Post Market Commentary

The market closed the session marginally lower with benchmark index BSE Sensex closed lower by 69.90 points at 17,777.14 while Nifty fell 2.15 points to close at 5,208.65. The market manages to shed most of the losses after the afternoon trade. Banking stocks are the most hit during the session on the expectations that reserve bank of India will raise the Cash Reserve Ratio. Metal, Capital goods and Consumer durables indices made a smart recovery as the closed higher with handsome gains. Overall, the market breadth remains weak as 1612 stocks are closed in red while 1164 stocks are closed in green. The BSE Mid Cap and Small Cap closed higher by 34.27 points and 39.61 points at 7,576.27 and 9,141.92 respectively.
NTPC was the top gainer from the Sesnsex pack, which closed up by 4.33% at Rs226.40 along with Tata Steel by 2.94% at Rs864.75, Cipla by 2.19% at Rs189.05 and Maruti Udyog by 2.10% at Rs1041.30.
BSE Metal index surged by 223.35 points to close at 14,384.87. The main gainers are Jindal steel (16.95%), JSW steel (5.22%), Jindal stainless (3.94%), Tata steel (2.94%) and Bhusan Steel (2.08%) closed in green.
The capital goods index grew by 184.13 points to close at 15,253.33. Leading the rally are Alstom projects (5.96%), BEML (5.66%), Suzlon (5.45%), Siemens (4.23%) closed higher.
BSE auto index closed higher by 20.59 points at 5,412.19. Pushing it up are Escorts ltd (2.81%), Maruti Udyog (2.10%), Bajaj auto (1.52%) and Tata Motors (1.13%) closed in green.
The oil and gas index closed litlle higher by 5.48 points at 10,000.75 as RPL (1.31%), Essar oil (1.24%) and Reliance industries (1.21%) closed higher .
The IT index closed lower by 13.29 points at 4,769.71. Pushing it down are Mphasis (2.38%), Wipro (1.99%), Tech Mahindra (1.04%), Infosys (0.31%), TCS (0.12%) closed in red.
BSE bankex index slipped by 137.66 points to close at 9,415.02 as Oriental bank (3.01%), Canara bank (2.91%), Allahabad bank (2.54%), ICICI bank (2.45%) closed lower.