Cairn surprises, as market takes a time-out from the green

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Cairn surprises, as market takes a time-out from the green

It has been a series of positive days for the markets, until the closing on the last day of the week. However, it is not the time to reach the panic button yet, says CNBC-TV18’s Udayan Mukherjee.

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Excerpts from India Business Hour on CNBC-TV18 Watch the full show » ALSO READ See what other CNBC-TV18 anchors have to say Cairn India BSE | NSE 30/05/12 Are Mutual Funds betting on Cairn India? Other Stocks in this news Oil and Natural Gas Corporation | Reliance Industries | Maruti Suzuki India | DLF | Infrastructure Development Finance Company | Hindalco Industries | Lanco Industries | Unitech | GTL Infrastructure | GTL | IFCI | Delta Corp | Dish TV | KRBL | Arvind | Jubilant Foodworks | Videocon Industries | Zee Entertainment Enterprises | Aban Offshore | Coal India |

It has been a series of positive days for the markets, until the closing on the last day of the week. The Nifty closed in red today as it went up to 5700 in a gap up opening led by global cues in the morning; however, reacted from there and finally closed the day around 5620. However, it is not the time to reach the panic button yet, says CNBC-TV18's Udayan Mukherjee.

"Since, the market had good days on the trot, the weekly change is still 3% plus for the Nifty and for the Sensex. It is a small correction to the huge rally of the last few days," he believes.

Surprise package!

The surprising element for the market today was the movement in Cairn India stock. "It was believed that stock would be down after the deal, with them having to pay royalties to ONGC, but the stock started weak and then recovered to close at 3% up," Udayan says.  Both ONGC and Cairn were up today post the deal.

Winners and losers:

Reliance Industries , on the back of adverse news flow and some profit taking from yesterday's up moves, lost 4% today. Bharti and HUL were the big movers of the last series as they saw some profit taking.

As the auto numbers came in, Maruti Suzuki 's not so impressive monthly figures made stock react. Ambuja's sales numbers too were a bit sluggish, therefore the stock was down quite sharply today.

On the winning front, DLF , IDFC and Hindalco were the front runners. "The market was more about the midcaps and small caps today. The breadth was good 700 to 500 and even the midcap index closed with gains of about two third of a percent points," Udayan added.

Beaten down names like Lanco , Unitech , GTL and GTL Infra and some of the trading favourites like IFCI , Delta , Dish TV , KRBL , Arvind Mills , all went up today.

However, losers had more like Jubilant Foodworks that had a dream run, valuations have become very frothy out there and therefore that stock was down 8-9% today. Videocon too corrected from the moves of last week, while Zee , Aban Offshore and Coal India joined the losers today.