Udayan Mukherjee, managing editor, CNBC-TV18, says that the market started the week on a quiet note. The Nifty ended flat after a range bound session and the global markets appeared a bit edgy.
The market traded in a 20-25 point range through out the day before closing flat just above 5,900 level. Today, namely all public sector banks were up, be it Bank of Baroda, Punjab National Bank, Bank of India, Vijaya Bank, Dena Bank, UCO Bank, Allahabad Bank in the range of 3-5 percent. Smaller private sector banks like DCB, South Indian Bank and Dhanlaxmi Bank also performed extremely well. There was big activity in banking space.
On index, there were a few other winners like HDFC and few of the other pharmaceutical stocks did well but large caps like TCS, Bharti, NTPC, and Reliance were all down and therefore, the Nifty could not make much headway.
Outside the index, the breadth was not special today though the midcap index went up about three quarters of a percentage point but lots of correction in stocks particularly in sugar where Balrampur Chini fell quite a bit, Shree Renuka did as well after the new SAP ruling and then stocks like Pantaloon, Jet Airways, Titan, Hexaware, NMDC going into that issue and Zee Entertainment all corrected quite a bit. So, it was a mixed day for midcaps but a fantastic session for the public sector banking.