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Lower GDP nos fail to dissappoint mkts
What a Friday it has been, said CNBC-TV18’s Rahul Arora. All those jitters that came in the last half an hour of trade yesterday have been wiped out quite convincingly with a very solid start to the new F&O series for December.
What a Friday it has been, said CNBC-TV18's Rahul Arora. All those jitters that came in the last half an hour of trade yesterday have been wiped out quite convincingly with a very solid start to the new F&O series for December. The Sensex piled up over 300 points in intraday trades today. It was close to a 2% rally for the Sensex and Nifty with both indices posting strong performances.
No complaints on frontline indices, about a 1.5-2% gain for the Nifty on final closing, he said. All this is happening on a very healthy turnover of Rs 92,000 crore.
The Midcap Index was the solid pillar of strength today. That index as a whole was up nearly 4%. At close, the advance-decline were largely in favour of advances by about 400 stocks.
It was a solid day of trade across the board, with advances-declines and frontliners looking good. The Nifty Junior, which is a very liquid index, closed up about 3.5% for itself.
Today, was also the beginning of a new series, a 29-points premium on the first day. That is not looking too bad. We started off the series with a premium of above 40 points.
The metal index was up about 5% intraday. Leadership came in from stocks like Sterlite , Tata Steel , SAIL and Nalco . In intraday trade, Sterlite was up between 10-15%. It closed up about 13% with seven million shares traded. There was a lot of buzz surrounding that stock.
Real estate was very strong, a 7% move for DLF. That rubbed off on to stocks like Ansal Properties , Omaxe , and Peninsula . All of them chipped in between 3-7% for that particular sector.
Power is back in the reckoning, there is huge talk of a lot of companies unlocking value. Frontliners like NTPC , Suzlon , Tata Power , and Reliance Energy posted a gain of about 4%. Stocks like JP Hydro, Power Grid and GMR were up on very healthy volumes.
The power sector made a come back in today's trade, so did IT. The sector was smartly led by TCS , Satyam , Infosys , and Wipro doing between 2-4%. Bharti , ONGC , and HDFC Bank were up on very strong performance. Telecom twins like VSNL and MTNL had a good day today but the real blockbuster moves came from stocks like Essar Oil , Mid-Day Multimedia, Neyveli Lignite , Hotel Leela , and RNRL . The percentage moments and volumes on some of these stocks were a blowout. The stocks that are represented on the F&O side had very long positions added.
Financials looked strong. IFCI , IDFC , and IDBI had a very strong performance in today's trade as did new boys in the F&O space like HOEC, WWIL, Ispat , and Gitanjali Gems , which were liquid on the futures side. Stocks like Punj Lloyd , TTML , Balrampur Chini , Eveready , Alok Industries , Cairn , Mundra , and RCF had a very good day of trade. The Midcap index, which was up about 4%, is a representative of volumes in those counters.
Some of the losers in today's trade include HPCL , HUL , and Ambuja on the frontliners and the odd DCM Shriram , IL&FS, and Redington from the midcap space.
It was a very solid performance, he said. Lower Q2 GDP numbers did not affect the markets at all. Let us see if we can build on this in Monday's trade.
No complaints on frontline indices, about a 1.5-2% gain for the Nifty on final closing, he said. All this is happening on a very healthy turnover of Rs 92,000 crore.
