Fears of breakdown coming to fore, says Udayan

It was a disappointing session for the market despite good inflation number that came out in the middle of the trading day. Analysts were expecting 7 percent and the figure came in at 6.62 percent. But despite that the market just did not move on the way up. There was just a temporary five point upmove on the Nifty and then it just started coming-off once again.

Also read: Midcaps to gain interest, Sensex seen at 23000: Ambit Cap

Below is a verbatim transcript of Udayan Mukherjee's comments on CNBC-TV18

The mood was spoiled by a string of surprises from earnings. Lot of large-cap names were under tremendous pressure today, Reliance, Larsen and Toubro (L&T), State Bank of India (SBI), Bharti, Oil and Natural Gas Corporation (ONGC), Power Grid and also the two stocks which are going out of the Nifty come April; Siemens and Wipro were both expectedly quite weak. Tata Motors was quite weak as well.

A handful of stocks, which held out were Hindustan Unilever (HUL), Housing Development Finance Corporation (HDFC) Bank. Surprisingly Tata Steel after disappointing numbers recovered in the second half of the session.

On the mid-cap side of the market there was quite a bit of carnage. The mid-cap index was down 1.5 percent and the small-cap index fell two percent today. There was just no redemption or pick up in the broader end of the market. The breadth was also quite negative 300 advances to almost 1,200 declining names.

There were a string of disappointing results and most of those names got a bad reaction from the street whether it was IVRCL, Wockhardt, LIC Housing Finance, Shipping Corporation of India, Dr Reddy's all of those names went down post their earnings.

Otherwise too there was some poor performance from names like Opto Circuits, TV18 and Network18, IFCI, Kingfisher. Real estate stocks like Sobha and Puravankara. Adani Group stocks also did quite badly. It was a long list of mid-caps which lost more than 5 percent in today's session, stocks like Voltas, Crompton Greaves, Sintex, Arvind Mills etc, so a disastrous session for the liquid set.

There was some pick up in names like DB Realty and Unitech, which had been hammered over the last couple of sessions. Suzlon and Firstsource also picked up a little bit towards the end.

It was a very ordinary session for the market; in fact now fears of another breakdown after two days of respite have come to the fore.

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