It was a flat start to trade and the market traded in the red for quite some time in the morning. But, in the second half it suddenly started picking up and cleared 5700, stopping short of breaking the small hump of 5730 where the market has faced some resistance over the last few days.
Banking and infrastructure were the two legs which did well today. Many of the banking stocks like SBI , Punjab National Bank , Bank of Baroda , Axis Bank did very well.
Jaypee Associates led a rally in some of the infrastructure names like L&T and Reliance Infra . DLF too had a good day. Tata Motors and HCL Tech also did well.
There were not too many losers in the large cap space but Bharti was subdued throughout the day on the back of concerns of refarming of spectrum which would have some impact.
ACC post numbers slipped a bit because margins corrected to 17%. Otherwise, it was not such a bad day for large caps and midcaps fared well.
There were pockets like Kingfisher , Mahindra Satyam and Dish TV which did not look very good but, real estate names like Unitech and HDIL , some of the battery makers like Exide , Amara Raja and Eveready particularly GVK and GMR , Karnataka Bank , UCO Bank and Dena Bank all did very well. IRB and Indian Hotels were two names which also sprang back.
Overall, a good day for the market and few traders might have been surprised at the level at which the market closed today.
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Market picks up pace to end trade around 5720
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