After over 4 percent rally last week, the Indian market consolidated today. The Nifty ended flat at 5,870.95. The Sensex fell 34.58 points to close at 19,305.32.
CNBC-TV18's managing editor Udayan Mukherjee says the largecaps had a day of consolidation. "The day belonged to midcaps. The breadth was strong, since morning," he adds.
Below is the edited transcript of his comments on CNBC-TV18.
The largecaps had a day of consolidation. It is fine because the Nifty went up 4.5 percent last week in four trading sessions. So, having run so fast, maybe it just caught its breath today, paused for breath. Therefore, the Nifty largecaps had a day of consolidation.
You could see signs of profit taking in names like Bharti, HDFC Bank, IDFC, which had done so well last week. On the other hand, we saw rally in cement stocks. There is a lot of buzz on the Ultratech-JP Associates cement division deal. So, Ultratech and ACC put on substantial gains. JP was a gainer as well. Stocks like Reliance, SBI and BHEL also did quite well.
But the day belonged to midcaps, no question about that. The breadth was strong, since morning. The midcap index closed up one percentage point. We had some really big moves in names like PVR.
Pantaloon had a great day leading up to the FDI vote in Parliament. United Phosphorous, where a buyback is on, has had a great day today. Jet Airways, Jain Irrigation, S Kumars, Delta Corp, Videocon and a lot of names of individual midcaps rallied between 5 percent and 10 percent today. Mphasis responded quite well to that USD 200 million acquisition that they unveiled over the weekend.
There are not too many losers from the midcap basket. So, there was good broader market performance today, despite the consolidation that we saw in the largecaps.