Mkts still seeing poor volumes right now

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Mkts still seeing poor volumes right now

It was a good session, not a rip-roaring one. Not quite the triple digit rallies that we had seen in the last couple of days. But today the market was quite strong. There was a little bit of volatility, which is why we kept flirting with that 3,000 mark, which is important for many traders.

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Here is a verbatim transcript of Mitali Mukherjee's comments on CNBC-TV18. Also watch the accompanying video.

It was a good session, not a rip-roaring one. Not quite the triple digit rallies that we had seen in the last couple of days. But today the market was quite strong. There was a little bit of volatility, which is why we kept flirting with that 3,000 mark, which is important for many traders.

The global cues were not bad. We stepped in with exceptionally strong rallies. So the hope was we would start off well and then close up well as well. And the market did more or less that. It didn't give you a big bang towards the end perhaps because of the global markets fear. The other end of the world was looking a bit tentative. The Nifty closed just below that 3,000 mark.

Lots and lots by way of participation and that is important. Real estate reacted at least sentimentally to the news that came in from the PSU banks and the rate cuts for home loans. So, many of the stocks like Unitech , Indiabulls Real Estate , Kolte-Patil , HDIL , all of them had double-digit runs in trade and that really stood out.

Cement has been a big performer ever since last week. Ambuja , Grasim , India Cements , are just a couple of examples. At the end of the day, even capital goods was coming to the fore, which is why you saw stocks like Siemens and L&T surging quite a bit. Of course energy as well has been a performer, and that had significant contributions to the market as well. So, we saw Reliance Petroleum , and Cairn , and by the end of it Reliance Industries as well picked up and did all right.

On the losing end, technology was looking sticky. Some of the frontline financials were coming off like SBI and HDFC , so that just gave you slightly uncomfortable feeling about the market as do some of other internals. We are getting a bit higher on the PCR. So that is giving you signs that may be the market in the very near term is getting a little bit overbought.

The bigger story is though is what's happening in the midcaps. Phenomenal performance by the midcap index - no blinking or stalling with the market breadth - that was quite firmly positive and many trading sectors whether sugar or infrastructure or real estate were all holding out quite nicely. The volumes have been a little wanting but then that's been our problem for a long time now in this market.