Euro turbulence, Tata Motors & Re drag mkt down: Udayan

CNBC-TV18's managing director Udayan Mukherjee explains that the day's difficult trading session was due to Tata Motors disappointing performance, turbulence in Europe and a further fall in the rupee.

In his analysis of the day's trading session, Udayan's thin list of winners includes bank stocks like ICICI Bank, cement stocks like ACC and Ambuja, and Mahindra & Mahindra. Below is an edited transcript of Udayan's analysis on CNBC-TV18. Also watch the accompanying video.
It was a difficult day of trading and the session never got off to a good start. The morning was sluggish and as the day progressed, the whiff of turbulence in the global markets, no recovery in the euro against the dollar and European markets starting weak, was enough to drag the market lower.
Of course, Tata Motors was the big disappointment today. It's the stock that received the first jolt when JLR's monthly results came in a few days ago. But after the performance of its margins on Tuesday, the stock was expected to start weak.
The stocks started the day 7-8% lower and then closed 12% down, the biggest fall of Tata Motors in recent times and this was one of the low points in the day's session.
Bank stocks also looked quite weak - stocks like ICICI Bank took off from where Europe was trading. A handful of stock-segments like cement - ACC and Ambuja - did not do too badly and Mahindra & Mahindra, after posting reasonable results, closed flattish. Otherwise, it was not a great day for large caps.
Midcaps too posted average performance. Kingfisher continued to drift weak on all the issues surrounding it and the stock was down about 8% today. Stocks like BGR Energy, Suzlon and Delta Corp, looked quite weak. GMR and Renuka Sugars started off quite weak in the morning after posting sub-par results.
The rupee too wasn't in form today. It finally drifted down lower to 56 to the dollar again, negating most of the gains made in recent days. Overall, it was not a good close for the market after all.