Udayan Mukherjee, managing editor, CNBC-TV18, says that today was a good day because we started with a gap of 70 points and never looked back from that. In fact we built on that and closed with a 100 point Nifty rally virtually at the highs of the day with very little by way of an intraday pull back or any kind of volatility.
Today was all about the large caps maybe part short covering because just before the Draghi rally we had seen small correction in the market. Maybe there were shorts lying in many large cap names and today they were covered.
There was evidence of some institutional buying as well but the Bank Nifty which was showing signs of distress before the rally started sprang back to live today. ICICI, Axis, SBI, Punjab National Bank (PNB) all of them led a 2% rally in the Bank Nifty.
Today was really about the large caps. There was no big midcap flavour to trade today, midcaps didn't do badly of course and the breadth was good but it was not quite the zing that the large caps had.
The only exception were those oil marketing companies where the oil minister came out and surprisingly in the middle of the day said that there was no consensus on fuel price hike and there was not one to be expected anytime soon and those stocks reacted to that.
Otherwise reasonably good day for midcaps, names like Mercator, Yes Bank, Opto Circuits, Hexaware and Aurobindo Pharma did particularly well. The losers were Jain Irrigation and United Spirits but those might pertain to issues specific to those companies.
Very good day for the market and the debate is already started on when the Nifty can get back to the level of 5450 from which it corrected.