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Oct 28, 2010, 08.18 AM IST
It was a flat enough opening for the market but then the crack started opening later in the afternoon. By the end of it all, we just about managed to hold the 6000 level on a closing basis for the Nifty.
It was a flat enough opening for the market but then the crack started opening later in the afternoon. By the end of it all, we just about managed to hold the 6000 level on a closing basis for the Nifty though trade happened below that level in the afternoon a couple of times for a few minutes. But it didn't stick there, and it managed to claw back a little bit.
For global markets too, it was not a great session. China and Hong Kong had fairly bad falls today. The Chinese index closed below 3000 and European markets were trading with a soft bias while we were closing trade out here.
Largecap names is where the trouble kicked in today. Big names like NTPC, Bharti, financials across the board like HDFC, ICICI Bank, Axis Bank and Kotak Mahindra Bank, ONGC in oil, DLF in real estate, Maruti in autos. So you had many of the largecap names actually disappointing quite a bit. Offset in part by some of the metal names like Tata Steel, Hindalco and Sesa Goa and Reliance Communications had a good day even as Bharti and Idea, its peers slipped off quite a bit.
Today belonged to the primary market though. We had three listings and one of them actually did not get very much by way of subscription, had to lower its IPO band to get subscribed and that's BS TransComm. But it put on 55% on its IPO price surprisingly one would add on day one.
Gyscoal Alloys the other one which is probably a bit more speculative in nature as a stock that went up 50% on listing and then cooled off to close just around 10% - 12% above its IPO price. Prestige estates given that HNI and retail subscription was quite Luke warm did well to close 3% - 4% above its IPO price by the end of the session today.
That aside in the midcap side which did better than the largecaps banks were ok. Dena Bank, UCO and Vijaya Bank were some of the names of smaller banks which did well in today’s trade. Midcap Pharma did well perhaps revved on by Glenmark’s surprising results.
Names like Glenmark and Surya Pharma and JB Chemicals not doing too badly and other outliers include Subex from IT, Arvind from textile and Digjam and ABG Shipyard which continues its very good run. Union Bank's core numbers were good but reported PAT fell because of high provisioning and therefore the stock was down 6%. KRBL had a bit of a slip today and fertilizer names like Chambal and RCF were also down. Indiabulls realty down today and Asian Paints where results were uncharacteristically lack luster that stock came off as well.
All in all, not a good session, utterly forgettable. But now is the test of whether the Nifty can keep its head above 6000 going into the futures and options expiry.
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