Post Session Market - Sep 23, 2008

Indian Markets crushed during final hours of trading as huge selling pressure was witnessed across the board on weak global cues. There is an uncertainty on the details regarding the U.S. government’s $700 billion plan to fix the financial market turmoil and the two major Wall Street investment banks Goldman Sachs and Morgan Stanley, converted to a traditional banking structure. Crude oil prices also put fire into the markets as jumped by $16.37 to $120.92 a barrel after touching an intraday high of $130 a barrel, on the New York Mercantile Exchange. Indian markets today opened on downbeat note on the back of weak cues across the globe. Further, markets managed to recover some losses in early trade but were not able to sustain the momentum and slipped further.

Huge sell off on the back of profit booking forced markets to land in extremely negative territory. Weak European markets also contributed to the selling pressure. BSE Sensex ended below 13,600 level and NSE Nifty closed below 4,150 mark. From the sectoral front, all of the indices are ended with losses and among those, sharp cut was seen in Bank, Capital Goods, Metal, Reality, IT and Oil & Gas stocks. Mid cap and Small cap stocks also got hammered during the trading session as ended with cut of more than 2% and 1% respectively. The market breadth was negative as 1823 stocks closed in red while 760 stocks closed in green and 69 stocks remained unchanged.

The BSE Sensex closed lower by 424.65 points at 13,570.31 and NSE Nifty ended down by 96.15 points at 4,126.90. The BSE Mid Caps and Small Caps closed with losses of 107.65 points at 5,113.31 and by 101.14 points at 6,092.97. The BSE Sensex touched intraday high of 13,978.26 and intraday low of 13,543.67.

Losers from the BSE are Ranbaxy Lab (11.05%), DLF Ltd (6.25%), Satyam Computer (5.98%), TCS Ltd (5.91%), Wipro Ltd (5.77%), HDFC (5.53%), ICICI Bank Ltd (5.48%), JP Associates (5.38%), Infosys Tech (5.19%), Tata Motors (5.03%) and Tata Steel (4.62%).

The BSE Bank index closed lower by 297.87 points at 6,804.42. Losers are Canara Bank (5.53%), ICICI Bank Ltd (5.48%), HDFC Bank Ltd (4.52%), IDBI Bank Ltd (4.50%), SBI (4.08%) and Kotak Bank (3.79%).

The BSE Capital Goods index lost 258.29 points to close at 11,218.80. Major losers are Everest Kanto (6.78%), Usha Martin (6.08%), Jyoti Struct (4.58%), Crompton Greaves (4.10%), Praj Indus (4.08%) and BHEL (3.43%).

The BSE Metal index plunged 208.40 points to close at 9,924.54. Major losers are Tata Steel (4.62%), Jindal Steel (3.73%), JSW SL (3.63%), Ispat Indus (3.10%), Sterlite In (2.18%) and Welspan Guajrat Sr (2.14%).

The BSE Reality index ended lower 191.68 points to close at 3,903.82. As Indiabull Real (6.93%), DLF Ltd (6.25%), Housing Development (5.97%), Orbit Co (4.17%), Unitech Ltd (3.66%) and Parsvnath (3.24%) closed in negative territory.

The BSE IT index dropped by 184.38 points to close at 3,455.05. As Rolta India (9.61%), Moser Bayer (8.46%), Satyam Computer (5.98%), TCS Ltd (5.91%), Wipro Ltd (5.77%), NIIT Ltd (5.21%) and Infosys Tech (5.19%) closed in negative territory.

The BSE Oil & Gas index ended down by 76.67 points at 8,972.89 as Reliance Nat Res (2.52%), Reliance (1.35%), Aban Offshore (0.91%), Reliance Pet (0.72%), Gail India (0.66%) and Essar Oil Ltd (0.61%) ended in negative territory