It was a volatile session for the market today ahead of the Greek outcome, with the Nifty trading in a broad 50 point range as the rupee keeps its head above 49 to the dollar. Clearly the edginess and the choppiness in the market has gone up, due to which the Nifty kept swinging between 5350-5400 for most part of the day and on pretty good volumes as well, says Udayan Mukherjee, managing editor of CNBC-TV18.
The damage was partly due to the kind of earnings which came in. Bharti started the day off with a disappointing set of earnings and that stock was down 6%-7% which took a toll on the index. ONGC numbers looked a bit better than expectations, but that was largely on account of a royalty reversal. The stock too was volatile in trade. ICICI Bank also saw some profit taking during the course of the day. The winning stocks were some of the infrastructure names like Reliance Infra, JP Associates and Reliance Power. Coal India, DLF and some of the metal stocks like Hindalco and JSPL did not look too bad. But it was very stock specific today and midcaps did well. The market breadth was good consistently through the day and the midcap index closed up with substantial gains. The top gainers includes Manappuram, which bounced back today. GMR, after a sluggish start post earnings actually did quite well during the second half of the day. Midcap real estate stocks like HDIL and Indiabulls Realty were up. IFCI, JSW Energy, VIP, Gati, Thomas Cook, particularly because of news, Hexaware, Educomp, SKS micro and Crompton were all up today. Disappointing set was aviation stocks which came off today after yesterdayDiscover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
