Disappointment on D-street; OMCs only saving grace: Udayan

Today's closing was not great. It looked in the morning that it would be another flat day for the market, however, towards the end, the market started coming off quite a bit. The Nifty went down all the way to about 5960, but managed to close around 5975. So, there was yet another closing below 6000 after reclaiming that level yesterday.

The breadth was also not special today. There were more declining names compared to advancing stocks. So, the broader market has not performed well either.

A lot of large cap names disappointed today, like Bharat Heavy Electricals Limited (BHEL), Indian Tobacco Company (ITC), Tata Consultancy Services (TCS), Tata Steel. They all looked quite weak. Hero Motors and Bajaj Auto also had poor performance today.

In the last 30 minutes, there was a report that the Oil Ministry is considering the large industrial consumers or buyers paying market rates for diesel. That news development saw oil marketing companies (OMCs), like Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) move up quite sharply.

On the other hand, cement companies like Ambuja, UltraTech and Associated Cement Companies (ACC) corrected quite a bit because they would have to pay much higher rates for diesel if that were to come through.

On the winning side it's Tata Motors that stood out like a lone star, there was a 4-5 percent rally in that stock today alongwith a series of upgrades on their international business.

On the mid-caps, there were a couple of disasters like Arshiya International which plunged despite comments from the management on the contrary. The market reacted to reports of corporate misgovernance.

Kingfisher had a bad day, Renuka, Reliance Communications (RCom), Bhushan Steel and Pipavav where other names which did not do very well at all.

Towards the end of the session, there was also news that the passenger fares across categories would go up for railway fares after nearly a decade. That led to some kind of knee-jerk reaction in names like Kalindee rail and Texmaco.

Suzlon, GVK and Punj Llyod from the infrastructure related space did well. Dish TV had a good day and stocks like SKS Micro, HDIL and Kolte-Patil were also up today. However, it was a slightly disappointing session closing below 6000.

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