Post Session Market

The market closed the trading session on a negative note as BSE Sensex fell drastically by 395.03 points to close at 18,419.04 and Nifty dropped by 96.6 points to close at 5428.25. After a continuous three-day rally, the market changed gears to move in the opposite directions. Though the market made a smart recovery in the afternoon trade but unable to sustain its momentum at higher level as profit booking prevails. Some of the encouraging cues from the domestic market failed to give a boost to the Indian markets like India''s industrial production output grew by 10.7% in August 2007 from 7.5% in July 2007, India''s wholesale price index i.e. inflation stood at 3.26% in September 29 as against 3.42% last week. Also the political concerns about the early elections eased off as Congress leader Sonia Gandhi told that she is not in a mood of early elections and will complete full term. Overall, the market breadth was weak as 1,693 stocks closed in red while 1052 stocks closed in green. The BSE Mid Cap and Small Cap closed lower by 61.06 points and 21.73 points at 7,529.54 and 9,098.65 respectively.
The capital goods index slipped by 473.31 points to close at 16,614.69. Pulling it down are Suzlon energy (4.50%), L&T (3.61%), BHEL (3.30%), ABB (2.27%) closed lower.
BSE bankex index closed lower by 260 points at 9,310.79 as SBI (4.23%), BOB (3.47%), ICICI bank (3.37%), IOB (3.29%) closed in negative.
BSE Metal index closed marginally up by 8.80 points at 14,841.11. Adding to the growth are Welspun Gujarat Stalh (5.51%), Sesa Goa (2.56%), Hindalco (1.73%), Bhusan steel (1.67%) closed in green.
The oil and gas index fell 149.70 points to close at 10,575.95 as IOCL (3.97%), Essar Oil (3.44%), HPCL (3.20%), Reliance industries (2.39%) and RPL (1.84%) closed in red.
The IT index fell by 78.93 points to close at 4,687.79. Pushing it down are Tech Mahindra (6.30%), I-Flex (2.69%), Satyam (2.09%), Infosys (2.31%) closed in red.