The day the market went up & down the hill, but around 5200

It was a story of flip-flops, says Udayan Mukherjee, managing editor of CNBC-TV18, summerising the market movement for the day. This morning, the market started with a gap up of 60 points because of the good global cues as US markets had a terrific rally overnight, and then during the course of day, that rally began to fade. The market breadth became quite negative and then in the afternoon, the Finance Ministry came out and clarified that is was not targeting participatory note holders and then the market somewhat stabilized. It rallied a bit towards the end and perhaps on short covering to close around 5250.

Bond yields though continued to climb and stayed persistently above 8.5% through the day. It hit a high of 8.53%, so not a good day for bond yields at all today. The rupee was however under control around the 51 mark.

Stocks like HUL, Bharti, HDFC, Infosys and DLF were the ones which held the index up today and some of the metal stocks did well, but Maruti had a bad day and that