Post Session Commentary - Sep 4 2008

The Indian market retreated from Tuesday’s strong rally to end the day in red territory. The market was downbeat throughout the trading session as investors’ awaited inflation data and progress in India-US nuclear agreement. NSG meet is scheduled today in Vienna to consider whether India should be allowed to resume civil nuclear trade with international community. Domestic markets opened in red tracking weak cues from global markets along with inflation worries. Market stayed in negative territory on significant selling pressure and recovered a bit after mid session but was not able to sustain the momentum and slipped further to close in red. Negative opening of European markets also fueled the negative sentiment. NSE Nifty ended below 4,500 mark and BSE Sensex closed around 14,900 level. From the sectoral front, Reality counter witnessed heavy selling pressure and ended with a deep cut of more than 3%. Along with this, profit booking was also visible in Metal, Oil & Gas, Capital Goods and FMCG stocks. However, IT and Pharma stocks were able to gain ended the day in green zone. The market breadth was positive as 1332 stocks closed in green while 1259 stocks were ended in red and 94 stocks remained unchanged in BSE.

The BSE Sensex closed lower by 150.76 points at 14,899.10 and NSE Nifty ended down by 56.25 points at 4,447.75. The BSE Mid Caps and Small Caps ended with losses of 7.84 points and 8.02 points at 5,829.17 and 6,974.37. The BSE Sensex touched intraday high of 14,994.15 and intraday low of 14,766.01.

Losers from the BSE are Sterlite Indus (3.69%), ONGC Ltd (2.97%), HDFC Bank Ltd (2.80%), Reliance (2.75%), ITC Ltd (2.62%), HUL (2.49%), Reliance Infra (2.32%), Reliance Com Ltd (1.89%) and DLF Ltd (1.34%).

The BSE Metal index plunged 198.75 points to close at 12,182.90. Losers are Hindustan Zinc (4.23%), Gujarat Nre C (3.94%), JSW SL (3.73%), Sterlite Indus (3.69%), Nalco (3.54%) and Jindal Steel (2.81%).

The BSE Oil & Gas index closed lower by 181.31 points at 9,844.65. Major losers are ONGC Ltd (2.97%), Reliance (2.75%), Essar Oil Ltd (2.32%) and Reliance Natural Resources (0.45%).

The BSE Reality index dropped 171.55 points to close at 5,195.72. As Indiabull Real (10.24%), Penland Ltd (4.18%), Housing Development (3.11%), Ansal Infra (3.05%), Unitech Ltd (2.62%) and Anant Raj Indus (2.49%) ended in negative territory.

The BSE Capital Goods index lost 115.06 points to close at 12,188.18. Lossers are Everest Kanto (3.12%), ABB Ltd (2.91%), Areva (2.83%), Crompton Greaves (2.62%), Jyoti Struct (1.97%) and Punj Lloyd (1.82%)

The BSE FMCG index ended down by 43.46 points at 2,212.58. As ITC Ltd (2.62%), HUL (2.49%), Nestle Ltd (1.13%), Godrej Cons (0.97%), United Spr (0.87%) and Colgate Palm (0.77%) closed in negative territory.

The BSE IT index closed up by 18.77 points at 4,085.70. Major gainers are Moser Bayer (9.47%), Aptech Ltd (4.25%), Financ Tech (2.63%), Rolta India (2.11%), Tech Mahindra (1.86%) and I-Flex (1.19%).