The Nifty rallied 100 points, closing above 5,300, erasing most of the week's losses, says CNBC-TV18's managing editor Udayan Mukherjee.
A strong session played out on the final trading day of the week. Our market caught up with strong global rallies after a one day gap. The Nifty rallied 100 points, closing above 5,300, erasing most of the week's losses, says CNBC-TV18’s managing editor Udayan Mukherjee.
The Nifty started off with a gap of 70-75 points because we were closed yesterday. While it did not quite participate in the global rally, there was a bit of catch up to play with but after that gap the market actually put on quite a bit of ground and that was always encouraging.
Traders who bought even after the gap up opening made money today and that was the highlight. We closed above 5,300 comfortably so that level was taken out and it looked like the market was getting ready for some kind of a pre-Budget move as well.
Banks did extremely well led by ICICI bank. We had a lot of the capital good names led by L&T doing well. Metal which was getting a real pasting before Holi came back with a bang. Some of the relative defensives like IT and FMCG did not look very strong today.
The market closed virtually at the highs today, despite Europe looking slightly sluggish post the announcement of the Greek deal. So those markets were flat while we were closing trade but that did not stop us from closing at the day's highs which is always a good sign.
The MCX listing was on most traders’ mind today. It started off with a bang at Rs 1,400 that is pretty much the gap that the grey market was talking about. Then we saw some profit taking because the gains were quite substantial and the stock came down to close around Rs 1,296. Even so, it was a very spectacular debut as profit taking did kick in there.
That aside, a lot of infrastructure stocks like Lanco, GVK and IVRCL did extremely well. Some of the real estates stocks were strong, stocks like Sintex, REC, PFC, IRB, many of the banks like Yes Bank, UCO Bank, Dena Bank, stocks like Voltas, MTNL and Jet Airways all looked very smart. Adani Port was the one stock which looked quite weak but otherwise it was a very strong showing from the broader market as well.
So the week which for the first three days was not very good saw today sort of cancel out most of the losses and the Nifty finally closed just about 0.5% down for the week, which is pretty good to go in neutral gear with some positive rub off into the Budget week next time around.
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Economy turning for sure but cant say for mkts: DSP