Bulls came out stronger than the bears, says Udayan

Excerpts from Markets Today on CNBC-TV18 Watch the full show » ALSO READ See what other CNBC-TV18 anchors have to say

A volatile session for the market as the Nifty recovers from an intraday dip to close flat as global markets remain edgy.

CNBC-TV18's managing editor Udayan Mukherjee says it was an okay session because while the Nifty traded in a bit of a range and was volatile, it dipped in the morning to below 5,500, managed to come back and close above that which is important and typically the sign of a strong market which is digesting in today's corrections.

The corrections have been very shallow so far. The broader market looked remarkably strong. On the day when the Nifty was volatile, the midcap index closed 1% higher. This on the face of global markets like Asia which were weakish today and Europe was down about 1% while we were closing trade but that did not stop the Nifty from bouncing back.

Typical of such markets while some stocks corrected other stocks bounced back. Today we saw State bank of India playing that role of the big Nifty supporter with a 5% rally.

Autos led by stocks like Maruti and the two-wheelers, Bajaj Auto and Hero Honda looked very good and some of the power related companies like Tata Power, JSPL and BHEL looked quite impressive today.

On the losing side, metals did not have a good session. So names like Hindalco, Sterlite and Tata Steel were down. Reliance lost quite a bit of ground today and Tata Motors corrected from the heady gains of the last couple of sessions. But the biggest loser was Coal India - 6% down, perhaps on apprehensions of what the proposed FSAs with the private power companies would mean for CIL and the market was nervous understandably on that score.

The real excitement was in the broader market. As I said the breadth was positive, the midcap index strong, lots of stocks particularly from the private power space which continued to rally on. Lanco, Indiabulls Power and Adani Power were all significant gainers again. IFCI had a good day and HDIL was a big mover. Provogue, Bharti Shipyard, Sasken, IRB, Network 18 and Television 18, UCO bank, Indian Hotels and Pantaloon were all very big winners today.

The losers - Voltas went up 23% yesterday. Today it had to give up some of its gains and that it did. Apollo Tyres, IVRCL, VIP and Renuka were some of the other stocks which did not have very good sessions. At the end of it, you would have to say it was still a reasonable session and probably the bulls came out stronger than the bears.