Post Session Market Commentary

There was no respite for the markets during the final trading hour as relentless selling pressure led the indices to close well below the dotted line. Selling was seen across the board with stocks from the engineering, telecom and metal sectors being the key losers. Buying interest was, however, witnessed in select banking, auto and FMCG stocks. As regards global markets, while the Asian indices closed a mixed bag, the European indices are currently trading lower.

The BSE Sensex closed at 14,191 (down 348 points) while the NSE Nifty closed at 4,058 (down 129 points). The rupee was trading at 44.16 to the dollar.

The bears stamped their authority on the bourses today relegating the bulls to the sidelines for the entire trading session.

The opening was on a weak note and further bouts of profit booking by investors led the indices to make deeper inroads into the red. Post noon, though there was no let up in the selling activity, the movement of the indices was largely within a range. The final trading hour saw renewed selling activity by the participants causing the markets to close well below Friday''s levels. The market breadth was negative with the advance-decline ratio on the Sensex being completely in favour of the latter. While Hindalco (down by as much as 14%), BHEL (6%) and Ambuja Cement (5%) emerged as the top losers on the Sensex, HLL and Hero Honda (both up marginally) managed to buck the trend.