Sensex still holds above 15K

CNBC-TV18s Executive Editor, Udayan Mukherjee - You have heard all the details of Ranbaxy by now but the market is sort of altering a little bit above that 4500 mark, it went there and then to 4540. But it has been coming under a little bit of pressure as fresh supply comes in at those levels. The Sensex so far is keeping its head above 15,000 but eased off the highs of the day by quite a margin and has lost about 150 points from the top. Ranbaxy has holding out, the pharmaceuticals are strong, but we are entering that important zone when the question will be answered on whether this market can close above 4500 and take this pull back forward. 

It’s still okay and it could just still be a bit of a blip and some supply coming in above 4500, there has been some shorting too on futures above 4500. The discount has once again become 25-26 points, so if the bulls can ward this challenge off the bears and maybe in the last half an hour the market could inch up again. But if the feeling is that there is not enough follow up coming at the 4500 mark because the global markets are also sort of flattish, there is no great rally which has happened in global markets then who knows maybe we can give back some of the gains posted today. It’s a fairly crucial last one hour of trade and you will know today whether the bulls have the strength to take this market today a little higher from here.