June a dreadful series for markets; Nifty ends above 4300

CNBC-TV18’s Executive Editor, Udayan Mukherjee - It was a dreadful series (June series).. Let us see what will happen in July, earning season; we will have the monetary policy announcement also. Hopefully there will be no shockers but again through July I think we will have very high inflation and that will reign in exuberance.

Global markets too would be quite interesting in July from where we stand today to recall that the Dow is not very far away anymore from its 2008 lows. So whether there is another leg down in global markets or we move a little higher and try and form a higher base for global markets would be quite important.

So this has been a wash out of a series. I think at the start of the June series people would not have seen a 12% index cut coming so soon but that is how markets move. Let us see whether July can be a bit more constructive but the broader damage, which has happened to the midcaps and smallcaps is absolutely astonishing. I do not even think the Nifty Junior’s 18% fall captures the kind of individual fall, which have happened in this month; 20%-25% has been quite dismal.

The Nifty closes the June series just above 4,300 mark and the Sensex around 14,300.