Post Market Report on 19.08.2008

[B. Karthick]

India Stocks Review: Down nearly 1% but off lows on short covering
Tuesday, Aug 19
-----------------------------------------------------------------------------
Bombay Stock Exchange : National Stock Exchange
Sensex: 14543.73, dn 101.93 pts (0.7%) : Nifty: 4368.25, down 24.80
pts (0.6%)
-----------------------------------------------------------------------------
Equities ended down nearly 1% tracking fall in overseas markets,
but a bout of short covering helped local share indices end off lows.
Market was down 2% earlier in the session.
There was possible short covering and some buying in last hour of
trade. But market appears range-bound from here, with Nifty likely to
see 4260-4300 on the downside and 4550 on the upside.
Sensex ended at 14543.73, down 101.93 points, or 0.7%, from
Monday. Intraday, it moved between 14368.72 and 14604.11.
Nifty closed at 4368.25, down 24.80 points, or 0.6%. Intraday, it
moved between 4316.55 and 4393.70.
Turnover on BSE and NSE remained thin at 129 bln rupees, compared
with 132 bln rupees in the previous session. Banks in Mumbai, a key
financial hub, were closed today because of Parsi New Year.
CNX Mid-cap index ended down 0.1%, and S&P CNX 500 fell 0.5%. Both
indices were down around 2% earlier in the session.

LOSERS
Shares of telecommunication companies were among major laggards on
Nifty on concern that introduction of Internet telephony services is
likely to prompt a reduction in tariffs.
Idea Cellular fell 5% to 82 rupees, and Reliance Communications
ended down 3% at 400 rupees.
ACC, down nearly 6%, was the worst hit on Nifty. Most positives
such as a likely price hike after monsoon and fall in coal prices have
been factored in, and profit booking is likely as no significant
upside is seen from current levels.
Satyam Computer Services ended down 3.5% at 404 rupees. The
company has delayed payout of annual performance-based salary raises
and expects the increases to be smaller than last year, as it attempts
to ride out a slowdown in the industry.
Automobile shares fell on worries about continued weakness in
demand and sales. Maruti Suzuki ended down nearly 4% at 616 rupees.

GAINERS
Bout of short covering helped bank and power shares recoup losses
made earlier in the session. ICICI Bank ended up 2% at 678 rupees and
NTPC rose 1% to 182 rupees.
Hindalco Industries recovered on bargain buying coupled with short
covering after losing 5% Monday on equity dilution concerns after
detailing its rights issue plans last week.
Hindalco Industries, up 2% at 133 rupees, was the top Nifty
gainer.
National Aluminium Co also gained, rising 2% to 400 rupees.
Reliance Infrastructure and Reliance Petroleum, up 2% each, at 993
rupees and 159 rupees, were other major gainers on Nifty.

KEY MARKET MOVES
* In Nifty, 20 rose and 30 fell.
* In Sensex, seven rose and 23 fell.
* On BSE, there were 1,109 advances and 1,512 declines
* BSE Bankex: Up 0.1%; BSE Power: Up 0.3%
-----------------------------------------------------------------------------
Bombay Stock Exchange : National Stock Exchange
Sensex: 14543.73, dn 101.93 pts (0.7%) : Nifty: 4368.25, down 24.80
pts (0.6%)
-----------------------------------------------------------------------------

B.Karthick
Research Analyst.