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Nov 30, 2007, 11.11 PM IST
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.
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.
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.
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.
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Tags: Sensex, F&O, Midcap Index , Nifty Junior, Sterlite, Tata Steel, SAIL, Jindal Stainless, Visa Steel, Lloyds Steel
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