Big day for market; Nifty crosses 4900

CNBC-TV18’s Executive Editor, Udayan Mukherjee - What a big day this has been, and how surprising, this morning when trade started despite Infosys. We had a lackluster opening and then it was looking like a market which has pulled back and recouped some of the losses, what we have now is bit of a rolling rally and who would have thought we would have gone to 4900 on the Nifty today. But such is the way of things in the market, it always surprises and today’s rally has been surprising. It’s had excellent leadership from IT, we have had some big moves in pharmaceuticals, and many largecap names like Lever, ICICI Bank, DLF have all done very well. So totally a large cap kind of a showing today, a bit of short covering in IT I would imagine. But that aside, 4900 Nifty, has been a bit of a surprise so, it’s been a big day for the market.
 
Nifty has chosen a surprising way to do it, it has attempted to do it a couple of times in the past but has had no luck. But today, all of a sudden it just came out blazing and clear 4800 by quite a margin. Of course one hour of trade is left, so we don’t know where we will end up, it looks quite possible that we might kill 4800 maybe even go to 4900 plus today, which would be a big step.

So technically today has been an important day, maybe the market was waiting for some kind of a whiff of good news, to clear that 4800 happen, that’s come in the form of Infosys, maybe it's been aided by short covering. But whatever it is, it has been strong today, and in the second half of the day, the market has not looked very keen or eager to break back to that 4800 level, as it has done in the past every time it has gone over that level. Technically it's been a good session of trading, and I don’t know whether the markets getting the sense that maybe earnings season will not be so bad after all, the ones which were forecasted to come in, with negative surprises like the odd Yes Bank, Infosys, they have actually not done too badly.

There is hope which is building in, now that this earnings season might pass without an untoward event, it's premature to say it will but I think there is a certain amount of hope in there, which is why we have gone to 4900 today.