Markets reclaim 2-day losses; Metals lead

Excerpts from Closing Bell on CNBC-TV18 Watch the full show » ALSO READ See what other CNBC-TV18 anchors have to say Nifty BSE | NSE 25/05/12 Are Mutual Funds betting on Nifty?

Udayan Mukherjee, Managing Editor, CNBC-TV18, said it was a very strong day with little volatility. "Last couple of days it had given up 100 points on the Nifty and today it has reclaimed that, with leadership from metals," he added.

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

It's turning out to be a good afternoon for the market. The middle of the day was spent in consolidating the morning's gains, and now the market has taken off once again and we find ourselves above 4,500 Nifty yet again. The Sensex too is comfortably trading above 15,000. There have been some good earnings today but the real toast of the market has been the metals space, you can't think of a metal stock which is not up today. Across the board, largecap, midcaps and many other stocks bolstered by good earnings have jumped. The breadth is good, so is today the day if the Nifty crosses over 4,500 and close firmly above that with one hour of trade still left.

It's been a very strong day with little volatility and that's exactly what you wanted to see after yesterday's sharp intraday swing. You wanted to see a day today which was spent mostly in the green, not with very sharp intraday gyrations and that's exactly what has panned out today.

I don't know in the last one our whether we give up some of these gains but every small dip during the course of the day has been bought and we have had leadership from metals, the breadth has been good. The volumes have not been as large as what we saw yesterday but the day has not been nearly as volatile as what yesterday was like but 350 points up, a great comeback for the market, last couple of days it has given up 100 points on Nifty and today it has reclaimed that, so on hindsight it appears if today's move it has reclaimed that, today's move is sanguine then it was just a mild two day kind of a break to 4,400 but the market is back now to now what it had got up to.