The markets consolidated Thursday’s gains today. The Nifty ended 45 points higher at 4570. Good performances on Thursday and Friday have capped off a nice week for the stock market. The Nifty and Sensex were up 4.5% week-on-week.

The big winners for this week were autos, metals, and real estate. Banks were subdued going into the credit policy next week.

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

It was a terrific week and thanks to Thursday and Friday as momentum burst that and the markets have managed to come very close to 4600. It was interesting how today paned out because it started well and then in the middle of the day it looked like there was some profit taking. So it paused in the middle of the day and then ended strong. That generally is a good sign for the market when it absorbs intraday corrections and manages to close pretty close to the top of the day as it did yesterday and as it did today. The momentum is still intact. A lot of the weaker hands or people who do not believe that the market can move to 4700- 4600 and beyond they are taking profits. New investors are coming in and buying is overwhelming with the kind of supply or profit taking which is happening every day. So, in the last three days we had intraday volatility particularly on Tuesday and Wednesday. Thursday was a momentum burst, Friday we saw an intraday dip and that got swallowed up and finally the week ended at almost the highest point of the week which is at 30 points short of 4600. So, that was good going, an excellent leadership through the week. We have had very good sectorial performances. Clearly, Maruti led to some kind of resurgence of interest in the entire auto space. Globally too metals have looked pretty smart so I think the weekly closing has been very robust.