Global, domestic concerns will give cues in coming week

Of course, Asia was not looking as pretty as much as we were in today’s session. Most of the Asian indices closed down flat or marginally in the red barring the Shanghai which bucked the trend with 1.5% gain. But most of the other indices were under the pressure.

The broader markets witnessed strength as well. So we had a recovery coming in from the midcap and smallcap indices as well. And that’s best effected in the advance-decline ratio, the way the market breadth shaped up in today’s session was decent by all standards; 800 to the advances and 330 odd to the declines.

In the futures and options side, there was a bit of short covering that it was witnessing. The rollovers have started picking up into the next series, so we had the August futures discount widened by the end of closing bell by about 18 points and of course the more important September futures discount widened about 33 points with the rollovers was standing up about 23%.

The turnover in today’s market - that was clearly the not so exciting bit because we had very muted turnover on the cash front particularly Rs 8,000 that taking the total to RS 55,000 on the futures and options doing about Rs 43,000.

But all sectors participated in the pullback today, so we had all sectoral indices closed up well in the green. You could take autos or banks as well as real estate pack, all those indices managed to make some gains. Even IT managed to clock in gain about a percent.

Strength came in from heavyweights and the kind of buying interests they generated in today’s session. So there was Reliance Energy , ONGC and ITC even the State Bank of India which did fairly well for themselves in today’s session.

Autos , of course, has been one beaten down sector and it came back with a vengeance. Tata Motors , Maruti Udyog even Ashok Leyland gained about 3% in today’s trade.

Metals have been showing some strength over last few sessions. So today it was not an exception for them. Hindalco , Tata Steel , SAIL as well JSW Steel which has made some big acquisitions over the week continued to stay afloat and the whopping gain in JSW Steel only goes on to prove that the market has given a thumb up to the company’s plans going forward.

Cement , again, a beaten down space, but it has been looking very strong since yesterday and it continued its performance second day on the trot. ACC clocking in 4%, Ambuja Cement likewise and Mysore , Prism as well as India Cements continued with their strong performance.

On the real estate front, there was excitement enough. More we had most of those counters bounced back from their lower levels. Unitech , HDIL  and Omaxe were the prominent performers there. Orbit Corporation also added its bit.

From the midcap space, SEL Manufacturing has been catching a lot of attention. Since its listing it has been gaining a lot of ground and in today’s session also closed 17.5% at a new zone again, 218 is clearly a very hefty gains for itself. And of course, the company secured an order of about USD 18 million in today’s session. Asian Granito is the other stock, the first day was not very good for this one but has continued to perform after that. And Arvind Mills also got alive in today’s session. We are not completely done, even though we closed in the green today. We are not completely done with the global or domestic concerns at this point, they will really give us cues from the start of trade in the coming week.