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Can mkts put Thursday behind it?

Published on Thu, Dec 13, 2007 at 20:45 | Source : CNBC-TV18

Updated at Thu, Dec 13, 2007 at 23:13

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It was a global contagion, reports CNBC-TV18 Rahul Arora. The Dow actually retraced quite sharply 24-hours earlier. Asia picked it up this morning and had a very bad close. In fact, the Asian indices on close were down anywhere between a 0.5-3% and the Sensex for its part closed about 300-points down. That was not such a good closing.

The Nifty as well closed about 1.6% down on final closing, over 100-points shaved off that index. The advance-declines, which was the most concerning part, closed nearly about 1:1 after being fairly convincing, about two stocks advancing to one stock declining in today's trade. The turnover crossed over Rs 1 crore after a long time.

The internals weren't looking too good because we fell 300-points on nearly a 1:1 breath, after converging and a very high turnover. Oil and gas was the biggest culprit today. That index as a whole was down about 2.2%. Coupled with that was the performance of Bharti today, which was down 7%. There was huge short buildup on the futures side for that index heavy weight. 12 lakh shares added when the stock was down. Index heavyweights like Reliance , ONGC , and RPL saw cooling off between 1-3%. Stocks like GAIL , Essar Oil , RNRL , and BPCL from the other oil and gas space all cooled off quite sharply in today's trade.

Tata Power today shaved off about 4%. NTPC , Suzlon and BHEL cooled off about 2-2.5%. FMCG staged a comeback after a long time with ITC and HUL . In fact, ITC saw a huge buildup on the futures side as well, close to 32 lakh shares added with fresh long positions seen on ITC.

Pharmaceuticals led by Dr. Reddy's and Cipla showed a bounceback in trade today. A couple of metal stocks, like Tata Steel , Hindalco and those two-wheelers like Bajaj Auto and Hero Honda were up about a couple of percentage points. So, that was the good part in trade today. Idea had a good 2% move for itself, as did PNB . And Kolte-Patil had a very strong listing, even though the market corrected; it has actually closed 25% above its issue price.

Stocks that fell include ICICI Bank , Sterlite and Maruti . The biggest index heavyweights led the fall today. Going with that, the entire technology pack were down between 2-4% for HCL , Satyam and TCS .

Having been said, steel has returned back into action with stocks like JSW Steel , Lloyds and Ispat . All of those midcap steel stocks have bounced back on very good price and volumes. So, that space looked good. So, did stocks like Indian Hotels , Lanco and JP Hydro , bouncing back after a long time with good price and volumes. IFCI, despite being in curb had a good 5-6% move for itself as did stocks like Mirza International and Crew BOS .

Some of the stocks that did okay, that have not done too well in recent times, like Shyam Telecom , Supreme Petrotech , Manali Petro had a decent day. Essar Steel closed about 10% down and about 10 million shares traded on it.

Real estate, as a pack cooled off. Peninsula , Parsvnath and Omaxe , all of these three have run-up relatively hard over the past few days. Balrampur Chini , CBoP , Ashok Leyland and Abhishek Industries and a few other stocks, that have run-up over the past few days also shaved off between 2-5% for themselves on decent sort of volumes.

It has been a very important week in terms of data. Let us see what cues we can get overnight and how we can close out the week and if we can put this day behind us.

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