CNBC-TV18’s Executive Editor, Udayan Mukherjee - It was a scary first half of the session but some recoveries happened since, we are still down a couple of hundred points but we were down 500 when the ICICI Bank news first broke and the market just fell off completely. We were in danger of breaking 4800; the Nifty went very close to 4820 and from there we have seen some kind of recovery coming in. 4916 now on the Nifty, and 16,500 on the Sensex, so off the lows of the day and off quite a bit on the lows of the day, but even so, down 200 points. 

Sentiments might be still brittle but you would have expected to see some support coming in between in 4800-4900 zone because the market has already fallen quite a bit yesterday and today so, not surprised that some amount of short covering has happened and some amount of a pull back has happened and it would be a little helpful for the sentiment if the markets did pull back and close in the green today which isn’t very far away, though we have got more than an hour of trade to negotiate from here but I don’t know whether that would be extremely conclusive or anything like that because we are still going to be at best flat or marginally in the green after what happened yesterday so no great recovery has happened unless we get above 5,000 and close above that and it is still quite volatile. The breadth is still pretty bad so traders would still be licking at their wounds, so yes its encouraging to see that, some amount of support has come in but no, we are not out of the woods yet.