Subdued EU summit outlook traps market in range: Udayan

CNBC-TV18's managing editor Udayan Mukherjee explains that the market today was a quiet and range-bound session like yesterday. But today's session is a little less flat and at least for most of the day, the trade has a positive bias which is good but otherwise there is no great zing on momentum in the market.

The Nifty is grinding around 5,150 and the European markets are also being extremely sideways on the European Summit that's due to kick-off tomorrow. So the market is on a wait-and-watch mode and undergoing consolidation before the expiry tomorrow. Also watch the accompanying video
There is disappointment without the great weight of expectations. Though investors are expecting some movement on the eve of the EU summit, it's not being reflected in the prices.
The Indian markets are yet to correct before the EU summit which usually gives rise to a lot of expectation. But this time around, there is an absence of the usual hype and anxiety the precedes EU summits and Fed meetings where a lot of expectations are bandied about.
So due to the subdued outlook towards the EU summit, the market remains trapped in a range. This is one more day spent in that 100-point range between 5100-5200. I don't see how traders can take away much from today's session.