Recovery unlikely

CNBC-TV18’s Executive Editor, Udayan Mukherjee - It is not looking like there is any meaningful recovery towards the end, not even a meek bounce. It is 4,750 or thereabouts on the Nifty. So, a good 80 points down on a closing basis, and unfortunately 300 points down on the Sensex, which is below 15,400.

So, all of yesterday’s work has been undone and we are sort of back to where we started yesterday. The midcap index also disturbingly closes 1.2% down, which is not a good sign either.

The volumes have been good on the way down. That is not a very good statistic. On the way up volumes have not been great and on the way down today volumes have picked up somewhat at Rs 65,000 crore. So, this hasn’t been like an expected good day for the market at all. Let’s see whether there is more damage or this is just a pullback from the pullback that we have had on the way up.