Quiet day for markets; culprits are pvt banks, tech stks

CNBC-TV18’s Executive Editor, Udayan Mukherjee - It’s been a quiet day for the market and it retraced a bit, still not quite got to 5,000 levels on the Nifty but not very far away, 5,080 is around the median point and around which the Nifty has been evolving today. The Sensex has not quite broken 17,000 but it’s just barely above it.

The breadth has not been good; volumes are extremely low today so it’s not likely volumes have picked up. Primarily the culprits today’s slide are private banking and IT; IT after the Cognizant’s guidance yesterday has been weak since morning despite the rupee depreciating quite substantially today, down to over 41.50 and private banking across the board whether it’s ICICI Bank, Kotak Mahindra Bank, Axis Bank, DCB those stocks have all looked pretty weak today.

Otherwise it’s been one lacklustre session of trading particularly on the volumes front and that’s the trend across Asia after the sell off in the US overnight. Most Asian markets with exception of China closed in the red today and Europe this afternoon is not looking particularly strong, most of those markets are down more than half a percent. The global mood too is a bit subdued and circumspect which hasn’t exactly helped us today. So it is not quite a sell off but 1% down across indices today.