Uneventful day and a flattish trade, sums Udayan Mukherjee

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Uneventful day and a flattish trade, sums Udayan Mukherjee

The market indeed had a very quiet session today. CNBC-TV18’s managing director, Udayan Mukherjee says that it was always expected that it was going to be range bound today. Half of the global markets were shut anyway, and the Nifty started off quite flat.

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The market indeed had a very quiet session today. CNBC-TV18's managing director, Udayan Mukherjee says that it was always expected that it was going to be range bound today. Half of the global markets were shut anyway, and the Nifty started off quite flat.

In the middle of the day, post the Bajaj Auto disappointment, we saw the Nifty slip below 4600, but that got arrested and it managed to pull back in the second half of the trading session, however, closing on a very flattish note today.

The market breadth was not special and volumes remained extremely subdued around that Rs 70,000 odd crore mark, clearly indicating that a lot of people are still away from the markets.

Today's big story is the fall that we saw in the two-wheeler stocks- Bajaj Auto and TVS Motors after disappointing monthly sales numbers that were well short of expectations. The other autos like Tata Motors and Maruti did much better.

The Nifty was held up by stocks like ICICI Bank , ONGC , TCS and HCL Tech , but on the flip side, Sesa Goa and Hindalco had bad falls today. Some of the banking names like Kotak Mahindra Bank and Axis Bank also looked quite sluggish.

Outside the index, Coal India stood out, that has a very good run, and some of the beaten down names like GVK , JSW Steel and Jain Irrigation also had reasonable pullbacks today.

GMR , IRB , Arvind Mills and Aban Offshore were some of the stocks which did not do very well, anyway, it was a very uneventful session.

The rupee started the day above the 53 mark and closed around there, having spent the entire day in a fairly weak mode.