Post Market Commentary - Feb 28 2008

Nifty was up 16.7 points or 0.32% at 5,285.1.

BSE Sensex ended down 1.51 points or 0.01% at 17,824.48

The market had recovered from lower level in early afternoon trade after the finance ministry tabled Economic Survey - a report card on the economy during this fiscal in partliament at about 12:00 IST, the recovery was short lived. Derivatives contracts for February 2008 series expired today, 28 February 2008.

National Alluminium Company (up 7.96% to Rs 482.70), Tata Communications (up 7.84% to Rs 525.25), Dr. Reddy’s Labooratories (up 5.66% to Rs 572.35), Sun Pharmaceutical Industries (up 4.46% to Rs 1,254.20) and Hindalco Industries (up 4.26% to Rs 204.30) were top five gainers from Nifty pack. These five scrips have a combined weightage of 3.3% in Nifty. Four of these five stocks are not a part of Sensex. Hindalco which is a Sensex stock has a 1.38% weightage in the barometer index.

India’s largest engineering & construction firm by revenue Larsen & Toubro rose 0.28% to Rs 3,641.20. It recovered from its lows of Rs 3,600.

India’s largest private sector firm by market capitalization and oil refiner Reliance Industries declined 1.97% at Rs 2,536.70. The company said on Tuesday, 26 January 2008 it had discovered more gas in an exploration block off India's east coast.

Realty stocks fell. India’s largest real estate player by market cap DLF declined 2.37% to Rs 805.35. DLF will reportedly invest about $5 billion or Rs 20,000 crore to build and operate more than 25,000 hotel rooms in the next 7-8 years. The New Delhi-based real estate major is also in talks to set up nine super luxury hotels across India, the reports added. Indiabulls Real Estate (down 1.02% to Rs 647.30) and Unitech (down 1.56% to Rs 376.45) edged lower.

Auto stocks rose. Hero Honda Motors (up 3.73% to Rs 747.30), Mahindra & Mahindra (up 3.26% to Rs 680.15), Bajaj Auto (up 3.61% to Rs 2,255) and Maruti Suzuki India (up 0.34% to Rs 834.95) edged higher. India's largest truck maker by sales Tata Motors rose 0.4% to Rs 710.25.

Metal stocks rose. Sterlite Industries (up 3.93% to Rs 853.70), Steel Authority of India (up 3.88% to Rs 252.80) and Tata Steel (up 1.56% to Rs 823.70) edged higher.

Healthcare stocks edged higher. Cipla rose 2.23% to Rs 206.05 and Ranbaxy Laboratories rose 1.88% at Rs 444.55.

NTPC, India's biggest power generation firm by revenue, rose 0.79% to Rs 203.95. NTPC has signed a loan agreement for 68.56 million euros with Nordic Investment Bank to part fund its capital expenditure. The 12-year loan carries a floating interest rate linked to EURIBOR, and is without a sovereign guarantee, the company said after market hours on Wednesday, 27 February 2008.

HDFC (up 3.39% to Rs 2,775.35) and Bharat Heavy Electricals (up 2.68% to Rs 2,323.60) edged higher from the Sensex pack.

Ambuja Cements (down 1.38% to Rs 121.20) and Reliance Energy (down 1.88% to Rs 1,600.70) edged lower from the Sensex pack.

Tulsi Extrusions clocked highest volume of 1.27 crore shares on BSE. Reliance Natural Resources (1.09 crore shares), Nagarjuna Fertilisers and Chemicals (1.07 crore shares), Ispat Industries (80.83 lakh shares) and Centurion Bank of Punjab (76.62 lakh shares) were other vlume toppers in that order.

OnMobile Global clocked highest turnover of Rs 271.36 crore on BSE. Reliance Capital (Rs 186.13 crore), Reliance Industries (Rs 149.63 crore), Reliance Energy (Rs 147.68 crore) and Reliance Natural Resources (Rs 146.13 crore) were other turnover toppers in that order.

As per provisional data on NSE.Foreign institutional investoes (FIIs) sold shares worth Rs 809.1 crore today, 28 February 2008 . Domestic funds bought shares worth Rs 732.38 crore.