Post Market Commentary

The market closed the session on a deep negative territory on the back of political concerns which led the benchmark indeices BSE Sensex closed lower by 281.97 points at 17,491.39 while Nifty fell by 100.75 points to close at 5,085.10. There was speculation that the mid term polls may took place at any point of time that led to the negative sentiments to prevail in the market. From the sectoral indices front, BSE IT is the only index that survives as the quarterly results of the biggies in this sector are round the corner. The BSE Sensex opened on a strong note to touch an intraday high of 17,982.59 but immediately lost grip and fell to trade in red through out the session. Overall, the market breadth was weak as 2,263 stocks closed in red while 474 stocks manage to close in green. The BSE Mid Cap and Small Cap closed on a negative note as they slipped by 273.91 points and 300.87 points at 7,211.60 and 8,801 respectively.

The IT index manages to close higher by 30.04 points at 4,770.31. Pushing it up are Patni computers (4.77%), Satyam computers (2.50%), Wipro (1.84%), HCL tech (0.98%) and Infosys (0.54%) closed in positive.

BSE Metal index dropped by 532.75 points at 13,589.61 as JSW Steel 5.58%, SAIL 5.20%, Tata steel 5.27%, and Hindalco Industries 4.52% closed lower.

The oil and gas index closed the session on a negative note as it dropped by 312.15 points to close at 9,797.65. Leading to the loss are Essar Oil (8.85%), Indian Oil (6.09%), RPL (5.12%) and GAIL (3.19%) that closed in red.

The capital goods index decreased by 296.96 points to close at 15,445.63 as Siemens (4.47%), ABB (2.35%), L&T (2.23%) and Suzlon Energy (0.29%) closed lower.

BSE bankex index fell 239.66 points to close at 8,984.86. Pushing it down are Andhra bank (8.49%), Yes bank (6.53%), IOB (5.79%), SBI (4.43%), PNB (3.52%), ICICI bank (1.97%) and Canara bank (1.81%)closed in negative.