This article is more than 2 year old.

No positive news for the market to move up, says Udayan Mukherjee

It’s not enough for us to focus on the Nifty and 8 or 9 stocks and say that the market is range bound, said Udayan Mukherjee.
“The market is very far from range bound and I would suggest that 75 percent of the market qualifies to be defined as in a fairly pronounced bear grip by now,” he said.
Talking about SIPs, he said, “If we get off Rs 5000-6000 crore of SIP every month, you are staring at a big technical problem because FIIs, given the news flow, are not going to buy right now.”
“There is no great positive news which will take the market higher; earnings are growing but not at a huge pace of acceleration and everything else is stacked against the market; news flow, macro, everything. So it’s a lopsided market which has been held up by systematic investment plan (SIP) flows,” he added.
On retail front, Mukherjee said, “I do not know how retail will behave because flows are reducing and diminishing and if this market mayhem finds its way into white paper on general media discussion then it’s possible that SIP flows might start to dwindle.”

Market Movers

CompanyPriceChange%Gain
UltraTechCement6,704.85 117.45 1.78
Asian Paints3,060.30 41.60 1.38
TCS3,317.75 43.40 1.33
TATA Cons. Prod745.00 9.10 1.24
HDFC Life700.30 8.15 1.18
CompanyPriceChange%Gain
UltraTechCement6,708.15 122.45 1.86
Asian Paints3,060.35 41.35 1.37
TCS3,320.10 43.75 1.34
Infosys1,497.05 16.75 1.13
Tech Mahindra1,080.25 11.15 1.04
CompanyPriceChange%Gain
UltraTechCement6,704.85 117.45
Asian Paints3,060.30 41.60
TCS3,317.75 43.40
TATA Cons. Prod745.00 9.10
HDFC Life700.30 8.15
CompanyPriceChange%Gain
UltraTechCement6,708.15 122.45
Asian Paints3,060.35 41.35
TCS3,320.10 43.75
Infosys1,497.05 16.75
Tech Mahindra1,080.25 11.15

Currency

CompanyPriceChng%Chng
Dollar-Rupee74.07750.75501.03
Euro-Rupee88.40900.52900.60
Pound-Rupee103.32200.83900.82
Rupee-100 Yen0.67140.00901.36