Post Market Commentary - July 21 2008

The domestic market ended the day in positive territory after showing a little volatility during trading session. Investors were taking calculative steps during the session due to political worries, as there will be vote of confidence in parliament tomorrow, which will decide UPA’s continuation as a government. Indian market opened higher on the back of positive cues from the Asian markets but pared some of its gains soon after the firm start and later gathered the momentum to close with good gains due to selective buying in key stocks gathered the momentum during final trading hours, which led the market to close in green. The BSE Sensex ended above 13,800 level and NSE Nifty closed above 4,100 mark. From the sectoral front, the Bank and Pharma indices closed with a gain of more than 3% after. Along with this Reality, Metal and Oil & Gas stocks also witnessed buying in these baskets. However, Capital Goods and Consumer Durables stocks were major sufferers of negative sentiment. The market breadth was negative as 1169 stocks closed in green while 1362 stocks closed in red and 85 stocks remained unchanged.

The BSE Sensex closed higher by 214.64 points at 13,850.04 and NSE Nifty ended up by 67.25 points at 4,159.50. The BSE Mid Caps closed with gains of 17.60 points at 5,256.99 while Small Cap ended with loss of 17.91 points 6,437.98. The BSE Sensex touched intraday high of 13,878.88 and intraday low of 13,581.19.

Gainers from the BSE are Cipla Ltd (5.20%), Ranbaxy Lab (4.74%), NTPC Ltd (4.70%), DLF Ltd (8.44%), ICICI Bank Ltd (4.29%), Maruti Suzuki (3.92%), HUL (3.76%), JP Associates (3.74%), SBI (3.67%) and Reliance Com Ltd (2.62%).

Lossers from the BSE are Satyam Computer (4.14%), Ambuja cement (2.17%), BHEL (1.56%), L&T Ltd (1.26%) and Bharti Airtel (0.44%).

The BSE Banking index closed higher by 239.82 points at 6,428.71. Major gainers are Bank of Baroda (6.95%), Union Bank (6.16%), Bank of India (6.11%), Indian Overseas Bank (5.95%), HDFC Bank Ltd (4.78%), Punjab Natioanl Bank (4.57%), and ICICI Bank Ltd (4.29%).

The BSE Pharma index gained 120.88 points to close at 4,111.73. Major gainers are Sun Pharma (5.30%), Cipla Ltd (5.20%), Ranbaxy Lab (4.74%), Glenmark Pharma (3.88%), Dishman Pharma (3.79%) and Orchid Chem (3.14%).

The BSE Reality index ended up by 114.04 points at 4,784.28. As Housing Development (7.80%), Indiabull Real (5.24%), Anant Raj (4.78%), Unitech Ltd (2.28%), Purvankara (1.49%), DLF Ltd (1.39%), and Ansal Infra (1.23%) closed in positive territory.

The Metal index closed up by 97.85 points at 11,766.24. Gainers are Nalco (8.27%), Steel Authority (2.36%), Sterlite In (1.31%), Tata Steel (0.99%), Jindal Stain (0.70%), and Jindal Steel (0.50%).

The Oil & Gas index ended up by 77.12 points at 9,309.16. As Reliance (1.92%), ONGC (1.34%) and Reliance Petroleum (0.39%) closed in positive territory.

The BSE Capital Goods index lost 83.65 points to close at 11,062.86. Major lossers are Kirloskar br (7.69%), Bharat Elect (2.53%), Alstom proje (2.41%), Crompton Greaves (1.86%), Jyoti Struct (1.79%) and BHEL (1.56%).