Today was a very quiet day. We started off with a bit of a gap up of 20 points and then the markets just fell into a bit of sideways groove around the 6000 marks. A few points up and few points down, that’s what it did through the day before closing almost exactly around the 6000 level.
It was helped by some large caps like Bharti, Reliance, Oil and Natural Gas (ONGC), Cairn, Infosys, Tata Consultancy Services (TCS) and State Bank of India (SBI). So, many of the blue chips saw some buying today. That is why the Nifty could close in the green, but a bit of soft bias in Lupin and Sun Pharma, though Dr Reddy’s did quite well after getting rights for an international launch.
The breadth was okay. Midcaps did better than large caps. Stocks that did particularly well today were the gold loan companies like Muthoot and Manappuram after a gold loan report from the Reserve Bank of India (RBI) promised to make things better for those non-bank financial companies (NBFCs).
Other winners today were; Hexaware, Jet Airways as the Etihad deal looks quite imminent right now, Hindustan Construction (HCC), Television 18 (TV18), Jaycorp, United Phosphorus and Indian Hotels. National Mineral Development Corporation (NMDC) was quite soft because of the price cut that they have taken and even Kingfisher looked quite subdued today.
Otherwise, it was just an ordinary session for the market, but we have had two good days on the trot and the Nifty managed to hold 6000 quite well. So, may be it is not such a bad day of trade.
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