Sharp lift from 5200 has lifted hopes: Udayan

The market was a bit wobbly today morning when the Nifty went below 5500, but that got arrested quickly. It came up in the green and closed around the 5550 mark, but there was no attempt to touch 5600.

Volumes were okay, standing above Rs 1.5 lakh crore, and the breadth was fine as well, but there were no sectoral moves worth mentioning. It was individual names that looked good, like HDFC in the financial space, Hindalco in the metal space, Bharti and Idea in telecom and L&T and BHEL in infrastructure. Also, Jain Irrigation, Exide Industries, Arvind Mills and Jubliant Foodworks did well.
Based on reports of a hike in customs duties, some of the tyre stocks like Apollo tyres, CEAT and MRF went up. A few broadcasting players also looked smart today; NDTV, UTV, and TV Today are some stocks that were in the green.
After a poor couple of weeks, infrastructure stocks outside the index seemed to do pretty well. Stocks like Lanco, Punj Lloyd, GMR and IVRCL rallied today. So that space looked hot.
It was the GTL twins that were on the losing side today. GTL and GTL Infra were under pressure. Even Indiabulls Realty did not do well. Towards the end of the trading session, Sterling Biotech came off on reports of an IT raid.
So on the whole, an unremarkable session. It was not a bad session because the Nifty managed to consolidate with a positive bias. Infact, the sharp pullback from 5200 has not gone unnoticed and that has lifted hopes that the market might have put in a bottom around that critical level.