Stable start to this week; broader mkt performs well

The market witnessed a quiet, but stable start to the week. Last week, one could see a bit of a pull back on Friday and that mood continued through today. The market also got a bit of a leg up from the fuel price hike, which kicked in over the weekend.

For most of the day, the Nifty was holding above 5900, but then there was a bit of a late slip and it managed to hold that level for close, said Udayan Mukherjee, managing editor, CNBC-TV18. Below is the verbatim transcript of Udayan Mukherjee's analysis There were some stock specific movements, but overall there was not much to report from the large cap universe. DLF was the star, the company’s maiden investor conference saw some good participation and upgrades coming in from a lot of brokerages. Infrastructure which has been getting a pummeling throughout the month of February is pulling back a bit. Stocks like Larsen and Toubro (L&T), GMR, Bharat Heavy Electricals Limited (BHEL), Reliance Infra, JP Associates were all up today. Tata Steel also did well today. On the flip side, Oil and Natural Gas Corporation (ONGC) and Coal India had lackluster sessions and that sort of pulled away a little bit from the index. It was not a bad day for the midcaps as the breadth was positive. The midcap index did much better than the Nifty. So, it was not too bad. Hopes of some news coming through soon on the policy front from the sugar sector led to good performance from Shree Renuka, Bajaj Hindustan and Balrampur Chini. From the public sector basket, stocks like Metals and Minerals Trading Corporation of India (MMTC), State Trading Corporation of India (STC) and Hindustan Copper looked quite lively. Other stocks which were on the radar included Hexaware, Kingfisher, Dish TV and HDIL. On the losing side, Jet Airways came off quite sharply on news that some renegotiation and restructuring of the Etihad deal was on the cards. TV18 had another bad day. Geodesic was not strong and Tulip Telecom also fell somewhat. It was mixed day, but overall one would have to say that it was a good day for the broader markets than what it has been for the last couple of weeks.