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Aug 13, 2012, 08.22 AM IST
The disturbing thing about the market over the last few days is that while the Nifty has held out the market breadth is not convincing at all, says CNBC-TV18's managing editor Udayan Mukherjee.
It was a very rangebound session fort eh Nifty today. The index moved around 30-40 points through the day, around that 5300 level. However, SBI numbers threatened to take the Nifty below 5,300, says CNBC-TV18’s managing editor Udayan Mukherjee.
Just after the SBI numbers, it looked like 5300 may break down, but that got arrested and the Nifty managed to close flat, well above 5300. The indices were up 2% for the week because of the gains posted in the first part of the week, that’s Monday and Tuesday. SBI was down about 4% after the disappointment in asset quality. Yesterday’s big result candidates Ranbaxy and Tata Motors also came off today. The Bank Nifty also was under some degree of pressure because of the public sector banking names. Of course this was offset in part by HUL and some of the metals stocks which did well. The disturbing thing about the market over the last few days is that while the Nifty has held out the market breadth is not convincing at all. It has turned quite narrow out there and even today there were far more declining stocks compared to advancing stocks. However, that did not matter to the Nifty. Though there were some corrections in names like Kingfisher, IFCI, Alok Industries, Titan, Voltas and in GMR post numbers. All the Indiabulls stocks also declined along with many of the public sector banks. Some stocks held out, including Mahindra Satyam after the good Tech Mahindra numbers. IGL was up and there was some strength in Jain Irrigation, Apollo Tyres, and SKS Micro to mention a few that did well. But overall the breadth was not special today.
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