TCS, Infosys real culprits in dragging mkts down

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 25/05/12 Are Mutual Funds betting on Nifty?

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

At 2,716 on the Nifty, this will not be a good closing for us at all. In fact you wanted to see strength going into the event but all you have seen is weakness, post about 2:00 PM in the afternoon the market just fell off, in fact before that and just about managed to hold above 2,700 and below 9,000 closing for the Sensex as well. So, once again every time we get above that 2,800 mark some wave of supply comes in and today has been no different.

In many largecap names, stocks like Steel Authority of India (SAIL) and Tata Steel and Hindalco in metals, SBI and HDFC in financials, Reliance Industries, DLF all these stocks have led the index down today, particularly in technology TCS and Infosys have been principal culprits in dragging the markets down. But even outside the index many of the popular trading stocks like JP Associates, HDIL, Indiabulls Realty all of those stocks have corrected quite significantly. So, not a great way to close and to go into the event who knows what this is signaling.