It wasn't a great start. It looked like a great start in the morning, the first five or ten minutes that Osama news might just lift stock prices, but it did not hold. Crude got a bit of a dent back because of that development. We didn't see stock prices reacting too much. The day was quite bad. We managed to close around 5700 by the end of it.
Some poor PSU banking results, nervousness that might come through from the Reserve Bank tomorrow and some brokerage downgrades that have come in on the public sector banking universe came together to peg the Bank Nifty back a couple of percentage points. SBI lead from the front with a 4% fall.
It didn't help that Reliance lost some more ground and drifted closer to that 960 level. It has been a big weight on the Nifty's back for last few days, ever since Reliance declared its numbers.
Other rate sensitives' were also weak. There has been some sluggishness in the April autos monthly numbers. Names like M&M, Maruti, Bajaj Auto and Hero Honda corrected. IDFC slipped post results. Lever wasn't particularly strong.
There were some winners. Names like L&T, Infosys and Bharti did not look too bad from the largecap space. Surprisingly, the rate sensitive sector which did not correct today was realty. DLF and Unitech both closed up in the green.
In the midcaps, the breadth wasn
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