The market witnessed a volatile trading session on Thursday, says CNBC-TV18's Udayan Mukherjee. The Nifty moved in a 70-80 point trading range, closing finally around the 5,590 mark, up about 30-odd points.
The market ended on an extremely negative note with Nifty at 4,944 levels down 112 points and Sensex closed shop 393 points lower at 16,447 levels. CNBC-TV18's managing editor Udayan Mukherjee refers this closing as a scary session for the market.
It was a quite session for the street. It was not a great day for the Reliance stocks. Reliance and Reliance Communications came off a bit today. Some of the private banks like HDFC Bank, Axis Bank, Kotak Mahindra Bank and Punjab National Bank looked a little weak today. IDFC didn’t have a great session and neither did Sesa Goa.
On Thursday, the session ended flattish with the Nifty at 5,541, down 25 points, while the Sensex closed shop at 18,436, lower by about 66 points. CNBC-TV18's managing editor Udayan Mukherjee feels that the Nifty is languishing closer to the lower end of the trading band around 5,540 levels.
It was disappointing to see the Nifty come off in the second half of the session. Finally, it closed shop around 5,560 marks down about 50 points after the Nifty touched nearly 5,650 levels in early trade. Once again, a bit of a reaction crept in from that supply zone.
CNBC-TV18's managing editor Udayan Mukherjee expressed his disappointment that the Nifty seemed encouraging in the morning with some gains, but as the day progressed, it turned out to be exactly the opposite of yesterday.
It wasn’t a bad day of trade. It was slow in the morning, then suddenly picked up post noon and closed with a flourish. The trade skimmed off a bit towards the end, but was good enough to take it above 5,600 levels. It wasn’t a bad closing for the Nifty.
It was an unremarkable session for the market. A handful names like SAIL and BHEL in the PSU lot. NTPC and L&T had a good session moving up to Rs 1730. A few of the banks like Axis Banks and HDFC did not look too bad. TCS and Reliance were quite stable but nothing to be worth excited about.
It turned a bit sluggish in the afternoon as the European markets opened up a percentage point lower because yesterday Ben Bernanke did not say enough about QE3. The market got a bit disappointed. Fear of another fall in the US markets overnight kept the index under pressure.
Indian markets have been outperforming, but European markets are down about a percentage point. We were trading at 5,550 plus levels in the morning which now closed down 29 points to 5,526 levels. CNBC-TV18's managing editor Udayan Mukherjee said, "The mood is not great. Global jitters are affecting our market."
The market started off okay. The market has been showing quite a bit of resilience in the face of bad news form the US markets and today was no different. It did not start with any major gap down, but then worked its way higher as the day progressed with some help from the two underperforming heavyweights Reliance and Infosys.
Session for the Nifty was not bad for the day. It started off slow, but slowly picked up as the day progressed. Before the closing, the Nifty traded at a high point of nearly 5,570 levels. The Nifty ended 24 points higher at 5,556 levels.
The Nifty was down 5 points, while the Sensex was down 50 points. CNBC-TV18’s Udayan Mukherjee feels that the market has been absolutely listless and the volumes are grinding at one of the lowest volumes at 56,000 crore.
It was a big setback for the markets. Friday was bad. Today, it started on a note of recovery. The Nifty went almost to 5900.
After four good days we ran into a little bit of profit taking for the Nifty. Not entirely unexpected and finally closed the day about 15-20 points lower. Some resistance is also kicking in just below the 6200 mark for the Nifty.