Selling pressure grips mkts; banking, telecom stocks shine

Excerpts from Markets Today on CNBC-TV18 Watch the full show » RELATED NEWS Indian stocks may open flat; Jubilant lists today: Udayan Jubilant Foodworks fair value at Rs 160 plus: Udayan ALSO READ See what other CNBC-TV18 anchors have to say Nifty BSE | NSE 10/02/12 Are Mutual Funds betting on Nifty? Other Stocks in this news Bharti Airtel | Reliance Communications | Tata Steel | Hindalco Industries | Lanco Infratech | Indiabulls Real Estate | Fame India | Alok Industries | Core Projects & Technologies Ltd | Shree Ashtavinayak Cine Vision |

It was a very volatile trading session for the markets. The Nifty fell below 4,700 after swinging between an intraday low of 4,670 and a high of 4,800 before ending the day flat. A strong European market helped to pull up the Indian indices. Banking and telecom stocks saved the day, but metals bled under heavy selling pressure. Among individual stocks, Jubilant FoodWorks was the star after its spectacular lsiting. Volumes of over Rs 1,10,000 crore were clocked in. Jubilant Foodworks got off to a spectacular debut, and gained more than 60% on its IPO price.

The start was tepid and flat, pretty much in line with the rest of Asia. Then we had a mini selloff and then the market went down well below 4,700. In fact at one point it was just a few points away form its 200 DMA at 4650. Europe opened up pretty smart more than 1% higher and that led to hopes that the nerves had stabilised from last week's jitters.

That sparked off a big recovery intraday from 4,680 all the way upto nearly 4800. So almost a 120 point intraday pullback point to point on the Nifty. But the market couldn't hold on to it. In the last half an hour of trade there was once again some supply at higher levels and the Nifty gave up the gains posted in the second half and closed absolutely flat around the 4,750 mark.

So a lot of intraday volatility but finally on a closing basis quite flat. And because of the volatility we saw quite a bit of volumes today well over Rs 1 lakh ten thousand crore so volumes were on the brisk side, the market breadth was okay, nothing spectacular.

We did have a few stocks notably Jubilant FoodWorks which on that Rs 145 issue price put on some 60% to close around the Rs 240 mark. This is one of the best listing we have had in a long time.

But for the largecaps upfront, Bharti and R Com did well today. In telecom, Lever had a good pullback of 2% and we had some of the banks not doing too badly in the largecap universe. The biggest drag were the metals stocks led by Tata Steel and Hindalco today.

Among other winners in the midcaps or outside the index, Lanco stood out, Indiabulls Realty looked very smart. There was a bit of nervousness on Inox because of the way the story is progressing. But Fame India remains stuck in circuit.

Alok Industries and Core Projects were two other stocks which did pretty well. Ashtavinayak had a bad session that stock either hits an up circut or a down circuit nowadays. So today was one of those down days.