Markets surge on TCS result; IT biggest gainer

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The markets began its week with a big bang and maintained their uptrend on the back of institutional buying. IT in the largecap space was the big star of the day, TCS led the way with a 15% upmove. The Nifty closed the day at 4,502, up 127 points. While the Sensex shut shop at 15,191, up 446 points.

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

Good news from the street. The week begans with a big bang. The Nifty jumped 130 points to clear 4,500. IT in the largecap space was the big star of the day, TCS lead the way with a 15% upmove, the biggest that it has ever done in a single session after an earnings surprise. Reliance also provided some leadership to the Nifty and it closed above 2,000 on a day when the Supreme Court hearing was adjourned, till the September 1, 2009.

It was almost a photo finish today. We started the week on a better note. We put on a 9-10% gain last week and we started this week with a 3% rally, that's about 12% in six trading sessions. That is by any stretch amazing run for the market, 12% on an index in the six days is staggering stuff and volumes are consistently picking up on each of the last three sessions. The market saw a Rs 95,000 crore plus volumes. About the breadth, there is nothing to complain about at all. There is good leadership in the market from various sectors. What might have started off with high beta plays like Real Estate, Infrastructure and Banking and metals and it is now spilling over to IT as the leadership sector, Reliance has bounced back from Rs 1,700 to Rs 2,000.