26.80 points at 2,902.29 and 3,363.96 respectively. The BSE Sensex touched intraday high of 9,042.02 and intraday low of 8,701.93.

Losers from the BSE Sensex pack are Satyam Computer (4.57%), ICICI Bank (3.87%), DLF Ltd (3.81%), M&M Ltd (3.15), SBI (3.03%), HDFC Bank (2.94%), Ranbaxy Lab (2.78%), Grasim Indus (2.77%), Tata Steel (2.53%), Sterlite Industries (1.90%), HDFC (1.84%) and ONGC Ltd (1.61%).

Gainers from the BSE Sensex pack are Reliance Infra (4.00%), Maruti Suzuki (3.64%), Tata Power (3.57%), TCS Ltd (2.79%), Bharti airtel (2.79%), NTPC Ltd (1.96%), Wipro Ltd (1.68%), BHEL (1.56%), Reliance (1.56%), Infosys Tech (0.97%) and ACC Ltd (0.85%).

The BSE Reality index ended down by (3.78%) or 62.12 points at 1,583.30. Major losers are Unitech Ltd (9.11%), Penland Ltd (6.18%), Ansal Infra (4.49%), Parsvnath (3.87%), DLF Ltd (3.81%) and Indiabull Real (3.56%).

The BSE Bank index lost (3.14%) or 144.22 points to close at 4,454.68. Major losers are Bank of India (5.08%), IDBI Bank (4.97%), Bank of Baroda (4.69%), ICICI Bank (3.87%), Axis Bank (3.44%) and Union Bank (3.36%).

The BSE Consumer Durables index dropped by (2.33%) or 41.82 points to close at 1,751.90. Losers are Blue Star L (6.07%), Titan Ind (2.81%) and Rajesh Export (1.12%).

The BSE Power index ended higher by (1.94%) or 30.80 points at 1,619.44 as Reliance Power (6.32%), Reliance Infra (4.00%), Tata Power (3.57%), Crompton Greaves (2.78%), GVK Power (2.66%) and Power Grid (2.58%) ended in positive territory.

The BSE Oil & Gas index advanced by (1.37%) or 75.78 points to close at 5,626.67. Gainers are IOC Ltd (7.14%), HPCL (6.57%), GAIL India (5.14%), Aban Offshore (4.32%), BPCL (2.87%) and Reliance (1.56%).

The BSE FMCG index gained (1.09%) or 20.66 points to close at 1,908.41. Gainers are United Spr (14.97%), Marico Ltd (4.75%), Britania In (2.67%), Ruchi Soya (2.49%) and Godrej Cons (2.09%).