Market session disappoints; Nifty in red: Udayan - Moneycontrol.com

Excerpts from Markets Today on CNBC-TV18 Watch the full show » Udayan Mukherjee, managing editor, CNBC-TV18, says that the market saw another tired looking session. The Nifty gave up early gains to close below 6,000 yet again. The markets these days attempt small rallies in the morning, but it tends to fizzle out in the afternoon and today it also witnessed the same trend.  The market started with a 30 point gap due to big rally overnight. On Friday, with the Dow closing at a five-year high but that was not to be. The market soon gave up its gains by the middle of the season. Towards the last one hour it was a struggle to get back to that 6,000 level. Finally, it was unsuccessful and the Nifty for the second day running has closed below 6,000 mark which is not encouraging. In the large cap space, some result disappointments today. Bank of Baroda was hammered by 7 percent today after reporting more slippages, more restructured loans, poor non performing assets (NPA) picture and even the net interest margin did not look great.   IDFC too had some cracks in its results over the weekend and it too lost around 4-5 percent. Infrastructure stocks like BHEL posted disappointing earnings and JP Associates which has been coming off again had a poor session. Some banks like Axis Bank and State Bank of India also came off today as did the oil biggie ONCG, so not a great session for many large cap names. Tata Motors had its share of volatility on Friday with that freak trade etc but today it managed to bounce back. There was couple of performers like UltraTech Cement and HDFC. But, overall, not a great picture for the largecaps but even worse for the midcaps today. The market breadth was once again very poor. The midcap index almost lost a percentage point by the end of it. The results of Jubilant Foodworks disappointed and the stock corrected. On Friday for a bit it looked like infrastructure stocks will bounce back but today it is back to square one for most of those names - IVRCL, Punj Lloyd, GVK and GMR all down substantially in the red. It was a bad day for Shree Renuka, Adani Power, Pantaloon, UCO Bank and CEBBCO on concerns on liquidity also came off quite sharply. Stocks like IFCI, PFC, Indiabulls Realty, REC and IRB Infra looked quite smart today. But, overall, it was a disappointing session. It is really looking very tired the market though it remains perhaps range bound for traders.   via Business - Google News

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