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May 18, 2012, 08.10 AM IST
It was a disappointing day because the Nifty promised to get up to 4950 in the morning the way things were moving. Even the rupee had pulled back a little bit for the starters but it fizzled out towards the end of afternoon session.
It was a disappointing day for the market because the Nifty promised to get up to 4950 in the morning the way things were moving. Even the rupee had pulled back a little bit for the starters but it fizzled out at the end of afternoon session.
Finally, the Nifty close around 4870 which is 50-60 points off day's highs which is disappointing and well below 4900, but the Nifty seems to find some support every time it gets down to 4850 level, reports Udayan Mukherjee, managing editor of CNBC-TV18. The rupee, too, had a very bad ride till 2:30 pm. The rupee went to a fresh new low at 54.57 and then there was RBI intervention which pulled the rupee back from the brink. For the rupee, a new low was registered today, so a bad day for the currency. In individual stocks, L&T did quite badly and came under pressure today after the relief rally it saw, post it earnings. ONGC, M&M and TCS were stocks which did not do very well. Stocks like ITC and SAIL which did not do too badly for the index. The breadth was not special though we had stocks like Dish TV, Hexaware, KPIT and PFC doing well and Essar Shipping post results. Lanco, IVRCL and Pantaloon did badly, Voltas, Sintex, Jain Irrigation, Mahindra Satyam were stocks which did poorly today. All in all not a great feeling at the end of the day because it was one more relief rally or an attempted relief rally which fizzled out. Also watch the accompanying video.
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