Nifty consolidates ahead of Rail Budget

Excerpts from Closing Bell on CNBC-TV18 Watch the full show » ALSO READ See what other CNBC-TV18 anchors have to say Nifty BSE | NSE 08/02/12 Are Mutual Funds betting on Nifty?

CNBC-TV18 Managing Editor Udayan Mukherjee said the market went up for sometime around the economic survey, "but it was almost as if the market pinched itself and said this is too unbelievable."

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

It has been up and down once again - the market clearly is going sideways and is facing resistance at higher levels. That's the clear message from the screen. It went up for a bit around the economic survey and it is almost as the market pinched itself and says, "Come on, you cannot believe that" and it came right down. We are not down and out - just 20 points down on the Nifty - so it is consolidation, not correction yet. We are now with 24 hours to go for the Railway Budget, pretty much resigned to going into it flat or in neutral gear. That's pretty much how it has been looking through the day today: up and down.