Post Session Commentary - Dec 3 2008

The domestic market ended the day in flat note after trading in a lackluster manner for throughout of session. Market tried to recover from lower level during the trading but was unable to hold the momentum. Concerns for the weakening global economy fueled to the negative attitudes. Reports that the government is considering various options including a strike on Pakistan’s terror bases in response to the recent Mumbai terror attacks, also weighted on the sentiments.

The Indian market belled the day in positive note on the back of gains in overseas market, after a reporting a fall in previous session. But market lost its momentum soon after start and turned choppy. Further, the benchmark indices continued to roll between positive and negative territory despite rally in Asian indices. Concern for the impact of US recession along with negative European markets contributed to the downward journey. Alternatively, market is expecting that the government is likely to announce a series of measures to boost economic activity. From the sectoral front Metal, Reality, consumer Durables, Bank, PSU and Capital Goods stocks supported the market. Some buying was also seen in Midcap and Smallcap stocks. While, IT, Teck, Oil & Gas and Pharma stocks remained under pressure.

Among the Sensex pack 15 stocks ended in red territory and 15 in green. The market breadth was positive as 1180 stocks closed in green while 930 stocks closed in red and 78 stocks remained unchanged.

The BSE Sensex closed marginally higher by 8.19 points at 8,747.43 while NSE Nifty ended slightly down by 1.35 points at 2,656.45. The BSE Mid Caps and BSE Small Caps ended with gains of 25.26 and 12.69 points at 2,830.59 and 3,265.10 respectively. The BSE Sensex touched intraday high of 8,854.81 and intraday low of 8,601.41.

Gainers from the BSE Sensex pack are Tata Steel (10.80%), JP Associates (8.04%), Maruti Suzuki (6.94%), SBI (5.50%), DLF Ltd (5.44%), Tata Motors (3.74%), ICICI Bank (3.44%), Reliance Infra (3.09%), HDFC (1.62%) and L&T Ltd (1.61%).

Losers from the BSE Sensex pack are Infosys Tech (4.29%), Wipro Ltd (4.23%), M&M Ltd (2.80%), RCom (2.29%), Hindalco (1.92%), ONGC Ltd (1.76%), ACC Ltd (1.73%), Satyam Computer (1.27%), Bharti Airtel (1.07%) and NTPC Ltd (0.72%).

The BSE Metal index ended higher by (3.39%) or 146.14 points at 4,451.04 as Tata Steel (10.80%), NMDC Ltd (7.41%), JSW Steel (4.56%), Jindal Steel (4.46%), Jai Corp Ltd (3.73%) and Ispat Industries (2.54%) ended in positive territory.

The BSE Reality index ended up by (3.34%) or 50.42 points at 1,559.69. Major gainers are Anant Raj (10.94%), DLF Ltd (5.44%), Parsvnath (4.86%), Housing Dev (4.21%), Penland Ltd (2.73%) and Unitech Ltd (1.75%).

The BSE Consumer Durables index gained (2.70%) or 45.30 points to close at 1,713.78. Main gainers are Gitanjali GE (4.44%), Videocon Ind (4.27%), Titan Ind (4.16%) and Rajesh Export (1.27%).

The BSE IT index dropped by (3.08%) or 76.09 points to close at 2,400.09. Losers are HCL Tech (4.43%), Infosys Tech (4.29%), Wipro Ltd (4.23%), Finance Tech (3.49%), NIIT Ltd (2.77%) and Patni Computer (2.77%).

The BSE Teck index plunged by (2.16%) or 42.34 points to close at 1,918.77 as HCL Tech (4.43%), Infosys Tech (4.29%), IBN18 (4.28%), Wipro Ltd (4.23%), Finance Tech (3.49%) and Idea Cell (3.34%) ended in red.

The BSE Oil & Gas index lost (0.56%) or 25.96 points to close at 5,367.91. Losers are ONGC Ltd (1.76%), BPCL Ltd (1.13%), Reliance Petroleum (0.70%) and Reliance (0.48%).