Despite 828 points' gains in 2 days, August is a bad month

Indian equity benchmarks have witnessed a strong pullback in the last two sessions on the back of support from major sectors. The Nifty closed above the 5,000-mark for the first time in the past eight sessions.

"This is on the back of short covering," confirmed Devangshu Datta, consulting editor of Outlook. Other factors that might have resulted in this rally include fresh longs build up and a technical pullback.

The 30-share BSE Sensex rallied more than 800 points since yesterday, before closing up 260.42 points at 16,676.75 today. The 50-share NSE Nifty surged 81.40 points, to end at 5,001.

However, here on, experts feel 5200 looks difficult to cross in the near term. Amit Dalal of Tata Investment Corporation said, "I don