It was a disappointing close, though Nifty did managed to close in green. However the index was nowhere near the highs of the day. Nifty opened with a small gap up and build on it and about noon it was touching about 5,970.
It looked like the Nifty would go all the way to 6,000, however, European markets around betrayed. A bit of edginess and the Nifty started coming off finally, when it was left with just 10 points on the winning side, it closed around 5,930.
It was dragged down by names like Tata Steel on the day of its results, Delhi Land & Finance (DLF), Bajaj Auto, JP Associates and State Bank of India (SBI). All these did not perform very well.
On the winning side there were some good performances coming in from the information technology (IT) space with that 12-14 percent guidance from National Association of Software and Services Companies (NASSCOM). HCL Tech and Tata Consultancy Services (TCS) were the two names, which did particularly well.
Tata Motors started the day well and held onto its gains or some of its gains because of the good Jaguar Land Rover (JLR) numbers.
Mid-caps looked weak. There wasn't a good market breadth, about 500 advances to 900 declines and that was not encouraging. The mid-cap index lost nearly one percent by the end of session.
Unitech stabilised after yesterday's fall. DB Realty fell another 17 percent. So, that stock has had a really nightmarish run over the last couple of days, losing 35 percent of its market cap.
Some of the other infrastructure names like IVRCL, and Suzlon looked vulnerable.
Kingfisher had a bad day with the news overnight. Reliance Capital, Karnataka Bank and Sterlite were other names, which did not do very well.
There were very few winners. Opto Circuits was one of them, but otherwise pretty avoidable day for the mid-cap universe.
So, two days of closing in the green for the Nifty, a bit of a respite, but not really a rally in the making just quite yet.