No New Year fizz at the market this time: Udayan Mukherjee

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No New Year fizz at the market this time: Udayan Mukherjee

The market has had a very quite start to year this time. After a low volume trade took the Nifty higher intra-day, it has notw come back to where it closed on Friday.

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The market has had a very quite start to year this time. Volumes are on the lower side and despite the early slip that we saw in the middle of the trading session, it has got arrested, reports Udayan Mukherjee, managing editor, CNBC-TV18.

The Nifty has come back to levels it closed on Friday and is hovering around the 4,620-4,625 mark. Mid-day, it did slip a bit below 4,600 level, but it got arrested partly because European equity market opened up quite well today.

Large caps such as ICICI Bank and ONGC are seeing quite some pullback in trade today. Technology names like TCS and HCL Tech have contributed to supporting the market up move. Also, some of the autos- Tata Motors and Maruti - have not done too badly either.

The disappointment clearly has been Bajaj Auto today. After a bad December sales numbers and growth guidance cuts, that stock has taken a deep dive. Any serious recovery seems a little far-fetched at this point. So Bajaj Auto is 7% down for now.

Some of the metal stocks such as Sesa Goa and Hindalco have also had a fairly bad session today.

The midcaps situation is not too great. The index is down about 0.5% and the advance decline ratios are also pretty mixed.

Bear names like TVS Motors , in keeping with the Bajaj Auto performances, had a bit of a dive today. But all said, it's still a flat session for the market; nothing meaningful around that 4,625 mark. The Sensex is just about hovering 27 points higher.