Nifty keeps its feet up, all hopes now pinned on earnings

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Nifty keeps its feet up, all hopes now pinned on earnings

Nifty has been meandering around yet again today with no great thrust on the way up or on the way down. "However, the next few days are looked upon as we get closer to the earnings season. It is crucial is see whether we get a more decisive thrust from thereon,” held CNBC-TV18’s Udayan Mukherjee.

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

Nifty has been meandering around yet again with no great thrust on the way up or on the way down. It seemed to get closer to 5,600 levels for comfort, however, the fall got arrested intraday and it managed to close around 5,630 levels.

"It has been an ordinary session as market is still consolidating and catching its breadth. The next few days are looked upon as we get closer to the earnings season. It is crucial is see whether we get a more decisive thrust from thereon," held CNBC-TV18's Udayan Mukherjee

Two large-cap stocks - Reliance and BHEL led the drag in the market today. "Reliance is still reeling form adverse news flow and had a closing below Rs 850 yet again. The Follow on Public Offer (FPO) of BHEL is around the corner and is coming off again. Therefore, today BHEL closed at around the Rs 1,950 levels, down by about 4%," Udayan observed.

The newsmaker Cairn India staged a recovery post the announcement of the deal and the stock came down by 3% today. The ADAG group names like Reliance Communications and Reliance Infra too were not strong today. DLF gave up some of yesterday's gains and the FMCG twins - ITC and Hindustan Lever were quite subdued.

Winners for the day:

SAIL and State Bank of India did well today  Sterlite had a rally and Ranbaxy too looked pretty good. However, midcaps sort of lost their zing from the last couple of days. "The breadth was sliced down in the middle, same number of advancing and declining companies. The midcap index also closed in the red," Udayan briefed. 

Ashok Leyland saw strong monthly numbers to make it to the winners list. Midcap IT names like Hexaware , Firstsource and Mastek too did well. GTL Infra , Lloyds Steel on rumours or talks of possible business moves did well today. " Mahindra Forgings , Castrol and Amara Raja from auto sector did well, Jubilant Foodworks bounced back, Voltas and MOIL were two other names which stood out today," Udayan added.

On the downhill today

Three sectors were on a way down today, including public sector banks like - UCO Bank , Vijaya Bank and Dena Bank , which drifted lower. Infrastructure companies like GVK , GMR , and IVRCL were also down. Frontline media companies Zee TV , Sun TV were both down and even Dish TV lost some ground today. Renuka Sugars gave up some ground after the rally of the last couple of days. Idea and Crompton Greaves were among the relatively large-cap names that also looked sluggish.