Today was a disappointing session for the market. In the morning it looked like it would pass as just a flat session, but towards the end of trade we saw some pressure building up.
Global markets too were not very gung-ho today despite the Friday rally in the US markets, said Udayan Mukherjee, managing editor, CNBC-TV18. So, all of it combined did not help. The MET department sounded cautious about the monsoon prospects today and that led to some kind of pressure on the market.
The better than expected inflation number which came at 7.25% also failed to enthuse the stock market, though it did lead to a cool off in the bond yields to down about 8.02%. But, the stock market did not do very well. It closed at the lows of the day, below 5,200.
Partly the doing of TCS and Infosys, both those stocks saw quite a bit of selling pressure today. So, IT clearly is on the sell list of institutions.
Tata Motors also had a bad session today on the back of JLR numbers, which appeared a