According to Udayan Mukherjee, managing editor of CNBC-TV18, today looked like it would be a day for a relief rally because the debt deal had come in overnight. The markets were reacting in Asia in the morning and Europe also started of pretty well. We also got our own push up of 60 odd points on the Nifty, but it did not quite build on that or even hold that during the course of the day.
So it was a sticky kind of a pullback. The Nifty was lucky to close just above that 5500 level, up only 30 points. So the market still lacks conviction. Today, the metals pack was singled out for punishment. SAIL was down 5% after posting very disappointing numbers. Companies like Sesa Goa, Sterlite, and JSPL particularly looked quite weak. Even Hindalco was down today On the back of rumours of a possible USFDA resolution on one of their key plants, Ranbaxy had a good session today. Other companies on the winning side include ONGC, L&T, and IDFC. But, Reliance Capital and Lanco not look good today. The market breadth wasnDiscover 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!
