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Oct 09, 2012, 08.17 AM IST
Udayan Mukherjee, managing editor, CNBC-TV18, says that today it was not a good session of trade. The market started with a modest cut.
Udayan Mukherjee, managing editor, CNBC-TV18, says that today the market started with a modest cut and the opening was flat, but as the day progressed it was clear that global markets were in corrective mode and generally there was an air of profit-taking after the recent up move in the market throughout the session today.
A combination of profit-taking and weak global sentiment dragged the Nifty down today to around 5670-5675 level. The rupee also closed around 52.36-52.40. DLF plunged 7.7 percent due to recent Robert Vadra controversy. Reliance was down nearly 5 percent post downgrade by Morgan Stanley. In the infrastructure space names like L&T , BHEL , JP Associates and Reliance Infra were down today. Public sector banks like BOB , PNB and SBI were weak and vulnerable to a correction. In IT space stocks like Infosys , HCL Tech and Wipro were down today. Except Bharti and Sun Pharma there were fewwinners in the Nifty. Outside the index, telecom stocks rose in late trade on account of the EGoM decision which came in. So stocks like Reliance Communications , Idea and Tata Tele were up. There were few winners like Tata Global Beverages , Balaji Telefilms , Eveready and Bharti Shipyard. In the UB Group space, stocks like United Spirits , UB Holdings and Kingfisher were sharply down . In real estate stocks like HDIL and Indiabulls Real Estate lost some ground. Stocks like Renuka was down, and Pantaloon, Apollo Tyres and Titan did not do very well today.
Though, the breadth was not too bad and the mid-cap index fell less than the Nifty it was still not a great outing for mid-cap stocks today. While we were closing trade the global markets looked quite weak.
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