Nifty trapped in 50 point range, closes near 5270: Udayan
It was a range bound session for the market as the Nifty perked up a bit in late trade to close around 5270. It is still trapped in a 50 point trading range, said Udayan Mukherjee, managing editor of CNBC-TV18.
September 04, 2012 / 19:42 IST
It was a range bound session for the market as the Nifty perked up a bit in late trade to close around 5270. It is still trapped in a 50 point trading range, said Udayan Mukherjee, managing editor of CNBC-TV18.
The trade ended around 5270 and the Nifty was still grinding in 5240-5300 range that it has been doing for the last three days. It has not broken out in either direction, but, it’s finding some support below 5250 which is not bad. When it gets close to 5300, it’s seeing some supply. But today at least, it closed at the higher end of the trading range for the day.Stock like Reliance did well. Many oil and gas stocks like HPCL, BPCL and GAIL were up today on talks of a possible oil price hikes and on account of a stronger rupee.Stocks like JP Associates, DLF, Punjab National Bank, SBI - were all perked up a bit today. But there was a bit off set by names like HDFC, IDFC, some of the pharmaceutical names like Cipla and Sun Pharmaceutical which drifted down today. But the good bid about trade today was that, the midcaps have stopped falling. Last 10 days of August were disastrous for midcaps, but now, they are doing better and there is almost an air of modest recovery in many of those names which got hammered in the August series.Stocks like Educomp, Zee Entertainment, Reliance Capital, Exide, PFC, REC, Opto Circuits, Kingfisher Airlines, HDIL and Indiabulls Real Estate did quite well today and some bounce back was seen in Jain Irrigation bounced back a bit.Ind-Swift Labs was one of the big winners in today’s trade because there was news that there could be a sell out to Piramal Healthcare. However, the company has denied the news.Among the prominent losers, S Kumars stood out because there were some talks that they were being investigated by the Registrar of Companies for corporate governance issues which the management however denied. But that stock remained quite weak throughout the session.Stocks like Pantaloon, Crompton Greaves and Tulip Telecom did not look very strong today. But, overall there was nearly a 1% upmove on the midcap index. So, the broader market was not in bad shape today. Discover 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!
