It was an extremely volatile session of trade today. The Nifty swung around wildly in a 150-point range before closing above 4750, up 50 points. Global markets though remained quite sluggish during the course of India’s trading day, while trading volumes soared because of today’s volatility to Rs 120,000 crore. In the largecap space high beta names like Suzlon and ADAG group stocks did well and telecom stocks finally saw some buying.

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

The largecap universe saw tremendous amount of volatility today. The stocks which had got beaten down the most from the high beta space bounced back the most as well. Suzlon led from the front since morning, capping off the day with a 14% rally. That is a big comeback to above Rs 60 for a stock which has been battered out of shape thanks to some debt recast plans.

The dark horse was GAIL today. We had a very good move on that stock and telecom which has been bruised as a sector came back quite well today with buying in all three front line stocks, Bharti, Idea and R Comm. There was some buying in frontline names like ONGC, BHEL and a few metal stocks like Hindalco and Tisco.

On the flip side cement had a bad day in the largecap space, Ambuja & ACC were both down and largecap IT and bank stocks like Infosys and State Bank of India did not do very well from the largecap universe.

On mkt action:

I do not think too many traders would have caught the entire trading move today because it is very difficult to predict the kind of flip-flop that we saw in today’s trade. So, while it seems like traders would have made a lot of money in today’s session I would imagine that they might have got cut out on both positions, the long and short end of it because of the huge volatility that we saw today.

The global markets were not particularly supportive. So one wonders whether there is a local element to today’s pullback because it happened after the communication from New Delhi first on disinvestment and then on how tax rates might actually come down after the revamp or recast in the tax code.

So maybe those factors on the margin might have lifted sentiment.

But otherwise it is difficult to put a finger on what caused the rally in the middle of the day today. But there was too much volatility. We came out of it okay today. So, I think the bulls have won the round today, but it is far from over. This kind of volatility usually ends up in making way for a big move in the market.