Markets surprise

CNBC-TV18’s Executive Editor, Udayan Mukherjee - Surprise from a morning, which looked absolutely dull and lackluster suddenly we have struck out a 70-points up-move on the Nifty. Not that the move itself surprises but the choice of the day might be a little unexpected because today all the Asian markets have been very quiet. Europe though have started off well and we suddenly find ourselves 250-points up and the Nifty has taken a step towards that 4,700 mark, which everybody is been talking about. Midcaps have done well in pockets, rate sensitive, sugar etc sectors have done particularly well. So it’s not been a bad day of trade, it might have started in a dull fashion but certainly has not looked so dull in the second half of the day.

This week we have taken 50-60 point move steps ahead for the Nifty, which is not bad. You will not find volumes right now because there is no conviction and everybody is talking about the limited upside that one sees for the Nifty, so nobody wants to now buy for another 50-100 points on the Nifty and therefore participation is lacking. But today the breadth has been pretty okay. The Nifty very quietly and last week we had closed around that 4,500 mark just above it, we have got up to those 4,630 levels, which people are talking about. So unless you give away much of those gains in the last one hour of trade today, there is every possibility that today 4,600 is conquered and then if Europe is an indication, if there is some help from the global markets, tomorrow morning you could actually make that step to 4,700 as well. So things don’t look too bad it’s the ease with which the market or the Nifty is been able to climb above 4,600 has been a bit surprising and the breadth is not been bad, so we are still in the midst of that pull back which started last week and so far so good.