No it is yet time for the 2012 Olympics which are going to be held in London in a few weeks; but it feels like the Indian stock markets are already cheering for our participants for the event. This being a short week and earnings continuing to pour in, the market seem to have caught in some kind of rhythm. Last night’s fall in the US markets too, did not deter a very positive stance posed by the frontline counters. Sure there is continued volatility amongst the mid/small cap space and that is evident from the fact that the BSE 200 index names (notable amongst them) were trading at significant negative territory. Names such as IRB, Biocon, Tata Power, L&T etc were trading in red, however the financial institutions and Autos were zooming like racing on F1 tracks.
Today’s star performers were Tata Motors (this stock has been up 30% YTD, similar to other large cap infra names such as L&T) and host of high beta names such as REL Infra and JaiPrakash and the session itself marks a great victory of sorts for the Indian stock market since the momentum for the start of the year, week after week has been relentless; which has been the highlight.
With expiry today, the buying support was evident; however with tomorrow being an off day, and only one more trading day left for the week I expect very less volume on the markets for the rest of the week. Finally, we close the month next week and whoa! What a month this could turn out to be.
This definitely set the pace for the entire rest of 2012.
Happy Republic Day – India. Long Live the Republic.
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