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Watch global cues for market's next move: Udayan
It’s not a good day for the market, just about managed to close above 5450. According to Udayan Mukherjee, managing editor CNBC-TV18, there were a lot of influential clusters in the market which started declining. We have to watch the global screen to figure out whether there is even more downside from here
It was not a good day for the market, just managing to close above 5450. According to Udayan Mukherjee, managing editor CNBC-TV18, there were a lot of influential clusters in the market which started declining. The Bank Nifty was down nearly 2%, led by State Bank of India , ICICI Bank , Punjab National Bank and even IDFC .
Infrastructure is also not looking good. JP Associates plummeted to a new 52-week low of Rs 64 today. L&T too has been looking a bit wobbly for the last two sessions. Lanco , GVK and IVRCL had meaningful cuts today.
Telecom, which has been a good performer, has started coming off. Reliance Comm had a 4% fall; Bharti and Idea both were down today.
IT has not looked very convincing either these last few days perhaps because of the global issues. Stocks like Infosys , Wipro , HCL Tech , all looked quite weak. Even metal stocks like SAIL , Sesa Goa , Sterlite and Hindalco closed substantially in the red.
So there were too many sectors weighing against the market today. There was a late surge in stocks like NTPC and ONGC , even Reliance was stable towards the end. But it was not enough to cancel out all the losses from these various sectors.
Amongst the high beta names, Suzlon and Unitech were down. JSW Steel is still not bouncing back. Firstsource looked quite weak on the day of its result and then there were stocks like PFC , Kingfisher , Hexaware , Orchid , which all looked quite weak.
The market breadth was quite bad today. Only 200 advancing shares compare to 1100 declining and that gives you a picture of how bad or shaky the midcap screen looked today.
On the whole, there were very few winners, mostly from the fertilizer's space. Stocks like RCF , Chambal Fertilizers and Nagarjuna Fertilizers did well on hopes that on the 5th August, the finance ministry will endorse the urea regulations plan.
On the brighter side, Crompton Greaves was stable today. Aptech also pulled back a little on talks that promoters might be looking to exit and Ashok Leyland was good on the day it went ex-bonus.
So it was a bad day for the broader market, no question about that. But we have just about managed to close around 5450. Now we have to watch the global screen to figure out whether there is even more downside from here.
