Post Session Commentary - Nov 5 2008

The Indian markets crushed badly during final trade on lower US index futures and weak European markets as every one again turned towards concern over troubled economy after the US presidential election. The NSE Nifty ended below 3,000 level and BSE Sensex below 10,150 mark. Today market opened on pleasant note tracking firm cues from the global markets. Asian markets surged as Barack Obama elected as the 44th US President, which ended the uncertainty about the leader of US economy during the financial crises. Market was not able to hold the same momentum and start losing ground soon after start. Further it slipped more and continued to trade in deep red till the end of session on aggressive selling pressure mostly during final trading hour. From the sectoral front, heavy selling pressure was seen in the Oil & Gas, Metal, Reality, Capital Goods and Power stocks. While, Pharma stocks were in limelight as most of the buying was witnessed from these baskets. Mid Cap and Small Cap stocks also ended lower with cut of more than 1% each.

Among the Sensex pack 27 stocks ended in red territory and 3 in green. The market breadth was negative as 1565 stocks closed in red while 1000 stocks closed in green and 73 stocks remained unchanged.

The BSE Sensex closed lower by 511.11 points at 10,120.01 and NSE Nifty ended down by 147.15 points at 2,994.95. The BSE Mid Caps and Small Caps closed with losses of 51.61 points 3,394.61 and by 70.33 points at 3,964.78. The BSE Sensex touched intraday high of 10,945.41 and intraday low of 10,051.51.

Losers from the BSE Sensex pack are Reliance (12.76%), Tata Steel (10.05%), JP Associates (10.05%), Reliance Com Ltd (9.50%), DLF Ltd (8.79%), HDFC (8.63%), Grasim Indus (7.28%), Sterlite Industries (7.20%)), ACC Ltd (7.00%) and Tata Motors (6.53%).

Gainers from the BSE Sensex pack are Wipro Ltd (2.72%), Satyam Computer (0.27%) and Maruti Suzuki (0.08%).

Foreign direct investment (FDI) in India increased 259% in September to $2.56 billion, compared to the same month last year, with Mauritius being the largest investor. FDI for the same month last year stood at $713 million. The services sector attracted the highest foreign investment at $2.34 billion.

The BSE Oil & Gas index lost (9.44%) or 637.40 points to close at 6,112.11. Major losers are Gail India (15.34%), Reliance (12.76%), Essar Oil Ltd (11.30%), Rel;iance Petroleum (9.98%), Reliance Natural Resources (9.25%) and IOC Ltd (3.02%).

The BSE Metal index ended lower by (6.88%) or 402.93 points at 5,451.74. Major losers are SAIL (12.76%), Wespan Guajrat Sr (10.54%), Tata Steel (10.05%), Jindal Steel (8.45%), Sterlite Industries (7.20%) and Ispat Industries (5.97%).

The BSE Reality index ended down by (5.67%) or 135.44 points at 2,267. Losers are Housing Development (15.17%), Unitech Ltd (11.41%), Ansal Infra (10.84%), Orbit Co (9.39%), DLF Ltd (8.79%), Sobah Dev (6.65%) and Omaxe Ltd (6.33%).

The BSE Capital Goods index lost (4.42%) or 350.93 points to close at 7,591.64 as Praj Industries (10.30%), Walchand In (9.63%), Reliance Industrial Infra (9.22%), Areva (9.02%), Kalpat Power T (7.89%) and Lakshmi Machines (7.17%) ended in negative territory.

The PSU index ended lower by (2.82%) or 143.13 points to close at 4,935.52 as Gail India (15.34%), SAIL (12.76%), MRPL (10.44%), Hind Copper (9.46%), RECL Ltd (5.99%) and ST Trade Corp (5.33%) in negative territory.

The BSE Pharma index surged (1.18%) or 33.84 points at 2,913.22. Gainers are Orchid Chem (13.23%), Sun Pharma (10.22%), Dishman Pharma (6.30%), Matrix Lab (5.25%) and Biocon Ltd (3.53%).