Post-Market Commentary. Thursday, July 31, 2008

Market recovers from lower level, Sensex ends up 69pts

The key benchmark recovered from lower level to trade flat in mid-afternoon trade. The market had drifted lower in afternoon trade following weak opening of European stocks. The market breadth turned negative from earlier strong breadth. Tata Steel and DLF were major gainers from Sensex pack. Crude oil surged by more than $4 a barrel yesterday, 30 July 2008.
ITC and Tata Motors slumped on weak Q1 results and were the major losers from the Sensex pack. Banking shares were under pressure ahead of the inflation data for 12 months to 19 July 2008 to be released after trading hours today, 31 July 2008. IT, FMCG stocks declined. Metal stocks gained.
The market remained volatile today, 31 July 2008 as futures & options contracts for July 2008 series expire. As per reports, market wide rollover of positions from July 2008 series to August 2008 series stood at 61%, while that of Nifty was 54%, as of Wednesday 30 July 2008.