Today was a difficult day of trade, says Udayan

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Today was a difficult day of trade, says Udayan

It was a difficult day of trade today, but CNBC-TV18’s managing editor Udayan Mukherjee says that the end was not as bad as it could have been.

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

It was a difficult day of trade today, but CNBC-TV18's managing editor Udayan Mukherjee says that the end was not as bad as it could have been. The market started with a big gap down; it went and spent quite a bit of time below the 5400 level. But towards the end, the Nifty managed to claw back above that 5400 mark, closing at 5404.

The stocks which helped the Nifty back were some of the previously beaten down names like SAIL and Sesa Goa from the metal related space and ITC . Reliance Infra clawed back somewhat, but there were lots of losers and prominent ones at that. L&T has been coming off quite a bit for the last couple of days and closed nearly at Rs 1650 today and that hurt the index quite a bit. A couple of the private banks like Axis Bank and ICICI Bank were also down. Even some from the auto sector like Tata Motors , M&M and Bajaj Auto did not have a good session. TCS was not strong today, neither were large cap names like Reliance or JSPL .

Then there were the two result candidates. Bharti 's numbers were sort of tepid due to which the stock came off a couple of percentage points. DLF numbers were also quite lackluster last evening and that also got a bit of a negative thumbs down from the market.

The breadth was good actually relatively speaking. It started off with about 1:5 and then closed at about 1:2, so the decline advance line closed quite a bit by the end of the trad. The midcap index also pulled back quite a bit from the lows of the day, down just about 0.25%, which is not bad given the kind of global cues we had today which were quite bad. So the broader market did not have any major scars.

A few other underdogs pushed their way up today. Lanco was up 10% today; that is a sharp comeback. JSW Steel also had been hammered for the last couple of sessions, but had a strong come back today. There was some buying in Praj Industries , S Kumars , Orchid Chemicals and Kingfishers Airlines just to mention a few.

But not every midcap was lucky. IVRCL had a bad session and Power Grid was hammered down today. Ashok Leyland was down after lackluster numbers this month. From the IT space, Mahindra Satyam and Hexaware looked a little weak today, as did names like Jain Irrigation and Titan .

All said, it was not a great closing. 50 down on the Nifty, but you can still say that it could have been worse the way the markets opened up today. Hopefully there has been a bit of buying below the 5400 mark today.