The Indian market on Tuesday was volatile, though it started off flattish. Udayan Mukherjee of CNBC-TV18 said, not much repair happened from Monday’s big sell-off and only the market only stabilised a bit.
The market on Tuesday was volatile, though it started off flattish. It then rallied followed by a sell-off and kept on fleeting between the green and the red. It came off the highs of the day and closed below 6000. Not much repair happened from Monday's big sell-off and only the market only stabilised a bit.
The day started with Ranbaxy sliding quite a bit on the US settlement but by the end of the day it was the biggest winner in the index up about 3 percent. Sun Pharma also did well and a couple of oil and gas names like Oil and Natural Gas Corporation (ONGC) and Gas Authority of India Limited (GAIL) also helped the index stay in the green. However, not all was good. Dr Reddy's came off after an average set of results. Bharat Heavy Electricals Limited (BHEL), JP Associates, and HCL Technologies were also down.
The market breadth was not special today, though very stock specific. Aptech and Sparc Systems rallied post impressive results. Reliance Communications did well, Bank of Baroda and Federal Bank did not do too badly, but on the other hand HT Media sold off. Numbers were lackluster but more disappointing was the very meager buyback that the company announced today and that might have disappointed the street. The stock was down 12 percent.
Other losers include Amara Raja Batteries after disappointing results, Tata Global Beverage and Reliance Capital. However, a very patchy and stock specific day, overall it was just a day of respite after Monday’s fall and completely flat lining for the index.
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Mkt at its peak, see good correction before Jan 31: Quantum