It was another down day for the markets where the indices continue their steady fall. Nifty lost 20 points and closed the day at 5938.80 and the Sensex closed the day at 19580.32.
It was another down day for the market where the indices continue their steady fall. Nifty lost 20 points and closed the day at 5938.80 and the Sensex closed the day at 19580.32. Udayan Mukherjee, managing editor, CNBC-TV18, feels that NTPC OFS issue was the saving grace, where the issue was oversubscribed. However, the stock was down 2.5 percent as it came closer to the base price of Rs 145.
Also read: Govt's $2.1bn NTPC share sale fully covered
Stocks like Reliance Infra, Ambuja Cement, Bank of Baroda and Cipla were big losers after slightly disappointing results. Some names like M&M, IDFC and Power Grid saw positive run.
In the midcap space, the breadth was awful with 400 advances to 1000 declining names. The midcap index lost nearly 1 percent. It was not a good day for midcap companies.
Post results stocks like Manappuram and VIP Industries, both slipped down. Strides Arcolabs and Titan were losers of the day.
ADAG stocks fell across the board; RComm, RPower and Reliance Infra were all down. For Kingfisher again today it was a bad day along with UB Holdings and CEBBCO.
Stocks like Indiabulls Realty, Zee and Suzlon did not do very well.
Hexaware and Mahindra Satyam from midcap IT were better performers. A2Z mysteriously was up 10 percent. Jubilant Foodworks and Bata were two other consumer names which recovered today.
Overall, it was a bad day for the midcaps and market. The GDP numbers or projection at 5 percent spooked the market a bit and the reaction was seen in the bond market where yields slipped a bit on expectations that the Reserve Bank of India (RBI) would need to be more dovish in subsequent meetings.
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Be careful while betting on midcaps; like Kotak: Dimensions