Sept to see mkts on upswing backed by positive cues

The September series started off well. The Nifty put in a solid day to close at new 2009 closing high of around 4,730. It had been a good week for the stock market as well. The Nifty is up 4.5% for the week and many largecap names like Reliance, L&T, Bharti, Tata Motors and Unitech shined during the week. The oil-marketing companies put in a bad week of trade. There was an important development in the Reliance-RNRL case today; the hearing has now been deffered from September 4 to October 20 where the Supreme Court will have its first hearing on the case.

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

On the surprise finish

It always looked like once the September series starts without the baggage of the last settlement the Nifty would at least make an attempt to crossover that hump of 4,700 to 4,750. Now the fact that it has come to 4,730, has just elevated the chances of the Nifty trying to make it past that. If it does early next week, now whether it goes on to just 4,800 or makes it all the way to 5,000 and 5,000 plus on the Nifty is the moot point in the first half of the September series.

But at least an attempt has been made. The Friday closing has been pretty optimistic in favor of the bulls and the way global markets were shaping up in the afternoon. There is every possibility that with some help the Nifty might just be able to build on it as the new week unfolds on Monday.