A nothing sort of a session, says Udayan

Today was a nothing kind of session, says Udayan Mukherjee of CNBC-TV18. "We started off flattish with a small upmove in the morning about 0.5% maybe partly because of global factors and partly because of the GAAR news and then the market just gave up all those gains. Traded in the red quite a bit in the afternoon and finally closed around that 5250 mark so a bit of a nothing session," he said.

Some stocks in the pharmaceutical space like Ranbaxy and Cipla did well despite poor August numbers. Some of the auto stocks like Bajaj Auto, Hero Moto and even Maruti not doing too badly today.

Offset a bit by selling continuing in the metal names like JSPL and SAIL. Ambuja had an off day and IDFC and ONGC also did not perform very well today.

Midcaps were okay, flattish kind of performance out there. Some sugar stocks like Renuka and Bajaj Hindusthan did quite well. There was a lot of talk decontrol swirling around in the market today.

Aurobindo Pharma, Everest Kanto, Hindusthan Construction, Petronet LNG and Dish TV were some stocks which did well. TVS Motors had a bad day because it had fairly poor monthly numbers so the stock reacted quite a bit.

Jet Airways fell on ATF prices going up. PFC and REC were weak, Opto Circuits and Jain Irrigation and JSW Steel I should mention was also in the news today had a pretty bad day.

All in all unremarkable session for the market to start the week with; the Nifty is still grinding around that 5250 level. But September is just started and the big question is whether after a positive August, at least for the largecaps, will it be a month of correction or will the market be able to build on the August gains in this series.