It was a quiet day for the market. It started of quite weak because of the tinge of disappointment after all the expectations yesterday on the fuel price front but then the market came to grips with the fact that any meeting on a diesel price hike was differed.
It started off a bit soft, went below 4,900 and then recovered in the second half for the session as Europe started off really well and those cues along with the fact that the rupee strengthened today and by quite a margin. Both those factors led to stability in the market, which closed finally flat for the week.
Today’s winners were the metal stocks which have had a rough week but they came back and names like Jaiprakash Associates and SBI also did well. Maruti had a bad ride today and some stocks like Bank of Baroda were not very strong.
Midcaps were largely okay; in fact midcaps did better than the largecaps today. Voltas was the star with a big double digit percentage point rally because of the surprise in its result on the margin front. Then names like Sintex Industries, Lanco Infra, Praj Industries, Jubilant Foodwords, United Spirits and Jain Irrigation did quite well too.
Crompton Greaves disappointed with its results and therefore the stock came off. Expectations were not high but margins collapsed quite a bit and power systems remain a problem. Mahindra Satyam, Ashok Leyland and Jet Airways were other names which did not do very well.
The rupee started the day at 56 plus but then pulled back quite considerably during the course of the day. So in the last couple of days at least there has been some stability and even strength in the beaten down currency.