Volatile session, market ends in green: Udayan

Udayan Mukherjee, managing editor, CNBC-TV18, says that today the market started on a recovery note after yesterday’s fall because Asian markets were much better, but the market did not build on that gain in the morning.

In fact, the Nifty hovered around 5700, dipped a bit once in the afternoon, but then managed to come back from that and close around 5700 level. There there was some intraday volatility today, but at the end finally bailed out by stocks like Infosys, L&T, ICICI Bank and pharmaceuticals, which was a star sector today with stocks like Sun Pharma, Dr Reddy's, Cipla and Lupin all closing well in the green.
Stocks like BHEL, Bharti and Hindalco were down. Bajaj Auto reacted to the reduction in the duty drawback, which was announced yesterday.
Stocks in the mid-cap space started with strong gains in the morning, but towards the end of the session the advance-decline ratio leveled out. Stocks like United Spirits and UB Holdings bounced back from yesterday's fall. IVRCL and Eveready had a good day. Manappuram, Sintex, Dish TV, PFC, REC and MCX were some of the winners today.
The other telecom stocks in line with Bharti like RComm andIdea corrected quite sharply. Pantaloon was down. Jain Irrigation, GVK, Adani Enterprises and Kingfisher were some of the other stocks, which gave up quite a bit of ground today.
It was an unexceptional session, but at least the market has arrested the downtrend of Friday and Monday and closed in the green today.