CNBC-TV18’s Udayan Mukherjee says the market reaction after a good run hasn’t been too alarming. He also says that the midcaps corrected more than the large-caps, and says “It was a flat week for the Nifty, on the Sensex despite 1.5% fall, the midcap index still managed to close the week up 2%.”
CNBC-TV18’s Udayan Mukherjee says the market reaction after a good run hasn’t been too alarming. He also says that the midcaps corrected more than the large-caps, and adds “It was a flat week for the Nifty, on the Sensex despite 1.5% fall, the midcap index still managed to close the week up 2%.”
Below is a verbatim transcript of CNBC-TV18’s Udayan Mukherjee’s report. Also watch the accompanying video.
After a good run and three days of sideways movement, along with the price of crude soaring to USD 124 per barrel, the market reaction wasn’t unexpected. The reaction is not alarming, 40 to 50 points on the Nifty is on par for the course after a 600 point rally. The volumes did not pick up on the way down. Hence, it was volumes to get the Rs 1 lakh 10 thousand crore, which was not exceptional at all. However, some profit taking in the names, which had gone up like — JP Associates , the metals like Hindalco and SAIL , some of the autos like Tata Motors , Maruti , Hero Honda and a few of the ADAG names like Reliance Power , Reliance Capital and R eliance Infra were down today.
A couple of the largecaps names like Reliance , State Bank of India , ONGC and NTPC were also a bit soft and those were the names that actually put the Nifty under a bit of pressure on Friday. On the winning side, Suzlon has had a good session that’s been quietly creeping up, Bharti did well and so did ITC .
The broader market corrected more. So, it wasn’t the days when the Nifty was lackluster and midcaps did better. In fact midcaps corrected more than the large-caps with the index down more than 1.5% and the advance decline ratio been quite negative 300:1000.
We had a few winners like S Kumars and Provogue and in the textile space, we had Hindustan Zinc doing well, Mahindra Satyam was a winner, Dish TV did not do too badly, Praj Industries was good. However, more losers than winners clearly and the whole infrastructure space that had been rallying a lot over the last few sessions — GMR , GVK , IVRCL , SREI Infra were the names that were corrected. Arvind did not do well from the textile space. Delta Corp and India Infoline were two liquid stocks, which did badly and a few of the banks — Dena Bank , Karnataka Bank , Andhra Bank , Vijaya Bank those were down.
The Bank Nifty was a bit soft. Ashok Leyland and REC are two names, which deserve mention of stocks that also slipped. It was a flat week for the Nifty, on the Sensex despite 1.5% fall, the midcap index still managed to close the week up 2%, which gives us a sense of how strong the recent outperformance for the last few days has been for midcaps and small-caps.
Set email alert for
ADS BY GOOGLE
video of the day
Rate cut no reason to buy realty; like autos, banks: Emkay