Indian Stock MArket on October 18,2004

"The markets are absolutely rangebound and we need some kind of development for the momentum to gather further,"
Markets rangebound

The markets are absolutely rangebound and we need some kind of development for the momentum to gather further. Last week we had the Infosys results, and we saw the market move up. Now, after the Maharashtra elections, the opening is fairly good, but we need something else for the market to break out of this orbit where it's stuck in between 1790-1825 levels.

On midcaps

The last two weeks, the midcap market was subdued. In the frontline stocks in technology, auto, cement, and everywhere else, there was action. But then, it is typical when the frontline stocks are waiting for something to happen, and waiting for momentum to gather, then you see a lot of activity in the midcaps because there are players who have to be active in the market, and who have to be doing something.

I feel there are positive stories that are emerging in the midcap sector, but it is primarily a lacklustre thing in the frontline stocks which has shifted the activity to the midcaps.