It was an important day of trade because we had inflation data today; it was the last trading day of the week a couple of interesting numbers and we had good global cues which raised the chances of getting past that 5,000 hump on the Nifty. On hindsight, we didn’t cross 5,000 on the Nifty but we did not do too badly. It was a step forward but not quite a significant or a conclusive step forward for the Nifty. So we closed the day just above that 4,950 mark still a bit of work to be done to get past 5,000 and to stay there. But at least has been a constructive day, in fact this whole week has been week of building once again. Only three-days but in those three sessions, the Sensex has put on more than 4% that’s 650-points.

So it is pretty good this week for the market. 16,500 nearly for the Sensex as well, so from that low of 4,500 which we tested, tried many times we have now come back closer to that 5,000 level. The big debate in the market is whether we will break the top end of the range and move higher or will we get restricted once again here and keep toing and froing within this 500-point Nifty treading range.

Lot of support from individual sectors today. Technology continued its good run today many of the frontline midcap stocks did well Infosys had a good run HCL Tech and Satyam did well. More spectacular the performance in some off center stocks or off Index stocks like Mindtree Consulting,i-flex stocks like Allsec Technologies, Moser Baer, Patni Computers and Sonata Software. So tech had another good day.            

Today the inflation data came in mildly lower than expectations at 7.14 and that raved up many of the rate sensitives. Many of the public sector bank stocks came back like Vijaya Bank, Bank of India, Dena Bank, Allahabad Bank and UCO Bank even State Bank of India. Private banks had an excellent session led by HDFC Bank today and we had some spectacular moves like Development Credit Bank (DCB), Centurion Bank of Punjab, Axis Bank did well, IndusInd Bank did well and even ICICI Bank had a reasonably good session out there.

Some of the beaten down sectors like metals also came back today. So Steel Authority of India (SAIL) was up, Tata Steel, Hindalco were all performers today and some of the real estate stocks like DLF, Housing Development and Infrastructure Limited (HDIL) and Unitech also did okay.

But the star sector in the midcap space was fertilizers. Beaten down sector again but today Nagarjuna Fertilisers, Chambal Fertilisers, Deepak Fertilisers, Oswal Chemicals all of those stocks had a fantastic run so good going there. You had a few stocks here and there like McLeod Russel in tea, Tata Teleservices Maharashtra Limited (TTML) in telecom, Infrastructure Development Finance Company (IDFC) among the financials so all did well.

On the way down the one stock, which stood out, was Orchid Chemicals difficult to predict the moves on that stock nowadays. Today was 12% down for Orchid Chemicals after the spectacular run yesterday. So that stock remains quite volatile. Otherwise good day for the market but not quite killed that 5,000 level yet.