Aug 02, 2011, 08.18 AM IST | Source: CNBC-TV18

Sticky pullback today; market lacks conviction, says Udayan

According to Udayan Mukherjee, managing editor of CNBC-TV18, today looked like it would be a day for a relief rally because the debt deal had come in overnight. We got our own push up of 60 odd points on the Nifty, but it did not quite build on that or even hold that during the course of the day.

According to Udayan Mukherjee, managing editor of CNBC-TV18, today looked like it would be a day for a relief rally because the debt deal had come in overnight. The markets were reacting in Asia in the morning and Europe also started of pretty well. We also got our own push up of 60 odd points on the Nifty, but it did not quite build on that or even hold that during the course of the day.

So it was a sticky kind of a pullback. The Nifty was lucky to close just above that 5500 level, up only 30 points. So the market still lacks conviction.

Today, the metals pack was singled out for punishment. SAIL was down 5% after posting very disappointing numbers. Companies like Sesa Goa , Sterlite , and JSPL particularly looked quite weak. Even Hindalco was down today

On the back of rumours of a possible USFDA resolution on one of their key plants, Ranbaxy had a good session today. Other companies on the winning side include ONGC , L&T , and IDFC . But, Reliance Capital and Lanco not look good today.

The market breadth wasnt convincing; we had more declining names compared to advancing stocks. Volumes too were lackluster today, though we had a few good winners like TVS Motors after promising numbers. Suzlon also looked good today because of promising numbers. Idea continues its good run and Adani Enterprise s managed to bounce back after the clarification from the company. After the big deal with Holidaybreak, Cox & Kings continues to do well and Hexaware in the midcap IT space has had a good run too.

JSW Steel was a stock which was singled out for punishment today. Due to mining scam fears, that had a big 9-10% fall today after being very badly hit over the last two sessions as well. Along with JSW Steel, Ispat also came off today.

Another company that is just not bottoming out is Crompton Greaves . It looked for a moment like it was pausing around Rs 170-175, but its starting to fall off again and today closed below Rs 160. So that stock continues to get hurt. Delta Corp , Sun TV and Aptech were some of the other liquid names which closed in the red today.

On the whole, it could have been a very eventful session given the global news. But it turned out not to be that for the Nifty. Lets see how the US markets close up tonight and that can give us fresh cues tomorrow morning.

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SAIL Sesa Sterlite Sterlite Ind
Jaiprakash Ind Hindalco Ranbaxy Labs
ONGC Larsen IDFC
Rel Capital Lanco Infratech TVS Motor
Suzlon Energy Idea Cellular Adani Enterpris
Cox & Kings Hexaware Tech JSW Steel
Crompton Greave Delta Corp Sun TV Network
Aptech

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