Market closes 4.5% higher; PSUs, midcaps lead rally: Udayan

CNBC-TV18's managing editor Udayan Mukherjee explains that the day's session has been good closing 55 points up at around 5880 to end a good week for the market.

It has also been a very good week for other segments of the market like the Bank Nifty which is up six percent. The midcap and the small-cap indices have also done quite well- rising 4.5 percent for the week- which is quite impressive for both the Sensex and Nifty.
Interestingly, the CNX Midcap 100 is also up as much as the Nifty posting a rise of 4.5 percent. Bharat Heavy Electricals Limited (BHEL) and the Oil and Natural Gas Corporation (ONGC) were the stars on the Nifty on Friday.
Interestingly, metal stocks like Jindal Steel and Power Limited (JSPL), Hindalco and Tata Steel posted a comeback and that may indicate a touch of short-covering in that segment.
The Infrastructure Development Finance Company Limited (IDFC) has done well. A lot of public-sector banks like the Bank of Baroda, the Punjab National Bank (PNB) and even the State Bank of India (SBI) have put their hands up today. Kotak Mahindra Bank stood out in the private-sector banking space by posting a very good run.
The Index could have done better had it not been for two stocks- Hindustan Unilever (HUL) and Tata Motors as both were quite sluggish on Friday. This list of losers also includes Maruti and Bajaj Auto, indicating that after Thursday’s big move there has been some profit taking in the auto segment.
Turning to the midcaps, there have been some spectacular performances today in the segment, with the midcap index moving 1.2 percent up and recording 900 advances to 600 declines. That's very good going.
The big stars are stocks like Suzlon, GMR, GVK, Lanco - all those beaten down infrastructure stocks have come back with a bang.
Some of the smaller bank-stocks like Karnataka Bank, Development Credit Bank (DCB), and South Indian Bank also had good rallies today.
Media stocks like PVR and TV18 have done quite well. Renuka, in the sugar space, stood out as did United Breweries which had a good move today. For the last couple of days, United Spirits has being witnessing a degree of consolidation and profit-taking.
Tata Teleservices (Maharashtra) Ltd (TTML), which was a very excited stock on Thursday on expectations of Uninor picking up a stake, reacted adversely to close 3 percent down today.
So, its been a great week for the market, closing 4.5 percent higher after being range-bound for two months on the trot. So, this week has been, in effect a breakout week, there's no question about that.
The volumes are also not bad today. Of course, it is futile to expect yesterday's volumes which on expiry day, was close to Rs 4 lakh crore, but ended today at Rs 1.65 crore.