Mkts discounted Greek issue long back; momentum party on

Excerpts from Bazaar on CNBC-TV18 Watch the full show » ALSO READ See what other CNBC-TV18 anchors have to say

Greece is done it appears though it requires a bit of ratification, but global markets have just taken it in the stride, they are flattish and there is no great excitement. We celebrated ahead of that event yesterday by crossing over 5,400 on the Nifty. So, all signals are still flashing green, the momentum party is on and there is nothing, which has happened in global markets to dampen it at this point, reads CNBC-TV18's managing editor Udayan Mukherjee.

It seems that the big issue is resolved in Greece, but the global market reaction is also interesting because this is one more instance of when so much talk happens around an event and it is rendered meaningless well before it comes to conclusion. So, the market has discounted it probably long back and life is carrying on. It appears quite unlikely now at least on the evidence of what we have heard that the Greek issue will lead to some degree of contagion across other European markets.

That is what the market needs to or wanted to avert and it seems like it won't come to that. There is still ample liquidity in the global market and that continues. Yesterday, the market had a flat session and then suddenly it just took off and now we know why Rs 1,200 crore of cash market buying from FII's. So, you just do not want to stand in the face of liquidity like that.

The market is still in a very strong momentum groove and globally nothing seems to be wrong at this point. Just a small wrinkle on the margin, crude USD 118-119 so optically when it starts climbing above USD 120, some markets will start to fret a little bit, not that it is in a mood to fret at this point.

In the last couple of days, we just spent bit of time below 5,400 levels. The point is, so many people have missed out on this rally that there is a lot of anxiety to buy. If the market rallies another 50-100 points and does not stop, we may well see a buying panic among a lot of people, who have still not participated.

So, at every level we have been hearing this call for correction, that is because people want to buy. Typically, this is the kind of mood in the market that people want to catch and get in then the markets do not correct such a lot. Technically and psychologically this market's shape right now is shallow corrections, which get bought into and momentum is still strong.

Also watch the accompanying video.