GDP downgrade, Bharti, infra stocks spoil mkt mood: Udayan

Today, during the course of the day the Nifty went up to 5375 but slipped down below 5350 towards the end of the session. The European markets were also trading in the red while we were closing trade.

There were slew of downgrades for Indian GDP for this year, early in the day CLSA slashed it to 5.5% and Citi lowered to 5.4%. So, this also might have clouded the meek mood.

Bharti was down 7% after numbers where the margins came off quite a bit and the management communication did not inspire much confidence in a near term recovery in those margins. Bharti was the big looser which dragged the index down.

Some of the financials like ICICI , IDFC , Punjab National Bank (PNB) were also weak. DLF and GAIL slipped today but the Nifty was held up by HUL and Infosys primarily but M&M did well after results which were ahead of street expectations.

On the midcaps, PSU stocks were strong, some irrational moves in many public sector companies because of the divestment noise. Names like STC , MMTC , Hindustan Copper , Neyveli Lignite went up today.

Surprisingly, VIP after a weak set of numbers reacted on the positive side and stocks like Manappuram and JP Infra did well.

It was a bad day for infrastructure stocks across the board. GVK , Lanco , Hindustan Construction , Punj Lloyd these were all stocks which reacted quite badly and since morning the Indiabulls Group stocks were under quite a bit of pressure as VERITAS put out a very negative report on all the group stocks.