Nothing alarming, market just taking a breather today

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Nothing alarming, market just taking a breather today

It has been a quiet day for the market today. While the broader market has outdone itself, large caps have taken a breather after running continuously for the last eight-nine sessions for almost 500 points until this morning.

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It has been a quiet day for the market today. While the broader market has outdone itself, large caps have taken a breather after running continuously for the last eight-nine sessions for almost 500 points until this morning. "We have seen a bit of a pause on the large caps but midcaps and smallcaps are caught onto the rally now," observes CNBC-TV18's Udayan Mukherjee.

The volumes in the market today have also been quieter at about Rs 74,000 crore. "It is a day of consolidation as we head towards the end of the week," Udayan believes.

He seems no alarming triggers in the session today; in fact he believes the market has been overheated at 5,200-5,700 levels making profits continuously. Large cap names like Bharti and HUL have moved higher, also, Reliance that had a sharp pullback from Rs 830 to Rs 900 has reacted today as well. However, Udayan sees the midcaps playing catch up now.

"The market has been spread out. After a surprising rally from a level that people did not expect to see, which was led by FII money and large cap stocks has now boosted confidence," Udayan says.

Traders are back to the midcaps and smallcaps, Udayan believes since they don't want to chase the Nifty right now at 5,700 having missed out on large part of the rally.