Post Market Commentary -Jan 23 2008

The market closed on a strong note on the back of heavy buying across the sectoral indices scrips. The market opened with hand some gains backed by favoring cues from the Asian markets and soon pared some of its gains but gained the momentum there after to closed on an upbeat note. The market also took the news by surprise of an intermeeting cut in the fed funds rate 75 basis point to 3.50% by the Federal Open Market Committee and a 75 basis point cut in the discount rate to 4.00%. The BSE Sensex touched an intraday high of 17,997.11 and low of 16,951.03. The BSE Sensex closed up by 864.13 points at 17,594.07 and NSE Nifty grew by 304.1 points to close at 5,203.40. The BSE Mid Cap and Small Cap closed higher by 587.06 points and 396.95 points at 7,789.31 and 10,425.34 respectively.

BSE Realty index surged 1,088.83 points at 10,609.67 as Omaxe (42.31%), Penland (41.05%), Ansal Infra (30.24%), Anant Raj (20%), Sobha Dev (18.18%) and Unitech (11.99%) closed in green.

BSE Metal index closed higher by 966.97 points at 15,081. Scrips that advanced are Ispat Inds (30.56%), Hind Zinc (15.73%), Sesa Goa (15.45%), Jindal Stainless (14.52%) and SAIL (12.12%).

BSE Oil & Gas index grew by 870.80 points to close at 10,845.58. Scrips that jumped are Essar Oil (27.11%), RNRL (20.68%), RPL (15.30%), GAIL India (8.64%) and Reliance Inds (8.35%).

BSE Capital Goods index grew by 768.40 points to close at 17,221.13. Scrips that gained are Elecon Eng (17.80%), Kir Oil Eng (17.12%), Praj Inds (15.10%), Bharat Elec (13.26%), BHEL (8.09%) and Areva (7.37%).

BSE Bankex index closed up by 572.89 points at 10,731.24. Scrips that grew are Union bank (21.94%), Allahabad bank (19%), Andhra bank (15.47%), IOB (11.99%), BOB (11.78%) and Oriental bank (10.18%).

BSE IT index advanced by 187.78 points to close at 3,631.37 as NIIT Techno (15.37%), Aptech (13.50%), GTL Ltd (12.70%), Rolta India (11.92%), Satyam (10.84%) and TCS (8.48%) closed higher.