The markets made a spectacular comeback after two days of trading in the red. The Nifty zoomed past the 4,500 mark yet again and closed 125 points higher. The Sensex gained 388 points and closed at 15,231. It was an earnings heavy day and heavyweights like ACC, Maruti and ITC surged over 5% post good results.

Metal and realty space dazzled in the day's trade, and stocks like DLF went home with stellar 7% gains. Another standout performance was from Mahindra Satyam, which closed with 14% gains. The company is now once again in the top five IT companies on market capitalisation basis.

There was good participation with total turnover breaching the Rs 1 lakh mark yet again.

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

It is good news from the street. The market staged a roaring comeback after two down days. The Nifty jumps 130 points to close above 4,500.

It is a big day from the earnings calendar today. Index companies like ACC, ITC, and Maruti beat the street estimates. Bharti’s numbers too are in line with expectations.

In the largecap universe, metal stocks lead the charge today and trading volumes while not as large as yesterday remained above Rs 1,00,000 crore.

This was a very-very smart showing for the market. Terrific come back. Last two days we had given up 100 points on the Nifty. More importantly, it came with a share of volatility and question marks on where the Nifty would head after touching 4500. Today maybe that question has been answered. We have not only recouped all those 100 points. But the manner in which the market went up today on good volumes, good breadth, excellent leadership backed by good earnings and also the important thing is that global markets did not break down.

The last couple of days has been some lingering apprehension that maybe global markets too are about to go in for some corrective wave. The fact that today all was well globally must have soothed some of those nerves. It was pretty good going. Whether we have tested 4,400 Nifty and have come back and are on our way back to the old highs once again, we will find out. But today’s screen looks very good and would reassure the bulls quite considerably.