Post Market Report on 17.09.2008

[B. Karthick]

India Stocks Review: End down 2% amid volatility; ICICI Bank dn 5%
Wednesday, Sep 17

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Bombay Stock Exchange : National Stock Exchange
Sensex: 13262.90, dn 255.90 pts (1.9%) : Nifty: 4008.25, dn 66.65 pts
(1.6%)
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Lingering concerns about the global financial system, and fears
that cracks were developing in the Indian banking industry dragged
local share indices to close around 2% lower after a volatile session.
ICICI Bank ended down 5% at 560 rupees, but off the session's 10%
low, after denying talk that its top management has been selling the
bank's shares over the last few days.
People are selling at every opportunity. In a bad market, rumours
about ICICI Bank had a bigger impact than would have been otherwise.
Sensex ended at 13262.90, down 255.90 points, or 1.9%, from
Tuesday. Intra-day it moved between 13127.96 and 13620.74.
Nifty closed at 4008.25, down 66.65 points, or 1.6%. Intra-day it
moved between 3974.60 and 4116.70.
Turnover on BSE and NSE combined was 181 bln rupees, compared with
175 bln rupees in the previous session.
CNX Mid-cap index ended down 1% and S&P CNX 500 fell nearly 2%.

LOSERS
Shares of real estate companies continued to slide amid weak
outlook, as rising interest rates have led to curbs on project funding
and demand slowdown.
Unitech, down 9% at 127.30 rupees, was the worst hit on Nifty,
while DLF shed over 3% at 409.20 rupees.
Shares of metal companies were among other major laggards on Nifty
on profit taking after rising in the previous session. Sterlite
Industries fell 8% at 440 rupees and National Aluminium Co was down 7%
at 388.10 rupees.
Bharat Petroleum Corp ended down 7% at 336 rupees as crude oil
prices rebounded to nearly $94 a barrel on the New York Mercantile
Exchange.
Ranbaxy ended down 7% at 375.50 rupees as US Food and Drug
Administration proposed to ban import of 30 drugs from its Paonta
Sahib and Dewas units, citing serious manufacturing deficiencies.

GAINERS
Tata Motors extended gains for the second straight session on
bargain buying. The stock ended up nearly 5% at 417.80 rupees.
Rebound in crude oil prices lifted Cairn India shares nearly 5%
higher, to close at 208 rupees.
Oil & Natural Gas Corp ended up nearly 3% at 979 rupees, helped by
a report the company is close to striking oil in its Cauvery basin
deepwater block.
Shares of select information technology companies gained on value
buying after falling in the last few sessions. Wipro climbed 2% at 400
rupees, and Infosys Technologies ended 1% higher at 1,579 rupees.

KEY MARKET MOVES
* In the Nifty, 12 rose and 38 fell.
* In the Sensex, 7 rose and 23 fell.
* On BSE, there were 886 advances and 1,740 declines
* CNX Bank Nifty: Down 3.6%, CNX IT: Down 0.8%; BSE Auto: Down
0.05%
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Bombay Stock Exchange : National Stock Exchange
Sensex: 13262.90, dn 255.90 pts (1.9%) : Nifty: 4008.25, dn 66.65 pts
(1.6%)
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B.Karthick
Research Analyst.