Thursday, December 20, 2007

Post Market Commentary

Market saw its initial profits evaporate as weak open in European markets triggered late selling in pharma, realty, oil & gas and several major counters. Yesterday, the European Central Bank pumped 350 billion euros in Europe's money market as a part of coordinated attempt by the world's central banks to restore confidence in global financial system. This caused domestic market open with a huge positive gap today. The Sensex opened firm at 19,255 but lost its grip and entered into the negative by afternoon. Across-the-board selling towards the close saw the Sensex plunge deep into the red to touch the day's low of 18,886. However, buying at lower levels helped the Sensex recover most of its losses and enter into the positive to end the session with a gain of 12 points at 19,092, while the Nifty added 9 points to close at 5,751.
 
Breadth of the market was positive. Of the 2,941 stocks traded on the Bombay Stock Exchange (BSE) 1,883 stocks advanced, 1,030 stocks declined and 28 stocks remained unchanged. Among sectoral indices, BSE CD index gained 1.03%, while BSE FMCG index, BSE IT index, BSE Metal index, BSE Power index, BSE PSU index and the BSE Tech index closed with moderate gains. However, BSE Auto index, BSE CG index, BSE HC index, BSE Oil & gas index and BSE Realty index closed in the red.
 
Select heavyweights edged higher on decent buying support. Reliance Energy rose 4.12% at Rs1,883, ONGC jumped 2.65% at Rs1,181, ICICI Bank advanced 1.79% at Rs1,161, Infosys added 1.09% at Rs1,638, while TCS, Tata Steel, ITC, M&M, L&T and Ranbaxy closed with marginal gains. However, select front-line stocks came under selling pressure. ACC was the major loser and dropped 3.40% at Rs1,031. Among other draggers, HDFC declined 2.44% at Rs2,744, Maruti Suzuki dropped 2.39% at Rs995 and SBI shed 1.97% at Rs2,258.
 
Over 3.73 crore Ispat Industries shares changed hands on BSE followed by IKF Technologies (2.86 crore shares), GV Films (2.60 crore shares), Himachal Futuristic Communications (2.50 crore shares) and Kashyap Technologies (1.96 crore shares).
 
Valuewise, Ispat Industries registered a turnover of Rs316 crore on BSE followed by Jyoti Laboratories (Rs289 crore), Reliance Industries (Rs289 crore), IFCI (Rs188 crore) and Reliance Energy (Rs156 crore).

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