Post Market Report on 01.09.2008

[B. Karthick]

India Stocks Review: End off lows on fall in crude oil prices
Monday, Sep 1

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Bombay Stock Exchange : National Stock Exchange
Sensex: 14498.51, dn 66.02 pts (0.45%) : Nifty: 4348.65, dn 11.35 pts
(0.3%)
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Decline in global crude oil prices triggered short covering in
late trade, helping local share indices to end off their lows today.
Sensex recovered over 200 points from the day's low.
Key share indices ended around 0.4% down after shedding nearly
2.0% earlier in the session, as crude oil prices declined below $115 a
barrel on New York Mercantile Exchange after rising to nearly $119 a
barrel in early trade.
The gains can be attributed to short covering, and some delivery-
based buying in stocks such as ITC.
We see more chances of the market going down rather than rising in
the near term.
Sensex ended at 14498.51, down 66.02 points or 0.45% from Friday.
Intra-day, it moved between 14281.10 and 14547.41.
Nifty closed at 4348.65, down 11.35 points or 0.3%. Intra-day, it
moved between 4281.35 and 4365.00.
Turnover on BSE and NSE combined was 147.00 bln rupees, compared
with 160.50 bln rupees on Friday.
CNX Mid-cap index rose 0.3%, while S&P CNX 500 fell 0.2%.
Local share indices outperformed other key Asian markets, which
closed around 1-3% down.

GAINERS
Bank shares recouped losses on short covering after crude oil
prices fell. HDFC Bank ended 2.0% up at 1,299 rupees and State Bank of
India rose nearly 1.0% to 1,416 rupees.
Oil & Natural Gas Corp ended nearly 1.0% up at 1,031 rupees. The
company will start pilot output of coal bed methane from December.
Defensive buying lifted select technology and pharmaceutical
shares. HCL Technologies, up 4.0% at 242 rupees, was top Nifty gainer,
while Sun Pharmaceutical Industries ended 2.5% up at 1,508 rupees.
Index heavyweight ITC ended nearly 2.0% up at 192 rupees.

LOSERS
Steel shares fell after Steel Minister Ram Vilas Paswan said he
sees a downward correction in steel prices. Tata Steel slipped nearly
3.0% to 584 rupees and Steel Authority of India was down 1.0% at 154
rupees.
Shares of Ranbaxy Laboratories were down nearly 4.0% at 500 rupees
after it lost a patent challenge case in Denmark against Pfizer in
respect of Atorvastatin, an active ingredient in anti-cholesterol drug
Lipitor.
Shares of sugar companies fell after the Supreme Court refused to
stay an Allahabad High Court order, which had directed Uttar Pradesh
sugar mills to clear cane arrears to farmers by Sep 6.
Triveni Engineering & Industries ended 3.0% down at 93 rupees, and
Balrampur Chini Mills fell 2.0% to 91 rupees.
Maruti Suzuki India shed 2.5% at 633 rupees after reporting a 9.0%
year-on-year decline in total vehicle sales in August.

NEW LISTING
Resurgere Mines & Minerals India ended at 533.55 rupees or nearly
98% higher than its issue price of 270 rupees. The stock listed at 285
rupees on NSE.
The company is engaged in extraction, processing and sale of
mineral products.

KEY MARKET MOVES
* In the Nifty, 21 rose and 29 fell.
* In the Sensex, 12 rose and 18 fell.
* On BSE, there were 1,329 advances and 1,255 declines
* CNX Bank Nifty: Up 0.4%, CNX IT: Up 0.2%
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Bombay Stock Exchange : National Stock Exchange
Sensex: 14498.51, dn 66.02 pts (0.45%) : Nifty: 4348.65, dn 11.35 pts
(0.3%)
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B.Karthick
Research Analyst.