CNBC-TV18's managing editor Udayan Mukherjee explains that today wasn’t a big session of trade nor was it a steep bell-shaped recovery, but the selling seems to have stopped for the moment and actually pulled back a bit as compared to Monday when the market did not fall too much.
Not that you can read too much into it because the markets may have fallen to consolidate around these levels, but atleast there was a small attempt on the way up. L&T of course drove the Nifty on Tuesday. In the two days that stocks put on 7% after good numbers and better guidance. Commodity stocks also performed well. Sesa Goa, Sterlite, Tata Steel and even Cairn from the oil basket did well. Infosys andICICI Bank helped the Nifty, but NTPC, ONGC, ITC and Bharti were the large caps which disappointed today. Also watch the appointing video
Outside the index, it's the same beaten-down stocks which recovered as expected in a pullback. So stocks like GMR, GVK, Lanco, Hindustan Construction did well. Geometric went up for obvious reasons. India Infoline, after results which were good, also moved up sharply.
Some fertiliser stocks like RCF and Chambal did well. There were a few others like Glenmark, PFC and LIC Housing which did not do too badly but there was no such luck for Orchid which fell very sharply for the second day running. In fact it’s down about 20% in two days after disappointing results.
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