Though the trading session on Monday started on a quiet note, the market started moving up with HUL announcing better-than-expected results. HUL was the big star on Monday, putting on more than 6 percent with a good set of numbers. It not a bad day for large cap stocks, but movement in midcaps was stock-specific.
Also read: BSE Sensex up 100 pts; ITC hits life high, IT stocks up
Here is the edited summary of Udayan's market wrap-up on CNBC-TV18
The first half was very quiet. The Nifty spent most of the first half in just about a 20-point trading range. Then, as Hindustan Unilever (HUL) results came in, the market started moving higher. Maybe there was short covering on HUL as well.
Global markets, European markets that is, were trading were quite steady and that might have rubbed off on our market as well. It gave up a little bit towards the end, but still was good enough to close around that 5,900 mark. So, not a bad close after a very sluggish start.
Midcaps also did well. The breadth was okay but the midcap index put on more than 1 percentage point. In the large cap space, HUL was the big star on Monday, putting on more than 6 percent. The stock had gone weak into the results, losing 3 percent on Friday. Presumably there were some short positions which got covered after what looked like a better-than-expected set of numbers.
Other winners were IndusInd Bank and Hero MotoCorp, where numbers too were better than expected. We had some infrastructure companies like JP Associates, Reliance Infrastructure and even Bharat Heavy Electricals Limited (BHEL) not doing too badly.
The PSU resource plays like Coal India and National Mineral Development Corporation (NMDC) disappointed on Monday and even Jindal Steel and Power (JSPL) had a bad session, but otherwise it not a bad day for large cap names.
Midcaps were stock-specific, so on the winning side we had Lanco Infrastructure which started the day with a big rally on news that the Perdaman case had been called off so that stock moved up. It was the biggest winner.
Reliance Communication (RCom) was a big winner, Reliance Capital and Reliance Power also did quite well. Indiabulls Realty has actually been moving higher post results, that was good. Jain Irrigation, Titan, Sintex Industries, Idea Cellular and LIC Housing Finance were some of the other names which did well.
Disappointing results came from Indian Overseas Bank (IOB), and that stock corrected. In Exide too, the sales were not great and that stock came off quite a bit. Delta Corp and Alok Industries were two other names which did quite badly in the midcap lot.
However, all in all, it was a steady session of trade. The markets were probably consolidating after that big rally. So, Friday was a corrective dip, Monday the market pulled back and steadied somewhat, but essentially moved in a in a 5,850-5,950 kind of trading zone.
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