Post Market Commentary - Jan 24 2008

The market closed in deep red territory on the back of heavy selling across the counters. The market opened on a firm note backed by favoring cues from the global markets and inched up further but was unable to sustain at higher levels and fell to pare all its initial gains. The market lost the grip few hours after the start of the session and drift down as the profit booking across the sectoral indices prevailed. Heavy selling was also seen from the Small Caps and Mid Caps baskets as they also joined the benchmark indices to close on a weak note. The BSE Sensex closed lower by 372.33 points at 17,221.74 and NSE Nifty fell by 169.95 points to close at 5,033.45. The BSE Mid Cap and Small Cap fell by 251.41 points and 411.38 points to close at 7,537.90 and 10,013.96 respectively.

BSE Metal index slipped by 860.32 points to close at 14,220.68 as Hind Zinc (10.32%), Jindal Steel (10.17%), JSW Steel (8.60%), Nalco (6.72%), Hindalco (5.47%) and Sterlite inds (6.69%) closed in red.

BSE Capital Goods index closed lower by 838.65 points to close at 16,382.48. Scrips that fell are Suzlon Ener (8.67%), Alstom Projects (8.47%), Havells Ind (8.45%) and Praj Inds (8.17%).

BSE Realty index decreased by 467.85 points to close at 10,141.82 as Indbul Real (8.12%), Akruti City (7.55%), Penland (6.83%), Parsvnath (5.98%), Omaxe (5.50%) and Unitech (5.23%) closed lower.

BSE Oil & Gas index dropped by 347.63 points to close at 10,497.95. Scrips that slipped are Gail India (8.23%), Aban Offshore (6.96%), RNRL (5.67%), ONGC (4.70%), RPL (4.64%) and Cairn India (3.16%).

BSE Bankex index fell by 148.36 points to close at 10,582.88. Scrips that dropped are BOI (10.77%), Andhra bank (6.48%), Kotak bank (5.12%), Oriental bank (4.66%) and Allahabad bank (3.61%).

BSE IT index slipped by 43.59 points to close at 3,587.78 as NIIT Tech (10.42%), I-Flex (8.55%), Educomp Soln (5.73%), Financ Tech (4.36%), Wipro (4.55%), Tech Mahindra (3.79%) closed lower.