Mkt post surprise gains; positive breadth encouraging

Contrary to expectations of pullback of sorts, the Indian equity market started off on a good note and then kept on building on it. CNBC-TV18's managing editor Udayan Mukherjee says there was a touch of volatility just before the GDP numbers came in, after which the markets consolidated, but quickly went up again to close virtually at the highs of the day at 5880—just a whisker away from that 5900 level. In a clear breakout pattern, that has been formed this week, forming a new 2012 high on intraday closing and weekly closing basis as well.

Also read: Also read: Upbeat mkt mood doubtful; go selective on stocks: Experts
The market went up 4.5 percent during the week; today it was up 1 percent. It was the public sector banks, which had underperformed in the last series, which did well. BHEL, ONGC, BPCL, all those PSU banking stocks, were up quite a bit and surprisingly some of the steel companies like Tata Steel and JSPL also did quite well, says Mukherjee.
There were some losers in HUL, Ranbaxy and some of the frontline auto companies like Tata Motors, Maruti and Bajaj Auto—that kept a little bit of a lid on the Sensex and Nifty otherwise it could have been better.
Today, the good thing is that the breadth was very strong—2:1 the advance decline ratio and midcaps actually did better than the largecap names. Individual names like PVR continued to do very well after the deal yesterday. Suzlon was up quite a bit. Renuka Sugar and many of those smaller banks like Karnataka Bank, South Indian Bank and DCB were quite smart.
The real flavour was in infrastructure, stocks like GMR, GVK, Lanco, IVRCL—these were names, which did particularly well today.
On the losing side TTML gave up some of yesterdays gains. United Spirits was a bit weak and Zee also gave up some ground. Otherwise, it’s been a really good week for the market, particularly for the Bank Nifty, which went up 6 percent over the last five sessions.