Can global hands lend us support on Monday morning?

Excerpts from Closing Bell on CNBC-TV18 Watch the full show » RELATED NEWS Big 4 sectors driving mkts; Experts see run continuing ALSO READ See what other experts are saying about markets See what FIIs are saying about the markets See what Udayan Mukherjee is saying about the markets Nifty BSE | NSE 25/05/12 Are Mutual Funds betting on Nifty? Other Stocks in this news ACC | Trident | Arvind | Bharti Airtel | Bharat Petroleum Corporation | Bongaigaon Refineries and Petrochemicals | Gitanjali Gems | Hero Motocorp | Hindalco Industries | Hindustan Petroleum Corporation | Hindustan Unilever | IDBI Bank | IFCI | Larsen and Toubro | Mangalore Refinery and Petrochemicals | New Delhi Television Ltd | Petronet LNG Ltd | Rico Auto | Mahindra Satyam | SREI Infrastructure Finance | Tata Steel | Tata Motors | Voltas |

It all looked like a perfect follow up to yesterday's 250 point dream run.

It started off very well, in fact the Sensex started off about 150 points on a good backdrop of the rest of Asia. All of those Asian markets were up anywhere between 0.5-1.5% when we came into trade this morning.

This is how all of them have closed; even the People's Bank of China has raised interest rates over there. But the Sensex eventually has closed virtually flat for itself. So fairly uneventful clos, for what has been a very dramatic week and in fact the last couple of days.

The Nifty also just about 0.1% up for itself for today, doing nothing special as far as that closing goes. The broader market didn't lend a helping hand either; in fact the smallcap index was down about a percent at closed. So that was what was resulting in the breadth that was looking so bad. Over 400 stocks in favour of the declines as we closed our trade today. So on all counts the internals were not looking good, but the turnover one week into expiry is looking alright. 60,000 odd crore plus comfortably done again, 66,000 crore on final closing. But it is the discount picture, which is a little worrying at this point of time, both the July and August series, the discount is opening up quite remarkably. 21 points for the July series and over 20% of the Nifty positions already rollover.

It was clearly the oil and gas sector, especially those standalone refineries here as lot of long positions were added whether it was an MRPL or a Bongaigaon . Petronet LNG did well for itself. Some covering of stocks like GMR, Tata Steel and Pantaloon, those stocks were on the positive side. But on the flip side, you saw stocks like Voltas and Bharti ofcourse just to add to fresh long positions. Those are the good stocks today. On the flip side stocks like Idea , Satyam , PFC had come short positions added for themselves.

Unwinding in some of those financial stocks like IFCI , IDBI and the odd Arvind Mills and NDTV which has been looking weak after these results. The stars in trade today were primarily Tata Steel , L&T and Bharti - all of those 3 big boys did really well. Some of them making a year high for themselves but that's where it stopped on the frontliners.

In fact a lot of stocks slipped, HP and BP courtesy crude both the stocks were down about Rs 2. The two wheeler as a pack, in fact cement as a pack was looking a little weak let by ACC after its results. Ambuja results were nothing special. The two wheeler Bajaj Auto and Hero Honda looked a little weak we well. Both the stocks were down about 2.5%. So that's the weak part in trade. But aside of all that a lot of heavyweights corrected, Satyam, RPL, Tata Motors , all those stocks looked relatively weak in trade today.

Just a handful of stocks on the upsides. Cipla , Hindustan Unilever , Hindalco , to just round that list of losers. Fertilizers interestingly had a very good day, led by RCF. There is something brewing in that space and you don't see such price and volumes on fertilizer stocks often. All those stocks were up. As were stocks like Voltas, Abhishek Industries for the second year running - all of those stocks looking handsome. Petronet LNG making a year high for itself, Unitech from the real estate pack and Neyveli Lignite on good set of results also making a year high for itself on a 4% moved. On the flip side though Idea, RNRL will have to go down as the biggest disappointments as your non index losers and PTC to round that off. From the midcap space you have the odd losers like the IFCI , IDBI - the financials as a whole were looking relatively weak whether it was banking or banking related services.

The odd Rico Auto , Gitanjali Gems , SREI Infrastructure all giving up a few percentage points in trade today. Liquidity is one factor that has kept this market going for the last how many weeks and we have banged in the middle of earnings season. Let us see whether global hands can lend us a hand on Monday morning and whether we can put this day behind us.