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Nifty over 5,200, rupee continues to be weak: Udayan
18 Jul 2012 06:33 PM
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Udayan Mukherjee, managing editor, CNBC-TV18, says that it was not a bad day of trade. The Nifty was very tightly range bound, occasionally drifted into the red. The Nifty perked up a little bit adding 20 points, towards the second half of the session as Europe opened up on a stable note and finally closed well off the lows of the day, above 5,200 level.

Bajaj Auto was the star of the day, in the last couple of days it was quite weak leading up to the numbers, but the numbers were stable and in line with the expectations, margins were steady above 19% and the management said that it would bounce back in the next couple of quarters, so there was quite a bit of rebounded in the stock.

Metal stocks did well today. Private sector banks like ICICI Bank and Axis Bank were stable. It was a good day for L&T and Tata Power.

But public sector banks perhaps on fears of SEB loan restructuring after yesterdays meeting were little overwrought. Tata Motors continues to slide.

In midcap there was good breadth and reasonable performance from names like Pantaloon, Voltas, Adani Enterprises, VIP, Financial Technology, Tata Communication and Hexaware these were some of the big winners today.

Stock like PFC, Power Grid and UB Group stocks like Kingfisher and United Spirits were weak.

The rupee started the day on a flat note and gradually some weakness was seen as it inched towards 55.50 levels.

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