Nifty forming narrow 100 point trading range: Udayan

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

The market has been ranging and consolidating over the last four-five sessions, but it's not lost too much ground. It's still sticking to that 5400 level, but is finding it difficult to wade past that, says Udayan Mukherjee, managing editor at CNBC-TV18. Right now it's just forming a very narrow 100 point kind of trading range.

The action has become very stock and sector specific today. For example we saw some earnings related cuts in stock prices like State Bank of India, SAIL and Tata Power because of their numbers which could have been interpreted as weak. L&T, Ambuja and Wipro also did not do very well.

Conversely, Sun Pharma had a very good set of numbers and the stock went up. Reliance Infra had a good day, Sesa Goa, Kotak Mahindra Bank and HUL had a good session. Coal India post results did not do too badly either, so it was very stock specific.

Ditto in the midcap space where Suzlon fell after disappointing earnings. GATI, Hathway, Pantaloon, Lovable Lingerie and VIP were examples of stocks which did not do very well today.

On the flip side, Crompton Greaves tops the chart of stocks that did well. Jet Airways had a good day as did Indiabulls Finance and IFCI from the NBFC space. Nagarjuna Construction today came back from the losses of last week.

Some fertilizer stocks like RCF also did not have a bad session. DLF and Reliance Communication started weak in the morning on the back of poor numbers, but they managed to recover by the end of the trading session.

All in all the market is still marking time for the last 5 days. After the phenomenal run of January and the first week of February, the market seems to have entered some kind of consolidation groove.

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