Feb consolidation off the table; party continues: Udayan

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

The current rally, which started on December 30, seems to have no mood to end anytime soon. Just when it looked like February would be spent in consolidation, the market takes off once again, says CNBC-TV18's managing editor Udayan Mukherjee. The Nifty jumped over a 100 points today to close well above the 5500 mark, and the Sensex too climbed past the key 18,000 level.

This morning we started off with a 1% gap and did not look back, just kept on rolling forward through the course of the day. The volumes were exceptionally high today; 2.5 lakh crore is huge for a non expiry week, and even the breadth was positive.

Global cues were supportive and leadership was there from stocks like Tata Motors which continuous to rally and JP Associates which has done well post results. The Bank Nifty is not coming in the way of Nifty at all; in fact private banks look good. Stocks like DLF, L&T, M&M and Coal India also looked very smart today.

However, the Nifty could have done even better had it not been for stocks like Lever and Reliance which underperformed today, but we got a good enough 110 points.

Midcaps looked good, but pockets were the buzz today, especially power. The private power companies surged as the PMO came out and said that Coal India would sign FSAs with all private power companies before March 30 for up to 50,000 megawatt. Stocks like Adani Power, Indiabulls Power, JSW Energy and Tata Power were up anywhere between 5% to 15%, so that has been the hot spot in trade today.

The stock of the day has to be Voltas. Till yesterday there was a lot of apprehension about earnings due to which people might have gone short before the results. But results came in much better than expectations, so some short covering pushed the stock and it took off by 20% plus.

The Tata Motors DVR looked very good today and some real estate stocks like HDIL and Unitech continued to rally. Cement companies like India Cement and Prism Cement were up and then individual stocks like Jain Irrigation, 3i Infotech, Great Offshore, Pantaloon and IRB Infra also did well.

There were some results disappointments like Alok and Educomp, but otherwise a spectacular session for the broader market. The party which started on the 30th December just got better; its been a 1000 points plus on the Nifty and 3000 points plus on the Sensex in a matter of just about six weeks.

Watch the accompanying video for more details..