Niftys 6000 a coincidence; part of global rally: Udayan

It was a good day of trade and it was always going to be, because early in the morning, India time, the US fiscal deal was passed by the House.
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Jan 03, 2013, 08.43 AM | Source: CNBC-TV18

Nifty's 6000 a coincidence; part of global rally: Udayan

It was a good day of trade and it was always going to be, because early in the morning, India time, the US fiscal deal was passed by the House.

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Niftys 6000 a coincidence; part of global rally: Udayan

It was a good day of trade and it was always going to be, because early in the morning, India time, the US fiscal deal was passed by the House.

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Udayan Mukherjee (more)

Consulting Editor, CNBC-TV18 |

It was a good day of trade and it was always going to be, because early in the morning, India time, the US fiscal deal was passed by the House. The Senate had cleared it earlier but the House was the tricky one. Though it got through through, there are still niggling issues in terms of the debt ceiling and the spending cuts which need to be passed by the end of February or March 1.

For now, the markets globally heaved a huge sigh of relief and India participated in that rally. It was coincidence that 6000 was on the cast today. There was a bit of hesitation for the market initially, but eventually managed to touch that or trade above that and close just below that 6000 level by the end of the day.

Also Read: Nifty @6K: RBI policy next trigger; hold longs, say experts

Some stocks really performed well. Bharat Heavy Electricals Limited (BHEL), Jaiprakash (JP) Associates, Infrastructure Development Finance Company (IDFC) and Larsen & Toubro (L&T) from the infrastructure basket did well as did names from oil and gas sectors, like Oil and Natural Gas Corporation (ONGC) and Bharat Petroleum Corporation Limited (BPCL). Bajaj Auto and Maruti from autos and the banking stocks once again were good. Bank Nifty was up, yet another percentage point and that has had the mantle of leadership for the Nifty.

IT was subdued and so was FMCG. So, the Nifty could not quite concur with the 6000 mark on a closing basis, but it did quite enough today. It was a day of midcaps, but we had clusters like media performing well. Stocks like Network18 and Television18, some of the jewellery stocks like Gitanjali and PC Jewellers all quite active.

Infrastructure stocks like Gammon Infra and Hindustan Construction (HCC) also looked quite good today. However, it was more global in nature as the Nifty negotiated 6000.

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Niftys 6000 a coincidence; part of global rally: Udayan

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