As expected today the bears just receded from the foreground a little bit, maybe covered up some of their shorts. There was a little bit of a long build up going into the event, which is generally expected to be positive tomorrow.
Many of the large caps like Oil and Natural Gas Corporation (ONGC), Reliance, DLF, ICICI Bank, even beaten down Larsen and Toubro (L&T), Bharat Heavy Electricals (BHEL) and JP Associates all seemed like they were on a bit of a comeback trail. So large-caps were not a problem.
Information Technology (IT) has been outperforming the market and that just gave up some of its gains. Ranbaxy after poor results yesterday, continued to suffer.
The picture in the broader market was quite disparate with very divergent performances.
Jet Airways was the clear star. It closed up 20 percent as news kept coming in that a deal with Etihad was imminent. Suzlon was a big comeback candidate with 13-14 percent rally.
DB Realty, Balrampur Chini, Yes Bank, Reliance Communications, Dish TV, PTC, IVRCL and Nagarjuna Construction all did quite well.
However, the mid-cap picture was far from consistent. The worry stocks like Core Education fell another 40 percent today and a whole lot of attendant stocks have been going down with it. Educomp, Opto Circuits, Welspun, ABG – they continued to reel under pressure.
No pullback was seen in the rail stocks although Texmaco Rail did not do too badly, but stocks like Titagarh, Kalindee, Kernex were big losers in today’s trade.
Socks like Jain Irrigation, Hindustan Oil Exploration Company (HOEC) and Kingfisher were also down quite a bit.
So it was a mixed picture but atleast a bit of hope was visible going into the Budget tomorrow.