Post Market Commentary - March 26 2008

Sensex sheds 131 points on uncertainty about US outlook

Mixed global cues and imminent expiry of March 2008 derivative contracts kept the market volatile throughout the day. Concerns about the US economy which is said to be already in recession resurfaced following data that showed that US consumer confidence fell to a five-year low in March 2008.

Investors turned cautious after the previous day's 6.1% jump. Majority of the sectoral indices on BSE slipped into red. ICICI Bank was the top loser from the Sensex pack. The market breadth was positive.

Sensex was down 130.66 points or 0.81% at 16,086.83.

CNX S&P Nifty was down 48.65 points or 1% at 4828.85.

As per provisional data, foreign institutional investors (FIIs) bought shares worth a net Rs 393.91 crore today. Domestic funds sold shares worth a net Rs 108.65 crore.

India's largest private sector bank by assets ICICI Bank fell 4.17% at Rs 843.25.

Reliance Industries (RIL) fell 0.68% to Rs 2298.70.

Tata Motors ended almost unchanged at Rs 679.40. As per reports, US automaker Ford has agreed to sell its luxury brands Jaguar and Land Rover to India's Tata Motors for more than $2 billion. Ford, which signed the deal on Tuesday, 25 March 2008, plans to publicly announce the transaction in New York today, reports suggest.

Mercator Lines rose 6.59% to Rs 76 after the company said its subsidiary Mercator Lines, Singapore has entered into negotiation with Refined Success for the time charter-out of Geastiniono TBN, a gearless panamax vessel.

Avantel Softech surged 9.41% to Rs 59 after the company said it has bagged an order worth Rs 8.25 crore from the Government of India for supply of satellite communication receiver terminals for Indian Navy

GEI Industrial Systems soared 10.85% to Rs 71.50 after the company said it has bagged an order worth Rs 30 crore from Essar Construction for supply of air cooled heat exchangers for a project in Gujarat.

Axis Bank vaulted 4.34% to Rs 826.50 after a two block deals totaling 45.46 lakh shares were struck on the counter at average price of Rs 799.89 per share on BSE.

SEL Manufacturing Company (Garment manufacturer) rose 5% to Rs 276.05 after the company said its board has approved raising upto $250 million through issue of foreign currency convertible bonds and global depository receipts.

Kirloskar Oil Engines jumped 5.55% to Rs 105.60 after three block deals aggregating 30.99 lakh shares were executed on the counter at an average price of Rs 100.03 per share in opening trade on BSE.

K S Oils gained 0.78% to Rs 64.85 after the company said it has acquired a single palm plantation over a vast area spread across 50,000 acres of green land in Indonesia.