Largecap, rupee drag market in red: Udayan

It was a difficult session once again, the morning was good, global cues were strong in the morning, the market started with a 1% gap, went to 4950 and then again like yesterday second half was very unkind and the Nifty came down all the way to 4850-4860 so very disappointing close largely on account of the rupee the way it completely crashed in the last half an hour of stock markets trade. It was a very disappointing session for the stock market, reports Udayan Mukherjee, managing editor of CNBC-TV18.

Led down by large cap names like SBI where we saw profit taking after its recent rally. L&T , Sesa Goa and Sterlite were down sharply, Tata Power fell quite a bit all of these large cap names added some pressure on the index. Tata Motors did not do too badly today.

But it was the rupee all the way. By the time it was 3.30 pm and the stock market was closing up the rupee has slipped to 55.30-55.32 on the dollar and this slide spooked the stock market once again.

Not a great day for midcap stocks like IRB , SREI Infra , SKS Micro , Delta Corp , Pantaloon , India Cements all did badly but today Thomas Cook did well because the open offer is come through at 65 so that held out. Some of the midcap IT names perhaps because of the currencies move. Hexaware , Mahindra Satyam , KPIT Cummins these did quite well and Petronet LNG did not do too badly. But otherwise the breadth was not special and despite the fact that Europe was trading in the green by quite a margin while we were closing trade the Nifty closed deep in the red because of the rupee.