Mkt dealt with 2G newsflow well; FII flows strong

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It has been quite a day for the market. There was lot of news flow and flip-flop during the course of the day. As of now, the market seems to have dealt with all the news flow quite well, reads Udayan Mukherjee, managing editor of CNBC-TV18.

Midcaps did pretty okay today. There were lots of reactions from the telecom sector per se with Bharti going up. Some other stocks where licenses have been cancelled, have also gone down. The ONGC and BHEL disinvestment has not been cleared yet, we will hear on the EGoM and see decisions later in the evening.

The markets fared on liquidity now and overall it may matter to the lives of a few stocks and they have reacted in the way they should have. Bharti has gone up and some of the other telecom stocks have gone down. So, those reactions have played out.

Does it have wider ramifications on global sentiment? We will see what the fine print is and what kind of remedies and measures are available to the companies where licenses have been cancelled. We will also have to see what are the losses to them and many of their other related parties like banks etc. Tha all is not very clear right now.

We will have to assess that. It could have some kind of dampening impact on foreign direct investment in telecom as a sector. But, right now global FII flows are so strong that I don't think the markets are in a mood to figure out that there is any negative impact on the market per se. On Saturday, we will see if there any government wide sentiment impact after the ruling on the Home Minister, but for now everything is fine.

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