Nifty closes firm after mkt absorbs intra-day volatility

Excerpts from Markets Today on CNBC-TV18 Watch the full show » ALSO READ See what other CNBC-TV18 anchors have to say

It was a good day for the market all things considered, though it could not quite make it to 5,300 level, as it seemed destined for earlier in the day. That  was because a bit of volatility crept in when the Supreme Court ruling came in, reads CNBC-TV18's managing editor, Udayan Mukherjee.

The cancellation of the licenses and fall in some of the telecom stocks led to a momentary dip to about 5,240-5,250, but that got arrested. Then the market got pretty balanced out in the second half of the session and managed to close at 5,270 levels.

On telecom the reactions were disparate, Bharti and Idea on expectations that this ruling would benefit them in terms of spectrum allocation and better ability to price their tariffs, those stocks went up. But stocks like Reliance Communications, Unitech and TTML closed on the loosing side today.

Other notable winners included the metal names like Sterlite, Sesa Goa and Hindalco. HCL Tech and Wipro also did quite well. IDFC was as loser and some of the pharmaceutical stocks in the large cap space did not do very well.

Midcaps did okay. Hexaware was the star today with very good set of quarterly earnings and the stock jumped quite a bit. Some good gains were seen in Crompton Greaves continuing. Aban, Sintex, ITI and Educomp were some of the other stocks, which did well.

On the losing side, Ashok Leyland had a bad fall after a disappointing earnings and Delta Corp did quite badly as well. Mahindra Satyam after a positive start fizzled off as the market did not like the top line number delivered in the current quarter.

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