Today’s session started with a lot of promise. It looked like that the way we went to 4,950 in early trade that the Nifty would take a real shot at 5,000 today but that was not to be. The bears aren’t giving up so easily the bulls looked a bit tired by the end of it but it has to be said that the last couple of days counting today’s early morning move, we had put nearly 600 points on the Sensex. So there was some amount of profit taking. It is not a disappointing trade as much as a day of consolidation after the good gains of yesterday. The bulls are still very much in the gains, it’s just that we have closed around those 4900 levels for the Nifty and Sensex also has closed 100 points up below 16,300.

We have not been able to take a big step forward after yesterday’s move but we haven’t given up too much ground either, which is the good thing about today’s trade

Technology for the second day running looked very smart; Infosys has gone up to almost Rs 1,600, and Wipro, HCL Tech, Satyam did well. Midcap IT has been a revelation these last couple of days, the percentage gains over there have been more spectacular because they have been hit the most and their multiples had become very inexpensive and so stocks like Aztecsoft, Aptech, NIIT, NIIT Tech, Rolta, Mastek, Sonata had big rallies today.

 The rest of the market was a bit quite, Reliance Industries is still moving up and that is one important reason why the Nifty has been able to claw back. Reliance was up 10% last week and it has started this week pretty okay as well.

On the way down some sluggish moves were seen in ONGC, Hindustan Unilever, in few capital goods stocks like L&T and in Zee after results and in Ambuja Cement, those stocks looked a bit weak.

There were very big moves still happening on Orchid. There is a large discount going on for the futures side for that stock but very volatile and generally strong with persistent expectations of some amount of open offer coming though its been denied by the management or the promoters of Ranbaxy.

Textiles was another space which looked very hot today and so whether its S Kumars or Arvind Mills or Century Textiles, Alok Industries, Welspun India all of these setocks went up after a long time.

IFCI, RNRL, JP Hydro, Nagarjuna Fertilisers, Chambal Fertilisers those momentum stocks moved up today. Neyveli Lignite after a long time did well. bomaby dyeing has been on a bit of come back trail, so that stock stood out and there are plenty others like Ceat, Hotel Leela, Motilal Oswal on the brokerage fund, Usha Martin, so quite a few midcaps did well