Post Session Commentary - Jan 14 2009

The Indian market closed with decent gains on buying across the board at lower level. The benchmark indices reported smart come back today after snapping down trend of last four days. Investors were optimistic that rate cuts across the globe would lift the demand in next few months. Up trend in other Asian markets also supported our markets.

The domestic market broke its four days losing streak and opened significantly higher on firm global cues and strong third quarter results announced on 13 January 2009, during trading hours by IT bellwether Infosys. However, US markets ended mixed on Tuesday due to the fear for slowing economy along with corporate earning concern. Further, market continued its northward journey on account of fresh buying from foreign funds. Though, stocks hold on gains during afternoon session on early drop in European shares, but again regained earlier position. During last trading hours huge buying momentum powered market to close the day with handsome gains. BSE Sensex ended above 9,350 mark and NSE Nifty above 2,800 level. From the sectoral front, investors on-loaded positions across the sectors along with Oil & Gas and IT stocks out performed the other sectoral indices as ended with gains of more than 5% each. Besides, upsurge was seen in Teck, Metal, Reality, Power, Pharma and Consumer Durable stocks. Midcap and Smallcap stocks followed the same trend.

Among the Sensex pack 26 stocks ended in green territory and 4 in red. The market breadth remained positive as 1402 stocks closed in green while 982 stocks closed in red and 105 stocks remained unchanged in BSE.

The BSE Sensex closed higher by 299.13 points at 9,370.49 and NSE Nifty ended up by 90.35 points at 2,835.30. The BSE Mid Caps and Small Caps ended with gains of 57.07 points and 43.34 points at 3,063.48 and 3,485.69 respectively. The BSE Sensex touched intraday high of 9,412.97 and intraday low of 9,202.57.

Gainers from the BSE Sensex pack are Reliance Communication Ltd (10.36%), Reliance Infra (9.70%), Reliance (9.00%), Infosys Tech (6.07%), M&M Ltd (5.39%), Tata Steel (5.23%), JP Associates (5.08%), Hindalco (4.12%), Sterlite Industries (3.94%), ICICI Bank (3.48%) and DLF Ltd (3.24%).

Losers from the BSE Sensex pack are Grasim Indus (3.55%), Sun Pharma (1.26%), HDFC Bank Ltd (1.17%) and HUL (0.35%).

The BSE Oil & Gas index gained (5.85%) or 321.17 points to close at 5,809.81 as Reliance Natural Resources (12.67%), Reliance (9.00%), Essar Oil Ltd (6.17%), Reliance Petroleum (5.05%), ONGC Ltd (2.33%) and Cairn Ind (1.90%) ended in positive territory.

The BSE IT index closed with increase of (5.02%) or 107.73 points at 2,255.42. Scrips that gained are HCL Tech (8.70%), Aptech Ltd (6.73%), Infosys Tech (6.07%), NIIT Ltd (3.67%), TCS Ltd (2.99%) and Mphasis Ltd (2.07%).

The BSE Teck index advanced by (4.57%) or 80.42 points to close at 1,839.62 as Reliance Communication Ltd (10.36%), Tel Eighteen (9.41%), HCL Tech (8.70%), Aptech Ltd (6.73%), Infosys Tech (6.07%) and IOL Netcom (4.95%) ended in green.

The BSE Reality index closed up by (4.38%) or 77.38 points at 1,853.49. Major gainers are Indiabull Real (11.64%), Housing Dev (5.20%), Orbit Co (5.06%), Penland Ltd (4.90%), Pheonix Mill (4.34%) and Ansal Infra (3.72%).

The BSE Metal index ended higher by (4.18%) or 203.00 points at 5,057.89. Main gainers are Hindustan Zinc (8.12%), Steel Authority (5.30%), Tata Steel (5.23%), Sesa Goa Ltd (4.61%), Gujarat NRE C (4.60%) and Hindalco (4.12%).

The BSE Power index inclined (2.97%) or 50.38 points at 1,746.74. Gainers are Reliance Infra (9.70%), GMR Infra (8.37%), Siemens Ltd (7.25%), Suzlon Energy (5.15%), Reliance Power (4.99%) and Neyveli LIG (4.41%).