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Sep 06, 2007, 12.28 PM IST
It was looking to be a fairly rangebound or a lackluster sort of a day, but towards the later half of the day, the Japanese Central Bank said that they would monitor the losses on account of subprime very closely and that market slid quite sharply to close about 1.6% down, and that effect rubbed off on our markets as well.
A similar performance from the Nifty . It has actually fallen off in the last hour of trade to eventually close just about 3 points down, that’s about 8-9 trading session of gains that have come to an end.
What was not heartening was both the mid and small cap index. In fact both those indices which were looking very healthy intraday, have actually closed relatively flat for themselves. As a result, the advance-declines are looking as much on par as you can possibly get, nearly about 1:1 for the advance-decline, and that on a turnover that was not anything special. In fact, it is just marginally higher than what it was yesterday, just about Rs 58,000 crore; remember we did about Rs 55,000 crore in trade yesterday.
The real concern came in from the futures and options side. That discount picture has widened to close to about 60 points from about 40-45, so that was playing out on the futures side.
On the positive side, power was the sector of the day for the third day running. All of the frontline stocks between 1-2%, NTPC and Tata Power leading the charge. That rubbed off on stocks like Torrent Power and even Gujarat Industrial Power , both of them having a very good day, up anywhere between 5-9% for those stocks.
Some of the other winners in the frontliners included the likes of Ambuja Cements , ICICI Bank having a good day and ABB to round off on what was a decent sort of a day in terms of gains for these stocks.
DLF had a very strong day from that real estate pack, up a good 2.5% on very strong volumes. That is one stock that has looked strong over the last few days, and we touched on Maruti on the futures and options side. That along with Bharti and SBI , were some of the heavyweights that looked a little weak today, between 1-2% shaved off. VSNL , Ranbaxy and Siemens were some of the other stocks that looked weak today. A few losers in the Nifty on that particular count.
The midcap space was very lively in the first half of the day. Stocks like Escorts, KS Oils , GNFC, all of them having a good day. Special mention for Gujarat NRE Coke , which is seeing something of a dream run on very good volumes. Stocks like Noida Toll Bridge , a couple of sugar stocks like Triveni Engineering are leading the charge as well over there. Some stocks like Decolight Ceramics , Omnitech , KEI Industries , and Aksh Optifibre , which is having capex plans, all of these stocks having a good sort of a day.
Some losers though, SEL Manufacturing has run-up very hard over the past few days. That stock cooling off nearly 20%. Ispat , IFCI after the delay of the strategic sale to some of the private investors, taking a backseat. Some of the other stocks that decided to cool off were the likes of TTML , Indiabulls Financial Services shaving off nearly 5.5%, and Century Textiles another liquid midcap stock.
Some data is expected from the US overnight as we open up into trade tomorrow. It will be interesting to see how Asia opens in light of what the Japanese Central Bank has been saying. We will be taking our cues from all of that tomorrow.
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