Too early to tell if mkts have seen an intermediate bottom

Excerpts from Markets Today on CNBC-TV18 Watch the full show » ALSO READ See what other CNBC-TV18 anchors have to say Nifty BSE | NSE 10/02/12 Are Mutual Funds betting on Nifty? Other Stocks in this news Jaiprakash Associates | Hindalco Industries | Reliance Industries | Suzlon Energy |

There is better news from the market today. It bounced back after yesterday's drubbing, the Nifty is up 150 points to close at 4,700 yet again. High beta stocks bounced back in the largecap universe. DLF , JP Associates and Hindalco led the way. Even Reliance contributed handsomely to the Nifty's gains.

It was a good day for largecaps but not all well; Suzlon continued to drag, loses another 5% and even telecom stocks appeared quite tepid despite the Idea management's assertion that this is jut a temporary rough phase for the sector.

On trade today:

It is not the best outcome to go down 500 one day and come back 500 the next day. The markets have become volatile and today's bounceback was not unexpected entirely. In the morning it kept you guessing for a while because it started gap-up and it gave up a little bit, and it could have gone either way but then the market powered on towards the end and high beta closed off with a bit of a flourish today. So, it had got a bit oversold today. It looked like a climactic fall and often after that you do see markets bouncing back.