Udayan wrap: Power rally has Nifty touch 5600, then retreat

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The Nifty touches 5600 in early trade before witnessing some volatility ahead of the long weekend but still closes up more than 3% for the week. It wasn't a bad day for our market, says CNBC-TV18's managing editor Udayan Mukherjee. It just came off a little bit towards the end and understandably so as it is going into a long weekend. Not to forget, the Greek resolution coming up on Monday.

Traders might have chosen to take some profits which is why the Nifty could not quite close at the highs of the day because early in the session, it touched 5,600 for the first time since July 2011. The morning momentum was tremendous but there was volatility towards the end of the session today. It still managed to close about 40 points higher for the day though.

The star today was BHEL on hopes that the recent Supreme Court ruling paves the way for BHEL getting large orders from NTPC. That took the stock 13% higher in the morning but it still managed to close up in spite of giving up some of its gains. L&T was strong as well.

Sterlite had a good day. A lot of the banks like Axis and SBI continue to post gains. Power stocks like Tata Power, NTPC and Reliance Power continue to move ahead and Reliance Communications was good today. Autos corrected somewhat. Names like Maruti and Bajaj which had run up quite a bit saw some profit taking. Sesa Goa, despite being up quite a bit in the first half of the session saw a bit of a U-turn in the second half of the day.

Midcaps were good though, the market breadth closed out a little bit towards the end. Still some strong performances from names like Lanco, GVK, Adani Power, JSW Energy and even infrastructure names like Nagarjuna Construction, Hindustan Construction, GMR, IVRCL so that was really the hot spot in trade today. GTL and GTL Infra did well.

On some restructuring of balance sheet expectations and news, MTNL, the forgotten stock managed to bounce back today. Eveready was strong. Titan, Apollo Tyres and BGR Energy had a good session. On the breadth, there was some profit taking towards the end in a few names like Dish TV but otherwise it was pretty good for midcaps. So it's been a very good going for the market which has now reached 5,600 from the lows of 4500 in December.