It was a quiet day for the frontliners, but the midcaps continued to set the floor ablaze reports CNBC-TV18. Subdued global cues and profit booking pulled the Nifty down seven points with the index shutting at 5,858. The Sensex, meanwhile, ended the day 74 points lower at 19,530.
Banking and technology stocks traded weak while consumer durables capital goods, metal, oil, power stocks were in the green. BSE sector indices were trading mixed and the breadth was in favour of the advances.
The top losers of the day were VSNL, ICICI Bank, Unitech, TCS, Maruti, Wipro and Tata Motors. Meanwhile, Tata Steel, M&M, BHEL, GAIL, HPCL, PNB and Siemens were among the top gainers.
So are the markets poised for all-time highs in December? According to Anish Damania of Emkay Stock Brokers, markets could see some leveling off near the highs. “A lot of investors don’t want to take fresh positions in this month, they are all light on their positions. So at least till January they would be off. Otherwise, in terms of value buying, that keeps on happening,” he said adding that he isn’t too sure about the Sensex crossing its highs this month.
When asked whether the advantage will be for the midcaps or will the interest largely remain in the midcap space, Damania opined that the midcaps will continue to do well selectively. “I would look at the real estate sector where some of the midcaps could outshine,” he added.
Rahul Mohindar of Viratechindia.com feels that the immediate short-term outlook is a bit patchy. “It looks like the market will consolidate a lot more before going up,” he said adding that unlike 2-3 months back where one could see just a 100 points move up in a single day it’s unlikely that markets are going to see that kind of a sudden upmove coming in. “It will be a slow and steady buildup but we are likely to see newer highs, not necessarily this month. It may take up till January,” he added.
According to Mohindar, the undertone is still good. “We have stayed above the 5,800 mark which is important for us. So, the undertone remaining bullish, one should stay long on the Nifty. But if one just looks at all the indices, I think we are going to see a round of midcap out performance here,” he explained.
Source: Moneycontrol.com
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