Unexceptional market session, disappointing end

CNBC-TV18’s managing editor Udayan Mukherjee says that it was a disappointing session because in the morning it looked like the market was in pullback mode and then Europe opened up well. We moved up to about 4940, but could not quite hold it.

In fact in the last 30 minutes we gave up almost all the gains and the last trade on the Nifty came in below 4900. So, a closing around 4900 after the Friday pullback and the promise of a further pullback in the morning was a little disappointing.
But not too much is lost, its still a flat session for the market today, held up by State Bank of India, which continued to rally and some of the other banks around it like Kotak Mahindra Bank and Bank of Baroda did not do to badly. Maruti had a good session and some of the infra names like BHEL, Larsen and Toubro were also relatively stable today. ITC disappointed with a 2% cut and the frontline IT stocks were all down, so that took a little bit of the steam outside the index.
The rupee showed no signs of a pullback at all. In fact kept on moving lower, so no respite in the currency at all despite some pullback or attempted pullback in the stock market. TV Today was the star of the day with a 20% move after the Aditya Birla Group buy in. So, that stock moved up expectedly. Suzlon, Manappuram and Reliance Capital did well. Alok and Arvind from the textile space and stocks like Eveready, TVS Motors, Crompton Greaves and DB Realty did not do too badly.
A couple of disappointments like Sun TV and Dish TV which did not have very good sessions. But, otherwise very unexceptional session today and a bit disappointing the way the market came off towards the end.