The great gambling place of Apollo tires caught up with reality and tanked today, guess the operator was missing today, or has he something sinister in store? This stock will move back to the familiar levels of 114 /115 very soon or as soon as the trading bans in F&O gets lifted.It still has some strength left in it and now a good position to enter for long term.
The manufacturing counter like BHEL & LNT were subdued and regrouping its strength for the upward journey which is due soon. The consumers tried to hold on to their gains, and should do well in the coming days, the IT pack did not suffer much, when you have a look at the CNX IT index says it will rebound soon enough.
The banks were are all affected to a large extent, PNB has it started rehearsing for result day? or will it come back, the former seems more likely, SBI as usual looking for an excuse to go down...one step forward two backwards..Media shares subdued and still bullish, pharma should be doing well excepting for Ranbaxy which got caught by the USFDA saw itself 19 percent down at one stage.The parent company went down 6.5 percent in Japan. Do we see this happening to Indian pharma companies once in three months?Glen Mark Pharma beat the expectation by coming in with a 14 percent LOWER PAT. The defensives are on the defensive.
The Index, Nifty has corrected and there is not much of a down side and we could see some substantial upward movement on Monday provided the DIJA does not repeat its act of past three days,as this would increase the chances of our Index going down further. Bank nifty it needs some solid support from its components who are themselves not doing very well, the Rupee has crossed into Rs. 62 region and seems to be holding itself when compared to other EM. currencies .The Rupee closed at 62.66 to a Dollar.
The FII's and the Dii" were both sellers in today's market, the former selling 231 crores and the latter 78.05.Now what other plan's do they have in store a detailed analysis will let us know what they will do next.
Where do we go from here , need to wait how the european and the US markets close tonight.