Post Session Commentary - June 24 2008

Indian market fell sharply to close in red as intense selling pressure was seen across board. Though the market showed some buying interest from the investors at the initial session but later tumbled to give up all its gains as the global cues are supportive. Also the rising inflation concerns supported by the crude oil and the the possibility of it resulting in some monetary tightening measures from the Reserve Bank of India, all contributed to the negative sentiments in the market The market lost the momentum after the mid session to close on the back foot due to lack of support from the investors. All indices closed in red and metal stock was major victim, which ended with a cut of more than 3.5 %. The market breadth was negative as 1,925 stocks closed in red and 718 stocks closed in green while 64 stocks remained unchanged.

The BSE Sensex closed lower by 186.74 points at 14,106.58 and NSE Nifty ended down by 75.3 points at 4,191.10. The BSE Mid Caps and Small Cap closed negative with fall of 102.49 points and 129.88 points 5,712.74 and 7,006.42 respectively. The BSE Mid Cap and BSE Small Cap ended with a cut of more than 1.5% each. The BSE Sensex touched intraday high 14,432.90 and intraday low of 13,991.31.

Losers from the BSE are HUL (5.32%), Tata Steel (4.60%), NTPC Ltd (3.92%), ONGC (3.61%), L&T Ltd (3.58%), Ambuja Cement (3.52%), HDFC Bank Ltd (3.31%), Infosys Tech (2.95%) and Grasim industries (2.79%).

The Metal index closed lower by 487.51 points at 13,368.82. Lossers are NALCO (8.56%), Welspan Guj Sr (8.06%), Ispat industries (5.80%), Sterlite In (5.24%), Sh Precoated (5.19%), Tata Steel (4.60%), and Jindal Steel (3.26%).

The Capital Goods index dropped by 157.41 points to close at 10,639.60. Major losers are Seimens Ltd. (5.58%), Bharat Elect (4.70%), Areva (4.54%), L&T Ltd (3.58%), Aiaengineer (3.49%) and Havells India. (2.93%).

The Banking index closed down by 130.92 points at 6,499.66. Lossers are Allahabad Bank (5.20%), Kotak Bank (4.39%), Federal Bank (3.31%), HDFC Bank Ltd (3.31%), Andhra Bank (2.98%), Axis Bank (2.88%) and OBC (2.29%).

The IT index went down by 91.91 points to close at 4,141.51 as Infosys Tech (2.95%), Tech Mahindra (2.21%), Moser Bayer (2.20%), Mphasis Ltd (2.14%) and Wipro Ltd (1.95%) closed in negative territory.

The Reality Index closed lower by 89.48 points at 5,098.44. Lossers are Pheonix Mill (7.79%) along with Ansal Infra (5.41%), Mahindra Life (4.45%), Housing Development (4.22%), Omaxe Ltd (2.95%) and Purvankara (2.84%).

The Auto index closed down by 80.64 points at 3,842.77. As Exide Industries (4.81%), Hero Honda Motors (4.34%), Cummins India (2.56%), Bosch Ltde (2.50%), TVS Motors Ltd (2.50%) and Appollo Tyre (2.14%) closed in negative territory.