Post Session Commentary - Dec 1 2008

The domestic market ended the day in red terrain after paring all its initial gains on account of increased selling pressure. Weak sentiments during the last trading hours was added by negative opening of European markets and a further fall in US index futures. Asian markets also pared their initial gains and contributed to pull the domestic bourses lower. Market opened on pleasant note on the expectations of further cut in interest rates and end of the operation to flush out terrorists in Mumbai. Investors also welcomed Prime Minister Manmohan Singh taking charge of the Finance Ministry after P Chidambaram was appointed Home Minister following the resignation of Shivraj Patil. Further market continued the positive trend till afternoon but afterwards failed to sustain the upswing and slaughtered by some profit booking. The statement from the Finance Minister Mr. P. Chidambaram about the slow economic growth has also affected the markets to some extent. Stocks continued to slip stridently till end on weak global cues. NSE Nifty ended below 2,700 mark and BSE Sensex below 8,900 level. From the sectoral front, all indices ended in red and among those, most of the selling was seen in Reality, Auto, Consumer Durables, Bank, Capital Goods, Power and FMCG stocks Midcap and Small cap stocks also remained out of favor.

Among the Sensex pack 24 stocks ended in red territory and 6 in green. The market breadth was negative as 1160 stocks closed in red while 970 stocks closed in green and 65 stocks remained unchanged.

The BSE Sensex closed lower by 252.85 points at 8,839.87 and NSE Nifty ended down by 72.20 points at 2,682.90. The BSE Mid Caps and BSE Small Caps ended with losses of 39.29 and 6.88 points at 2,846.47 and 3,297.73 respectively. The BSE Sensex touched intraday high of 9,326.68 and intraday low of 8,803.34.

Losers from the BSE Sensex pack are DLF Ltd (9.96%), Reliance infra (3.26%), Maruti Suzuki (9.40%), ICICI Bank Ltd (7.21%), Reliance Infra (6.95%), BHEL (6.71%), Ranbaxy Lab (4.96%), ITC Ltd (4.61%), Wipro Ltd (3.90%), Tata Power (3.45%), M&M Ltd (3.37%) and L&T Ltd (3.22%).

Gainers from the BSE Sensex pack are Grasim Industries (1.75%), Tata Steel (1.69%), TCS Ltd (1.06%), Sterlite Industries (0.74%), Reliance Communication Ltd (0.43%) and HJP Associates (0.36%).

The BSE Reality index ended lower by (5.34%) or 83.36 points at 1,477.65. Major losers are DLF Ltd (9.96%), Akruti City (6.15%), Orbit Co (5.17%), Parsvnath (4.39%), Sobah Dev (3.93%) and Housing Dev (3.77%).

The BSE Auto index dropped by (4.64%) or 108.23 points to close at 2,222.33. Losers are Maruti Suzuki (9.40%), Hero Honda Motors (5.69%), Bajaj Auto (4.33%), Cummins Indi (3.85%), Amtek Auto (3.69%) and M&M Ltd (3.37%).

The BSE Consumer Durables index lost (4.47%) or 80.18 points to close at 1,713.39. Major losers are Titan Ind (6.86%), Videocon Ind (3.67%), Blue Star L (3.23%) and Gitanjali GE (0.79%).

The BSE Bank index ended lower by 3.87%) or 179.58 points at 4,465.82 as ICICI Bank Ltd (7.21%), Bank of Baroda (4.71%), Kotak Bank (4.55%), Yes Bank (4.24%), Indus Ind Bank (3.90%), Canara (3.87%) and Bank of India (3.85%) ended in negative territory.

The BSE Capital Goods index dropped by (3.79%) or 241.91 points to close at 6,145.41. Losers are BHEL (6.71%), ABB Ltd (3.96%), Elecon Eng C (3.61%), Praj Indus (3.54%) and L&T Ltd (3.22%).

The BSE Power index lost (3.78%) or 61.63 points to close at 1,570.06. Losers are Reliance Infra (6.95%), BHEL (6.71%), Suzlon Energy (5.28%), ABB Ltd (3.96%), Tata Power (3.45%) and GVK Power (2.48%).