Post Session Commentary - Apr 2 2009

With a strong bull run the domestic market closed with decent gains. The investors sentiments turned bullish as the global cues favored. The US stocks surged on Wednesday on the back of factory and home sales data that raised the hopes of moderating economic downturn. This led the stocks across the Asia pacific region. Also the expectation of further easing of the monetary policy by the Reserve Bank of India added to the sentiments. The buying was seen across the board but the rally was backed by the financials and the metals. The investors were also optimistic about the outcome of the G20 meetings that also boosted the sentiments.

The Indian market opened on a strong note and kept on marching forward throughout the trading session. The US stock markets ended higher for a second day in a row on economic reports that helped stocks to overturn early losses. Initially, stocks exhibited weakness as investors responded to an ADP Employment Report that showed more job losses than expected. Further, market gained momentum due to bright side of manufacturing data and auto-sales reports to ignore a distressing labor-market survey. Finally, the Indian market concluded the session with gains to continue its rally for third straight day. From the sectoral front, heavy buying emerged across most of the sectors with Realty, Metal, Oil & Gas and Capital Goods leading the gains. Mid Cap and Small Cap stocks were also attract the investors sentiments. However FMCG stocks remained out of favor during the trading session.

Meanwhile, the Ministry of Corporate Affairs accepted the recommendation of the National Advisory committee of Accounting Standards to defer implementation of Accounting Standard 11 (AS-11) that deals with accounting treatment of foreign currency transactions. As per the new standard companies need to report gain/loss every quarter after taking into account the value of their forex dent at the quarter end curry rates.

The wholesale price index or inflation of India rose 0.31 percent in the 12 months to March. 21, basically steady with the previous week''s 0.27 percent.

Among the Sensex pack 29 stocks ended in green territory and 1 in red. The market breadth indicating the overall health of the market remained extremely strong as 2,014 stocks closed in green while 535 stocks closed in red and 69 stocks remained unchanged in BSE.

The BSE Sensex closed higher by 446.84 points at 10,348.83 and NSE Nifty ended up by 150.70 points at 3,211.05. BSE Mid Caps and Small Caps closed with gains of 113.62 and 97.05 points at 3,125.42 and 3,436.92 respectively. The BSE Sensex touched intraday high of 10,432.31 and intraday low of 10,107.25.

Gainers from the BSE Sensex pack are DLF (15.08%), Jai Prakash Associate (13.23%), Tata Motors (12.84%), Reliance Communication (9%), ONGC (8.28%), Wipro (7.41%), Tata Steel (7.15%), Hindalco Industries (7.03%) and L&T (6.65%).

Losers from the BSE Sensex pack is only HUL today as it is down by (2.49%).

The BSE Realty index gained (9.13%) or 150.15 points to close at 1,795.47. Gainers are Mahindra Life (15.59%), DLF (15.08%), HDIL (13.01%), India Bull Real (9.15%) and Penland Ltd (8.58%).

The BSE Metal index also ended higher by (6.85%) or 399.12 points at 6,224.19. JSW Steel (21.81%), SAIL (9.96%), Tata Steel (7.15%), Hindalco Industries (7.03%) and Gujarat NRE (6.63%) ended in positive territory.

The BSE Oil & Gas stocks advanced by (5.73%) or 415.79 points to close at 7,671.79. Major gainers are Cairn India (9.96%), ONGC (8.28%), RNRL (5.91%), Essar Oil (5.87%) and RPL (5.39%).

The BSE Capital Goods index gained (5.32%) or 343.74 points at 6,807. Scrips that gained are Punj Lloyd (16.36%), Elecon Eng. (10%), AIA Engineering (9.80%), Gammon India (7.63%) and SKF India (4.78%).

The BSE Bankex ended up by (4.79%) or 220.34 points at 4,822.39. Gainers are Kotak Bank (13.56%), Allahabad Bank (10.87%), SBI (6.65%), PNB (5.81%) and Bank of Baroda (5.43%).

The BSE Power index grew (4.10%) or 76.14 points to close at 1,932.66. Main gainers are Tata Power (6.58%), Suzlon Energy (8.91%), Reliance Power (5.87%), GVK Power (3.94%) and NTPC (3%).

The BSE IT ended up by (4.10%) or 96.59 points at 2,454.72. Gainers are Wipro (7.41%), TCS (6.29%), HCL Technologies (5.85%), Rolta Ind. (4.41%) and Mphasis (3.42%).