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This week can be best described as a week you would want to forget. It was a week when we saw the largest single day point fall for the Nifty and ofcourse, the second largest fall for the Sensex.

Though the markets for themselves have closed about 4.5% down for the frontliners. The Sensex was fairly range bound; you can see the amount of volatility that there was in that 200-220 point band that it moved.

Similar for the Nifty, it moved only about 60-70 points. But it kept becoming volatile intraday. Those cuts and edges were quite sharp, even dipping into the red occasionally. The advance/decline as a consequence of what was happening on the frontliners have actually pressurized themselves into closing yet again in favour of the declines. The mid and smallcap index have closed about 3.5-5% down for the week themselves as well.

We are stepping into a long weekend. So expectedly the turnover has been on the lower side of what we have seen over the last few days, not making it to the 1 lakh crore mark. But what is picking up are those rollovers. They will pick up as well as next week comes around, just 3-4 trading sessions left before we hit expiry. Close to about 40% of the Nifty positions rolled over. A decent premium came on the December series, January actually cooling off just a little bit from the highs of the day.

The stock of the day was IFCI. The stock was always going to get hammered out of shape and was 25% down for the better part of the day on very big volumes, over 14 crore volumes traded over there.

Deccan would be the other stock that would have reacted positively. It started off on a good footing, eventually closing about 5.5% down, selling off in the last moments of trade. But it opened on a strong footing.

But one sector that looked good was the IT index. It came back with a 3% plus move for itself because stocks like Infosys, Satyam, TCS, HCL Tech, Wipro have had very sharp gains, up anywhere between 2-5-6% for some of those stocks, even stocks likePolaris, Mphasis, Sonata Software from the midcap space. So technology was the strongest sector of the day.

Pharmaceutical was mixed. On one hand, you had stocks like Dr. Reddy’s, Shasun Chemicals and Sun Pharmaceuticals holding out well. On the other hand, stocks like GSK Pharma, Ranbaxy and Cipla slipped a little bit. So this has been one sector that has been in the limelight for the last few days.

Reliance Energy, Tata Motors, Cairn as well as SAIL had a very good session in trade today in terms of percentages. Some stocks had lost out with the likes of ABB, BHEL, Suzlon and VSNL.

VSNL had a 20% move yesterday, shaving off about a couple of percentage point in trade today.

Some other stocks like ITC, GAIL, Hero Honda and Reliance Petroleum as well shaved off a little bit weight. Not too much, but about 1-1.5% damage done over there.

After the phenomenal rally that we saw yesterday sugar cooled off on very big volumes today led by the bellwethers in that sector like Bajaj Hindustan, Balrampur Chini.

Some stocks like Chambal, Gujarat Alkalies, Inox stood out in the midcap space on decent price and volumes.

But stocks that have run up very hard, nearly 20% everyday areKaushalya, Suven, Essar Oil, Alok Industries - all of these stocks cooled off quite remarkably today and shaved off between 5-10%.

Even stocks like WWIL, CBoP, Ispat and Hindustan Motors have seen a sharp run up as well cooling off. There was a little bit of F&O pressure on some of these stocks like LML, TTML, Arvind Mills, Nagarjuna Fertiliser, on account of being on the curb and all of these stocks shedding weight.

When the market open on Monday, they will react to the news on SEBI allowing short selling in stock lending and borrowing and watch out for the cement sector as well.

Source: Moneycontrol.com