Alternate days up and down and that is what we have seen today as well. The Sensex was up 300 points on Wednesday, then 300 points down on Thursday and then 300 points up on Friday. So, a seesawing market, which has left us flat by the end of the week, just about 1% odd down on the Nifty. But the last three days of trade have each produced 3% moves in the market in opposite directions.
That was the big story of the day. It suddenly turned volatile in the last three days and today was a very largecap kind of day. Volumes were very thin for a day that produced a 3% move, there was just Rs 40,000 crore of trade, which is very unusual to say the least. So, today’s move was not backed by volumes neither by great breadth but with some very interesting performances from the largecap space like Reliance Industries, NTPC, SAIL, Bharti, R Comm, ONGC, ICICI Bank, the key blue-chips that you would expect to move when the Nifty moves as much as it did today — all of them moved.
The exception as always was real estate. So, Unitech and DLF did not quite participate in the largecap move. But the others did. So, it is a good closing for the Nifty for the week under the circumstances. But it still doesn’t give you that level of conviction because of the market’s internals.
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