SENSEX NIFTY
Jul 12, 2012, 08.23 AM IST | Source: CNBC-TV18

Midcaps perform as market stays range-bound, boring:Udayan

CNBC-TV18's managing editor Udayan Mukherjee explains that today the market was range-bound very much like yesterday. The only difference was that the market had a positive bias throughout the trade, circling over the 5,150 mark in trade.

CNBC-TV18's managing editor Udayan Mukherjee explains that today the market was range-bound very much like yesterday. The only difference was that the market had a positive bias throughout the trade, circling over the 5,150-mark.

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The morning started with Reliance Infra and Tata Power doing well on the back of a substantial hike in power tariff in Delhi which spread to companies like PFC and REC . Other winners include IDFC , Tata Steel and some technology companies.

Tata Motors was down 3% on Citi downgrading BMW citing weak demand conditions in the European market, which is critical for JLR. Kotak Mahindra Bank had a bad day and JP Associates was a bit lacklustre.

The midcaps were okay with stocks like Manappuram doing well. Media stocks also did well in the last few days and TV18 also did very well today.

United Phosphorous , a few sugar stocks like Renuka , Dhampur , Balrampur and pharma stocks like Orchid and Wockhardt were also on the winning list. Hindustan Motors also a big winner today, but in the small-cap segment.

The losers were led by Kingfisher , Educomp struggled and YES Bank and Pantaloon recorded very dull sessions.

The rupee spent most of the day above the 57-mark to the dollar as the euro continues to remain weak and the dollar inched ahead on the eve of the Euro summit. Overall, it was forgettable day for the market - boring, quiet and extremely range-bound despite expiry day tomorrow.

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