The day had its share of drama and it has closed relatively flat but do not be fool by that, we are down over 200 points on the Sensex at one point of time and the global cues were nothing really special to go by but that is a decent enough closing. That is about 36 points down for the Sensex and the Nifty in fact managed to close in the green after having a fairly dramatic session itself, just about 4.5 points up for itself.

The broader markets did well a percentage up for both of those frontline Indices, the mid and small cap Index and that is why the market breadth was positive in trade, over 600 stocks advancing and just about 400 stocks on the declines and the turnover, which was good on Friday has held decentish for today, close to about 36,000 down over there. So for early in the series, that is a good sort of a turnover because this is a truncated week. It was a huge bout of short covering towards the end of trade that got the markets to the relatively flattish closing that it did and there is a 6 point premium as well the Nifty futures have gone from being at a discount of about 10 points at one point of time in the day.

A lot played out apart from this covering, in fact, we saw some fresh shorts building up in stocks like Lever, ICICI Bank and Cipla, all of those result impact stocks but stocks like Reliance Communications, Tata Tele saw some fresh long positions being built, even Century Textiles, and those trader’s friendly stocks.

The rupee has crossed 41 on the upside and you see technology reacting to that and led by TCS, 2.5% and all of these are the stocks, the heavyweights are near between 2%-2.5% points up, so that was where the leadership came from today.

In autos, Hero Honda, Mahindra and Mahindra, Maruti, all had a good session, of course it has been led by Hero Honda, 3.5% move in that particular stock.

The heavyweights performed today, the Reliance Communications came in with the better than expected set of numbers on the bottomline, Reliance Industries did well, Tata Steel and GAIL, all of those stocks performing close to about 4% gain for GAIL. So that was one part of the market that looked really good.

Apart from that you had the all Tata Power, Sterlite, ACC, all of them holding up on the frontline Indices.

Results impact, ICICI Bank announced a huge capex over the weekend, the results were disappointing, Lever’s numbers were disappointing, as was Cipla from the last week, running in all these stocks reacted negatively today.

Apart from that ONGC, HDFC, Bharti, those Index heavyweights all of them fell, so it was a day where you have some sort of a push and pull impact with the technology trying to drive it one way and all of these heavyweights dragging it the other way down.

A lot of winners from the midcap space, though you have the likes of IFCI, Tech Mahindra, GBN, GMR Infrastructure, all of the stocks did it on very respectable volumes.

And IFCI well above 40 at this point of time, 3i-Infotech, Tata Tele, Orbit, and a few of the other midcap stocks that are really well in trade today. alok Industries is coming out with the set of numbers, good volumes for that stock as well.

A few stocks had lost out with the likes of Polaris that did not have such a good session, Balrampur Chini, Deccan Aviation, OBC, shaved off a few percentage points for itself and Gujarat NRE coke as well closed to about 5% down.

Most of the news has factored in and most of the big results are out at least for the moment, it is a couple of days holidays and when you will come back, the volumes maybe a concern, we will see how we pick it up on Thursday.