It was a mad week, but a very strong close helped. What is happening in terms of earning in the US and Europe and those sub-prime fears too seem to have abated in the way we have closed. The Sensex was up a good 150 points at the close of trade but it had its moments today as well, while the Nifty closed 1% up, when the overall market closed.
It has broken that psychological barrier of 4,400 for most traders. What was heartening was that the midcap and smallcap Index were also performing, they were 1-1.5% up. The breadth was very strong, with over 750 stocks advancing to 300 declining. Turnover has been rough as today's weather in Mumbai. It is just about 48,000 lower than what we have seen over the past few days. But that will pick up come next week.
The overall discount for the futures and options side has gone back to 45 points still lower by about 15 points from what we saw on that 600-point fall day.
A few highlights from F&O side included the metals, infrastructure, and real estate space, where we saw long positions added. From the midcap space, stocks like Voltas, and Punj Lloyd saw some long positions added. While some short covering was seen in stocks like IFCI, Neyveli Lignite, and S Kumar's from the midcap space. A couple of weak stocks like Arvind Mills saw shorts building up while some unwinding pressures took place in stocks like Matrix. On the whole, it was a positive day on the F&O side barring that discount position.
Sail led the rally from the front for the metals packs. Tata Steel, Hindalco, among others all had a good day and are up anywhere between 1-1.5%.
Banking was led by SBI, ICICI Bank, and HDFC having a good day for themselves. Capital goods has been the star sector for a while. It was led by Siemens which had a 4% move for itself. L&T, BHEL, among others had a very good day, up about 1.5%.
Orbit led the real estate pack with a very strong performance. Later in the day, the DLF stock saw strong volume on account of news reports. Indiabulls Real Estate had a very good move today. That effect rubbed off on to stocks like IVRCL Infrastructures, GMR, which will be stock of the day on the cash and futures side. The construction space as a whole and infrastructure looked very strong, both in terms of price and volumes.
VSNL and Hindustan Unilever also had a very good trading session. Those were the non-sectoral winners, and are up between 2-3% for themselves. A couple of stocks like Ambuja Cement and a coupe of pharmaceuticals stocks led by Ranbaxy and Dr Reddy's Laboratories let it down a few percentage points.
Among all of this, Simplex Projects had a very good listing. The stock is up 50% from its issue price, close to about 10 million shares were traded on that counter. IFCI, Indiabulls Financial services, and TV Today continue to have a very good run ever after their results. These stocks were up between 3% and 8% with very hefty volumes.
Some of the other stocks that did well were Punj Lloyd, Reliance Petroleum, and Voltas, which also did well on the F&O side. Though the odd Rain Calcining and the recently listed Everonn Systems decided to take a backseat. A few couple of percentage points shaved off some of these.
It will be very interesting to see how the US data comes overnight, because there are many people waiting to react to that and how the US markets will close. It will be interesting to see how we can open on Monday.
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