Lower GDP nos fail to dissappoint mkts

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.

From the midcap space, stocks like Jindal Stainless , Visa Steel , and Lloyds Steel looked good on pretty volumes.

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.