Post Session Commentary - Nov 7 2008

The domestic market snapped its two days losing streak and ended last day of week with gains on the back of selective buying across the sectoral indices, after showing volatility during the first half of the trading. The Indian market opened weak and soon turned choppy on the back of negative cues from the US markets. Market continued its sea saw movement till mid session but initiated recovering since afternoon. Further, market continued to march ahead till end on positive. European markets and significant buying interest, improvements on the Asian markets and a positive mood in US index futures also added to the sentiments. The BSE Sensex bounced back to 10,000 level during final trading but ended below that level and NSE Nifty closed above 2,900. From the sectoral front, the Power, PSU, Oil & Gas, Metal, Reality, Teck, IT and Bank stocks were in limelight as most of the buying was seen from these baskets. Midcap and Smallcap stocks were also able to gain favour.

Among the Sensex pack 25 stocks ended in green territory and 5 in red. The market breadth was positive as 1423 stocks closed in green while 1116 stocks closed in red and 77 stocks remained unchanged.

The BSE Sensex closed higher by 230.07 points at 9,964.29 and NSE Nifty ended up by 80.35 points at 2,973. The BSE Mid Caps and Small Caps closed with gains of 36.97 points 3,355.38 and by 19.83 points at 3,900.10. The BSE Sensex touched intraday high of 10,065.37 and intraday low of 9,631.59.

Gainers from the BSE Sensex pack are Reliance Infra (10.92%), Hindalco (6.61%), Reliance Com Ltd (5.53%), JP Associates (4.87%), NTPC Ltd (4.78%), JP Associates (4.65%), Reliance (3.95%), DLF Ltd (3.60%)), ITC Ltd (3.59%) and Sterlite Industries (3.49%).

Losers from the BSE Sensex pack are M&M Ltd (1.83%), ICICI Bank (0.67%), Maruti Suzuki (0.38%), ONGC Ltd (0.29%) and Tata Motors (0.16%).

The BSE Power index surged (4.43%) or 75.34 points to close at 1,777.57. Gainers are Suzlon Energy (17.64%), Neyveli LIG (12.09%), Reliance Infra (10.92%), GMR Infra (8.35%) and Torrent Power (7.57%).

The BSE Oil & Gas index gained (3.38%) or 196.63 points to close at 6,013.57. Major gainers are HPCL (10.31%), IOC Ltd (7.13%), BPCL (6.85%), Gail India (5.45%), Cairn Ind (4.79%) and Reliance (3.95%).

The BSE Metal index ended higher by (3.18%) or 158.89 points at 5,123.33. Major gainers are Nalco (10.68%), Hindalco (6.61%), Hind Zinc (5.97%), SAIL (5.56%), Ispat Industries (4.75%) and Wespan Gujarat SR (4.05%).

The PSU index ended up by (3.01%) or 143.11 points at 4,965.80 as Neyveli LIG (12.09%), ST Trade Corp (11.59%), NALCO (10.68%), HPCL (10.31%), Power Grid (7.49%) and IOC Ltd (7.13%) in positive territory.

The BSE Reality index advanced by (2.72%) or 62.14 points to close at 2,342.82. Losers are Pheonix Mill (9.94%), Omaxe Ltd (4.45%), Orbit Co (3.97%), Mahindra Life (3.95%), Anant Raj (3.80%) and DLF Ltd (3.60%).

The BSE FMCG index ended higher by (2.22%) or 42.79 points to 1,968.70 as Godrej Cons (5.49%), ITC Ltd (3.59%), United Brew (1.88%), HUL (1.65%), United Spr (1.52%) and Tata Tea (0.85%) ended in negative territory.