Europe, midcaps hold market up: Udayan

The European markets threw sparks of excitement in the last half-an-hour of the day’s session, says Udayan Mukherjee, managing editor, CNBC-TV18.

He expresses disappointment about the dull session as it lacked breadth. Even the spunky midcaps went into a lull and the advance decline ratio also was flat.
The winners of the day were Tata Motors, HDFC Bank, Coal India and HCL Tech. Amongst the midcaps, SJVN, Escorts, Aurobindo Pharma and Tata Motors DVR stole the day.
Amongst the fallen stocks were BHEL, ACC, IVRCL, Idea Cellular, Balrampur Chini, OnMobile, Nagarjuna Construction and Exide. IGL played on a mercurial pitch and closed in the red after the court postponed its hearing to May 3. Below is an edited transcript of Udayan’s analysis on CNBC-TV18. Also watch the accompanying video.
It was a range-bound session, only in the last half-an-hour the market picked up a little bit on the European cues which were pretty good thanks to another successful round of Spanish auction.
But it was a quiet day for the broader market. The midcap index did not perform much and the advance decline ratio was quite flat. So, it’s not a special session for the broader market as the breadth was mildly disappointing.
On the way up, Tata Motors had a very good day. HDFC Bank went up post results, which were good. Coal India and HCL Tech were the other winners.
Amongst the midcaps, SJVN did well followed by Escorts and Aurobindo Pharma and of course, Tata Motors DVR was up quite a bit.
On the way down, BHEL, after a downgrade by Morgan Stanley, fell quite sharply. ACC was down after posting mildly disappointing results as well.
On the losing side, IVRCL, Idea Cellular, Balrampur Chini, OnMobile, Nagarjuna Construction and Exide were some of the stocks that lost ground.
IGL was quite volatile, but finally closed in the red after its hearing was postponed to May 3.