Pullback not meaningful after Nifty rally, says Udayan

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Pullback not meaningful after Nifty rally, says Udayan

Nifty levels came back down to about 5850, and then that got arrested by the end of the trading session with the closing above 5900. CNBC-TV18’s Udayan Mukhejee says the correction in Nifty to 5850 is not a meaningful one post the 600 point rally.

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ALSO READ See what other CNBC-TV18 anchors have to say Sesa Goa BSE | NSE 30/05/12 Are Mutual Funds betting on Sesa Goa? Other Stocks in this news Idea Cellular | Tata Consultancy Services | Sterlite Industries (India) | Steel Authority of India | Ranbaxy Laboratories | Reliance Communications | DLF | Mahindra and Mahindra | Oil and Natural Gas Corporation | Larsen and Toubro | Kotak Mahindra Bank | Axis Bank | ICICI Bank | Alok Industries | Arvind | Vijaya Bank | UCO Bank | Syndicate Bank | Patel Engineering Company | Suven Life Sciences | OnMobile Global | JSW Energy | Reliance MediaWorks | Mahindra Satyam | KRBL | Rei Agro | Hexaware Technologies | Housing Development and Infrastructure |

Nifty levels came back down to about 5850, and then that got arrested by the end of the trading session with the closing above 5900. CNBC-TV18's Udayan Mukhejee says the correction in Nifty to 5850 is not a meaningful one post the 600 point rally. He also says the midcaps and small caps out performed the large caps by quite a margin on Tuesday.
 
"Some large cap stocks held out - Sesa Goa where the Karnataka Iron Ore export ban was lifted by the Supreme Court jumped 7%, Idea moved quite a bit on speculation of stake changing hands from one of its large investors," he says. Udayan also says that a couple of metal stocks like Sterlite and SAIL did not perform too badly. " TCS had a good day, Ranbaxy was up quite a bit and RComm interestingly on the day when Anil Ambani spoke to the PAC, the stock moved up today," he shares.

In the sector specific stocks, Udayan says, " DLF in real estate, M&M in auto, ONGC , a couple of the infrastructure names like L&T and a few of the private banks like Kotak , Axis and ICICI Bank saw just a touch of correction there."

He further says, "The real action was in the midcaps - 900 advances to 300 declines so good market breadth. Lots of individual clusters like textiles where Alok , Arvind were up quite a bit, some of the PSU banks like Vijaya Bank , UCO and Syndicate Bank were quite strong." He says the big winners were - Patel Engineering , Suven Life Sciences , OnMobile . "Names like JSW Energy , Reliance MediaWorks , Mahindra Satyam , KRBL , many names across sectors did extremely well today," he adds.

On the losers' front, Udayan sees names like REI Agro , Hexaware , HDIL , however, he says, "There are many more winners in the midcaps and small-caps compared to the losers today." Udayan further says Nifty is flat but it is not a bad way to be for this Tuesday. However, he adds, "global markets had just a little bit of soft edge around then as crude remained above the USD 120 mark."