No harm to rally, but volatility has crept into mkt: Udayan

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

Despite some intraday volatility on account of Europe, the Nifty closed steady around 5360, adding another 40 points. It wasn't a big momentum dash today, but it also soaked in a little bit of volatility towards the afternoon, particularly when Europe fell about 1% because of the confusion in Greece over lack of resolution. CNBC-TV18's managing editor Udayan Mukherjee says that although no harm has been done today, a certain amount of volatility has crept in to the market.

Today's winners were cement stocks, namely ACC and Ambuja which looked very good. Some of the banks like SBI and ICICI Bank continue to move higher. We have had a rally in SAIL and some of the capital good names like BHEL, JP Associates and L&T. TCS also gained towards the end.

HUL did well post the earnings but then slipped to close 3.5% down in a sudden bout of weakness. It slightly baffled the market, but perhaps that weakness came in because of profit taking post the event. The real weakness was in Tata Power today because the market is expecting fairly poor earnings in a few days. The stock was down 6%. Reliance too was not very strong and it reacted from that Rs 850 level.

The breadth was good; about 3:1 for most part of the trading day. Europe as I said was a little volatile and the rupee came off to about 49 today so that saw just a little bit of weakness. But midcaps were strong with real estate the strongest sector there with names like Unitech, HDIL, Kolte Patil, Indiabulls Realty and DB Realty all putting substantial gains. Couple of banks like Dena Bank and Union bank looked very smart. Sintex was good today, REC had a good rally, India Infoline gained 20% after encouraging numbers and SKS Micro was up on the news that they securitized some of their assets to raise some money. Some of the travel stocks like Thomas Cook and Cox and Kings also looked quite good.

On the way down Nalco did poorly post results. They were disappointing results and Tata Global Beverages and Mahindra Satyam were stocks which did not close very well. But all in all a reasonable day for the market, particularly for the broader market you would have to say so no harm has been done to the up move though a little bit of volatility has crept in.

Watch the accompanying video for more details..