Firm global cues aid recovery; metals, realty lead rally

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Firm global cues aid recovery; metals, realty lead rally

Markets were back to their winning ways after yesterday's free-fall. The indices picked up steam after a tentative start, and surged ahead on the back of favourable global cues. At closing bell, the Nifty stood at 4,459, up 71 points, while the Sensex reclaimed the 15,000-mark, closing with gain of 250 points.

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Excerpts from Markets Today on CNBC-TV18 Watch the full show » RELATED NEWS Experts see ranged mkts; advise stocks/sectors to buy ALSO READ See what other CNBC-TV18 anchors have to say Nifty BSE | NSE 30/05/12 Are Mutual Funds betting on Nifty? Other Stocks in this news Sasken Communication Technologies | Hindalco Industries | Larsen and Toubro | Punj Lloyd | Bharat Heavy Electricals | Jaiprakash Associates | Suzlon Energy | Hindustan Unilever | Bharti Airtel | Housing Development Finance Corporation | Cambridge Solutions | Rolta India | MphasiS | KPIT Cummins Infosystems | Shree Renuka Sugars | GSPL (India) | Hindustan Oil Exploration Company | Bharat Forge | Balaji Telefilms | Glenmark Pharma | Bank of Rajasthan |

Markets were back to their winning ways after yesterday's free-fall. The indices picked up steam after a tentative start, and surged ahead on the back of favourable global cues. At closing bell, the Nifty stood at 4,459, up 71 points, while the Sensex reclaimed the 15,000-mark, closing with gain of 250 points. Realty, metals, and capital goods led from the front with gains between 2% and 4%. Broader markets too stood tall, pushing the advance-decline ratio to a robust 3:1. Volumes too were strong at around the Rs 95,000 crore-mark.

Here is a verbatim transcript of CNBC-TV18's Managing Editor Udayan Mukherjee's comments. Also watch the accompanying video.

The market bounced back today after yesterday's sharp sell-off. The Nifty was up 70 points at 4,460 and the Sensex was up 250 points. Global sentiment stabilised as well, as the Shanghai Index limped up 1% from yesterday's fall. Other Asian and European markets also traded quite stable today.

Infrastructure and metal stocks led the rally or pullback in the largecap universe, as Firstsource and Sasken lead yet another big rally in midcap IT stocks.

This morning it could have gone either way. The first one hour was extremely choppy. We drifted in and out of the red and finally after the first one hour the market started gradually inching higher and then finally the Sensex closed a good 250 points higher. Today was a good comeback. We have recouped nearly one-third of yesterday's losses, more than that 40% of yesterday's lost points on both the Nifty and the Sensex.

Leadership today came from the beaten down metals led by Hindalco and Tisco and of course infrastructure, the entire space whether it is L&T , Punj Lloyd , BHEL , JP Associates , Siemens , Suzlon , was very good today.

Of course the Nifty would not have done it without support from some of the heavyweights like Hindustan Unilever , Bharti and HDFC ; those stocks were pretty good today.

Outside the index, midcap IT continued to be the star sector today. The big winners were Firstsource, Sasken and Cambridge Solutions , along with Rolta , MphasiS and KPIT Cummins , which also had fairly good sessions.

The breadth, therefore, was not bad. We had nearly 900 advances to 300 declines. Volumes were pretty okay at Rs 95,000 crore, cash + F&O. There was no turbulence in the market.

In the midcap space, lots of other winners like Shree Renuka in sugar, GSPL in gas, Balaji in media, HOEC , Bharat Forge , Glenmark , Bank of Rajasthan , just to mention a few stocks that did extremely well today.