Post Market Report on 22.08.2008

[B. Karthick]

India Stocks Review: End up 1% on firm Europe mkts; metal cos lead
Friday, Aug 22
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Bombay Stock Exchange : National Stock Exchange
Sensex: 14401.49, up 157.76 pts (1.1%) : Nifty: 4327.45, up 43.60 pts
(1%)
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Firm European markets and buying by domestic institutions helped
local share indices recover some of the losses made in the previous
session. Market ended up 1% after falling 3% in the previous session.
There has been some serious buying today led by domestic
institutions. Also, a large seller from Asia (FII) has exhausted its
selling.
Sensex ended at 14401.49, up 157.76 points, or 1.1%, from close
Thursday. Intraday it moved between 14136.86 and 14428.52.
Nifty closed at 4327.45, up 43.60 points, or 1%. Intraday it moved
between 4248.00 and 4337.00.
Turnover on BSE and NSE combined was 134 bln rupees, compared with
127 bln rupees in the previous session.
CNX Mid-cap index ended up 0.1%, and S&P CNX 500 rose 0.75%.
Shares of metal companies were top gainers on Nifty on hopes
demand would rise, while those of banking and auto saw short covering.
A comforting factor was that inflation, which came in at 12.63%
for week to Aug 9, did not rise as much as market had feared.

LOSERS
Technology shares fell as the dollar weakened against the rupee.
Satyam Computer Services ended down, down over 3% at 386.50 rupees,
was the worst hit on Nifty. Wipro fell nearly 1% to 419 rupees.
Select capital goods and power stocks fell on fears of a possible
delay in India securing waivers from Nuclear Supplier Group for
nuclear commerce with US. Larsen & Toubro was down 1% at 2,604 rupees.
NTPC fell 2% to 171 rupees on lingering concern coal shortages
would impact its generation capability.
Shares of state-run oil retailing companies fell, as crude oil
jumped more than $5 a barrel Thursday on NYMEX. Crude was trading down
$0.50 at nearly $121 a barrel on NYMEX today. Bharat Petroleum Corp
fell 2% to 293 rupees.

GAINERS
Metal shares gained on firm global commodity prices and amid
speculation demand in China will increase as work resumes after the
Olympics.
Hindalco Industries, up nearly 5% at 135 rupees, was the top Nifty
gainer.
Sterlite Industries rose over 4% to 627 rupees, and Steel Authority of
India gained 4% to 150 rupees.
In the interest rate-sensitive pack, Housing Development Finance
Corp ended up 3% at 2,280 rupees.
Tata Motors ended up 3% at 427 rupees despite comments by Chairman
Ratan
Tata that the company was willing to move out of Singur in West Bengal
if warranted, as there were concerns about the safety of employees
working at the plant there.

KEY MARKET MOVES
* In the Nifty, 36 rose and 14 fell.
* In the Sensex, 24 rose and 6 fell.
* On BSE, there were 1,209 advances and 1,414 declines.
* CNX Bank Nifty: Up 1.1%, CNX IT: Up 0.3%.
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Bombay Stock Exchange : National Stock Exchange
Sensex: 14401.49, up 157.76 pts (1.1%) : Nifty: 4327.45, up 43.60 pts
(1%)
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B.Karthick
Research Analyst.