Udayan Mukherjee, Managing Editor, CNBC-TV18, the budget disappointment or the sell off was unwound almost completely over the last few sessions. “Last week there was a big sell off in the market and now the market seems to be getting right back to where it fell off from. Another 100 odd points on the Nifty and we will be there at pretty much the pre budget level,” he added.
Here is a transcript of Managing Editor, Udayan Mukherjee’s comments on CNBC-TV18. Also watch the accompanying video.

What a terrific day this is turning out to be. Two fantastic days; one day for pause, yesterday and the markets ready to fly once again that’s the message on the screen; no volatility, its been doing strong. It did not open with a massive gap up just about 30 odd points higher on the Nifty but now is up 130 points, so it’s been a gradually upwards climbing graph during the course of the day. The Sensex is up 430 points, this is about to cap up one of the best weeks we have seen recently. Last week there was a big sell off in the market and now the market seems to be getting right back to where it fell off from. So it was 8-9% down week and now its 8-9% up week that we are headed for a close. So the budget disappointment or the sell off is been unwound almost completely over the last few sessions. Last four sessions has taken to unwind most of it, another 100 odd points and we will be there at pretty much the pre budget level, now at more than 4,350.

But the market has come a long way lead by banks today, lead by big stocks like Bharti, ITC, Infosys but banking has been at the forefront truly; ICICI Bank, Axis Bank, HDFC Bank and State Bank of India have been so strong today that what has lead the market higher and of course some other heavyweights as I mentioned has contributed.

The good thing is volumes have started picking up since yesterday; we are now already at 75,000 crore with every chance of closing the day once again between 90,000 crore to a lakh. Yesterday we saw 95,000 crore in trade. So the going in very good for the volumes front once again and the breadth is excellent 1,000 advances to 250 declines, you can’t complaint with that. So it is a roaring afternoon of trade and the market might have sulk last week but has come right back into the game over the last four sessions.