Nifty's fall qualifies a blow to bullish sentiments: Udayan

The market ended on an extremely negative note with Nifty at 4,934 levels, down 95 points and Sensex shut shop 314 points lower at 16,461 levels.

The global markets like CAC, DAX and FTSE have now got back to a 1% cut. It is now all about the French and Spanish yields that have hit record highs, which is causing consternation on the screen, said CNBC-TV18's managing editor Udayan Mukherjee.

According to Mukherjee, the spike in yields is a very bad news for Europe. "Even the Indian market has become increasingly sensitive to this," he added.

Around a 100-point cut didn't seem very possible early in the day, but the Nifty finally closed in that range. This qualifies as a big blow to bullish sentiment or the last remaining bulls who were hoping the Nifty to hold out that 5,000 levels, Mukherjee pointed out.

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