Here is a verbatim transcript of Udayan Mukherjee's comments on CNBC-TV18. Also watch the accompanying video.
 
It is not turning out to be a very good day for the market. The morning looked promising but it was a straight-line and then it just dropped in the last one-hour. In fact, quite sharply so much so the Sensex is down nearly 135 points and almost 350-points from the top of the day and the Nifty too which in the morning was nudging against 2,830 is now 2,720 – so that has lost 110-points from the top of the day. The interest rate sensitives have been very weak today. So, autos have struggled, the banks have not done much better and that’s put the market under a lot of pressure but today the volumes are extremely weak as well. Looking at volumes and prices – it is not been a very encouraging session of trade. It started off well but seems to be losing its way.

We are on course for the lowest volumes of 2008. I would not be surprised if that happened today but there was just no participation coming in at the higher level. The market made a good job of the opening then was holding a couple of 100 points almost inviting or begging some participation at higher levels. But that did not happen. So we are running into some rough weather around that 9,300 mark for the Sensex which lot of traders has kept their eye on and every time we get back to those 2,850 kind of levels, the market runs out of steam.

So I don’t think traders are willing to commit money at higher levels at all. They are scalping small gains and different sectors are pulling the market down. So we are still in that range of 2,500-2,600 on the way down and 2,900 on the way up and every time one gets closer to the higher end of that band one meets with resistance. And the volumes are also suggesting that there is no great breakout which seems imminent or people are keen to strike out. So tooing and froing in that narrow 300-point range and that on absolutely listless volumes is not great.