Sun TV, ADAG under prerssure, Bank Nifty seen struggling

It was not a bad day for the market. At the end of it, the volumes were not very high and were middling. We saw the market fall to 5,525 levels in the morning, but then recovered during the course of the day close to 5,550 levels.

It was not much about the index today, but was about specific groups of stocks with Sun TV being right on top. It saw a 27% fall in a very largecap name which was a big bust up on apprehensions that Dayanidhi Maran will now get dragged into a CBI probe. This news or expectation kept the stock under pressure throughout the session.
Towards the late session, ADAG Group stocks came under a lot of pressure with fears that a CBI court might rule in favour of Anil Ambani being probed directly which was dismissed post the market closing. We would see a bit of recovery in those names tomorrow.
The big star in the largecap universe was HUL. The rumours of international reports of P&G putting in some kind of a bid kept the stocks up. HUL closed 3% up. SAIL was among the largecap name which was also quite strong. Some of the two wheelers names like Bajaj Auto and Hero Honda also did well.
Aside of the ADAG Group names, Reliance Communications and Reliance Infra were the biggest loser there. The Bank Nifty looked like it was struggling and was down 1.7%. ICICI Bank was down to 1,050 levels. Kotak, HDFC Bank and Punjab National Bank were also weak. Real estate names like DLF and Unitech came down. Some of the four-wheelers stocks like Tata Motors and Mahindra & Mahindra also were seen in red. Outside the index, disparate moves were seen. Sun TV stole the show.
There was weakness in some of the infrastructure names like GMR and Lanco. Spicjet plummeted 16% along in sympathy with Sun TV as the common owner. Jubilant Food Works corrected a bit as well.
On the flip side, the CBI seem very disinclined to proceed with any kind of charges for the Tata Group which resulted in TTML going up. Clutch Auto and Cambridge Solutions continued it