Post Session Commentary - Nov 19 2008

The domestic market pared all its earlier gains during the second half of session to close in red terrain due to lower US index futures and weak European markets. Fears of more foreign fund outflow offset expectation of an interest rate cut by Reserve Bank of India and more measures from the government to revive the domestic economy. The market took a rebound from five-day losing streak and belled the day on positive note. The benchmark indices continued to trade higher till afternoon on support of sustained buying on key stocks. Further market was not capable to continue the momentum and started losing ground on account of weak cues worldwide. Finally market concluded the day with negative gap. The BSE Sensex ended below 8,800 level and NSE Nifty closed below 2,700 mark. From the sectoral front, the Capital Goods stocks were worst performers as ended with cut of more than 3%. Apart from that the Bank, Power, Teck, Metal, PSU and IT stocks also followed the same trend as witnessed most of the selling from these baskets. Midcap and Small cap stocks were also under bears'' control. However, FMCG, Auto and Consumer Durables stocks were able achieve favor from the market.

Among the Sensex pack 25 stocks ended in red territory and 5 in green. The market breadth was negative as 1718 stocks closed in red while 778 stocks closed in green and 77 stocks remained unchanged.

The BSE Sensex closed lower by 163.42 points at 8,773.78 and NSE Nifty ended down by 48.15 points at 2,635. The BSE Mid Caps and Small Caps closed with losses of 61.3 points 2,998.39 and by 65.54 points at 3,493.12. The BSE Sensex touched intraday high of 9,236.27 and intraday low of 8,726.80.

Losers from the BSE Sensex pack are JP Associates (6.04%), Hindalco (5.19%), Reliance Communication Ltd (5.15%), Grasim Industries (4.62), L&T Ltd (4.12%), Reliance Infra (3.99%), HDFC (3.74%), ICICI Bank (3.62%), Satyam Computer (3.57%), HDFC Bank (3.28%), Wipro Ltd (3.18%) and BHEL (2.81%).

Gainers from the BSE Sensex pack are ITC Ltd (2.80%), Ranbaxy Lab (1.86%), M&M Ltd (1.03%), Maruti Suzuki (0.73%) and DLF Ltd (0.13%).

The BSE Capital Goods index dropped by (3.47%) or 229.74 points to close at 6,393.76. Losers are Praj Industries (8.17%), Thermax Ltd (7.51%), Aiaengineer (7.11%), Areva (6.13%), Suzlon Energy (5.74%) and Bharat Bijli (5.27%).

The BSE Bank index lost (2.86%) or 135.53 points to close at 4,596.95. Major losers are Allahabad Bank (5.82%), Karnataka Bank (5.39%), IDBI Bank (5.12%), Union Bank (4.36%), Kotak Bank (4.19%) and Indian Overseas Bank (3.94%).

The BSE Power index ended down by (2.68%) or 42.06 points at 1,529.92 as GMR Infra (9.41%), GVK Power (9.20%), Suzlon Energy (5.74%), Lanco Infra (4.36%), Reliance Infra (3.99%) and Siemens Ltd (3.40%) in negative territory.

The BSE Teck index ended lower by (1.90%) or 36.70 points to 1,898.09 as Tanla (11.31%), Tech Mahindra (8.54%), Mphasis Ltd (7.99%), Tata Communication Ltd (6.65%), Dish TV (5.93%) and Tel Eighteen (5.45%) ended in negative territory.

The BSE Metal index ended down by (1.77%) or 80.14 points at 4,436.14. Major losers are Hindalco (5.19%), Nalco (5.05%), Gujarat NRE C (4.90%), Steel Authority (3.99%), Welspan Gujarat SR (3.76%) and Ispat Industries (2.17%).

The BSE PSU index plunged (1.72%) or 78.12 points to close at 4,453.96. Losers are MRPL (7.28%), Allahabad Bank (5.82%), IDBI Bank (5.12%), Nalco (5.05%), Union Bank (4.36%) and Indian Overseas Bank (3.94%).

The BSE FMCG index gained (1.52%) or 27.94 points to close at 1,866.02. Gainers are Nestle Ltd (2.95%), United Spr (2.84%), ITC Ltd (2.80%), Marico (2.05%) and Colgate Palm (0.58%).