Will mkts depend on internal cues on Friday?

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Will mkts depend on internal cues on Friday?

Don’t go by the closing figures, because there was a lot of drama, a lot of action that we witnessed through intraday trade today on the bourses. Wild swings at that and roller coaster rides in today’s session.

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Excerpts from Reporter's Diary on CNBC-TV18 Watch the full show » ALSO READ See what other experts are saying about markets See what FIIs are saying about the markets See what Udayan Mukherjee is saying about the markets Nifty BSE | NSE 25/05/12 Are Mutual Funds betting on Nifty? Other Stocks in this news Bharat Petroleum Corporation | GMR Infrastructure | Hindustan Petroleum Corporation | Mahindra and Mahindra | Maruti Suzuki India | NTPC | Reliance Infrastructure | Reliance Petroleum | State Bank of India | Suzlon Energy |

Don't go by the closing figures, because there was a lot of drama, a lot of action that we witnessed through intraday trade today on the bourses. Wild swings at that and roller coaster rides in today's session.

The intraday charts are almost a no-brainer because of the kind of crests and troughs that have been formed in today's session, almost a swing of about 560 points for the Sensex from the high point to the low to close with 0.5% loss at 18,526. In fact, we almost came as low as 18,182 before we started the recovery.

For the Nifty as well, very wild in today's session. Closing down about 41 points, eventually above the 5,100 mark. But remember defending this mark was quite a struggle in today's session.

It was weak across Asia , and then it recovered just a few minutes before trade and we saw a heft bout of recovery coming into our market when we opened trade. But in the afternoon session, most of the indices, particularly Shanghai gave off quite a bit by way of profit booking, almost 4% down on that index.

The broader markets recovered from the lows, but crazily volatile there as well. The midcap index lost about 1.5% and the smallcap index again 2%. The Nifty Junior from its lows recovered and managed to close the day marginally in the green. The advance-decline ratio needless to say after opening wide in favour of the declines just about squeezed that little bit in the last hour. Thanks to a recovery in the Nifty Junior, but still at closing bell, we were faced with a hugely negative advance-decline ratio.

The turnover in today's session saw a lot of action in the F&O side with about Rs 71,000 crore done in that segment, with the total at about Rs 95,000 crore. In the F&O side we saw a huge amount of volatility and huge premiums were seen, which reflects the short covering that fueled the recovery in the markets today. Of course open interest stood at about Rs 29 lakh shares.

Sectoral plays and we had realty, capital goods being beaten out of shape. But banks were the ones that spearheaded the recovery. So, SBI , with the rights issue coming up for discussion next week, closed up a whopping 4% today. Some great resilience there, and the entire banking space showed an immense amount in today's session, particularly from the midcap banking space. There was a strong rebound there as well. Oil marketing companies HPCL , BPCL both had a great session today.

We had the autos come back and come back from really nowhere because Bajaj Auto closed up about 2%, Maruti , M&M all those counters gained in today's session. The power majors corrected quite a bit. So, it was a 4% cut in Suzlon and 5% cut in NTPC . Reliance Energy was the other one that corrected as well.

Real Estate as a pack didn't look too good. So, for all those real estate majors it was clearly a close deep in the red. For the momentum stocks, there was a recovery from their lows today. So, some of closed in the green, particularly GMR Infrastructure , a complete u-turn for that stock. Reliance Petroleum also managed to close in the green. But for most of the other stocks it was really a recovery session.

Net-net, we are stepping into the last session of trade for the week, and in the absence of US markets or cues coming in from there considering that today is Thanksgiving and tomorrow is going to be a truncated session, we are really stepping into this session depending on our internal cues.