Post Session Commentary - Nov 25 2008

The domestic market ended the day in red terrain after paring early gains due to the profit booking across the selective counters. Weak European markets weighted on the sentiments on concerns about recession in major global economies. The market today opened higher on the back of positive cues from the markets all over the world. The US government is taking $20 billion stake in the Citi group, along with a huge back up of $ 306 billion of Citi group assets. Further the US president Barrac Obama is planning to come out with another bail out package of $ 700 billion so as to support the US economy and also create 2.5 million new jobs in another 2 years of time. Further benchmark indices continued to trade in positive but pared their early increase as fear continues to hinder the investor’s sentiment. Finally market trimmed all gains and dropped sharply lower due to weak European indices and US futures. NSE Nifty ended below 2,700 mark and BSE Sensex below 8,700 level. From the sectoral front, Oil & Gas, Reality, Capital Goods, Bank, Teck and Metal stocks contributed to most of the selling pressure. Midcap and Small cap stocks also tracked the same trend. However, Consumer Durable stocks were in limelight as witnessed most of the buying pressure from its basket.

Among the Sensex pack 23 stocks ended in red territory and 7 in green. The market breadth was negative as 1442 stocks closed in red while 995 stocks closed in green and 87 stocks remained unchanged.

The BSE Sensex closed lower by 207.59 points at 8,695.53 and NSE Nifty ended down by 54.25 points at 2,654. The BSE Mid Caps and Small Caps closed with losses of 29.70 points and 30.54 points at 2,872.59 and 3,333.42 respectively. The BSE Sensex touched intraday high of 9,182.80 and intraday low of 8,649.40.

Losers from the BSE Sensex pack are M&M Ltd (7.63%), State Bank of India (6.55%), Reliance (6.40%), Reliance Communication Ltd (4.98%), Ranbaxy Lab (4.70%), Sterlite Industries (4.64%), JP Associates (4.18%), TCS Ltd (3.35%), Tata Steel (3.33%), L&T Ltd (2.98%), Wipro Ltd (2.08%) and ITC Ltd (2.04%).

Gainers from the BSE Sensex pack are Satyam Computer (1.85%), Tata Motors (1.80%), ONGC Ltd (0.97%), Maruti Suzuki (0.95%), HDFC Bank (0.43%), NTPC (0.29%) and HUL (0.02%).

The BSE Oil & Gas index dropped by (3.86%) or 217.30 points to close at 5,409.37. Losers are Aban Offshore (6.85%), Reliance (6.40%), Reliance Petroleum (3.41%), Reliance Natural Resources (3.39%), HPCL (2.67%) and Gail India (2.16%).

The BSE Capital Goods index ended lower by (2.56%) or 168.04 points at 6,386.68 as Suzlon Energy (9.49%), BEML Ltd (9.22%), Thermax Ltd (7.15%), Havells India (6.70%), Punj Lloyd (5.22%) and Usha Martin (5.01%) ended in negative territory.

The BSE Reality index ended down by (2.51%) or 39.81 points at 1,543.91. Major losers are Indiabull Real (9.51%), Pheonox Mill (7.59%), Orbit Co (7.50%), Housing Dev (6.68%), Penland Ltd (2.99%) and Ansal Infra (2.61%).

The BSE Bank index lost (2.01%) or 89.68 points to close at 4,365. Major losers are State Bank of India (6.55%), Bank of Baroda (4.98%), Axis Bank (3.94%), Bank of India (1.64%), Karnataka Bank (1.37%) and Indus Ind Bank (1.17%).

The BSE Teck index dropped by (1.55%) or 30.05 points to close at 1,912.38. Losers are Deccan Ch (10.16%), Tanla (7.48%), HCL Tech (7.40%), Reliance Communication Ltd (4.98%), Idea Cell (4.13%) and Adlabs Films (3.74%).

The BSE Consumer Durables index gained (1.38%) or 24.09 points to close at 1,775.09. Gainers are Titan Ind (3.38%) and Blue Star L (2.87%).