Market making a comeback from yesterday's fall

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Market making a comeback from yesterday's fall

"Tt has indeed been a strong come back for the market today and we have gained more than half of what we lost yesterday," says Udayan Mukherjee, managing editor, CNBC-TV18.

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Excerpts from Closing Bell on CNBC-TV18 Watch the full show » ALSO READ See what other CNBC-TV18 anchors have to say

It has been a good come back for the market today. Some reactions like the one after ICICI Bank results have been very good. However, Siemens doesn't look too good in the face of it. Net profit is just about Rs 71 crore. Year on year, those numbers are down quite a bit. Nonetheless, it has indeed been a strong come back for the market today and we have gained more than half of what we lost yesterday, says Udayan Mukherjee, managing editor, CNBC-TV18.

We are already very close to the 5200 mark again, trending well above 5150. It has been a tight 20 point range in which the markets moved through the trading day. Volumes are on the duller side, so we haven't seen any great pick up in volumes on the uptake as we saw on the way down yesterday. It has been a lackluster trading session after the gap up opening, but at least today has been a day of strength, particularly for a lot of midcap names and also for largecaps like ICICI Bank.

Investors feared a trend reversal yesterday for the trade had indicated clearly that the market had turned around. But having pulled back to 5150, that too on tepid volumes, the next step is important that it gets back to that 5200 plus level. It has to cross the 200-day moving average and try and progress beyond that.

The market might well be successful in doing that. It will depend on global factors as well. But it is good that we haven't seen follow up today to yesterday's fall because that would have led to a lot of bearish sentiment in the market. We need to see if FIIs have started building long positions again today and whether no fresh short positions have been added like it was the case yesterday. That would be important.