Good day for mkt; Nifty consolidates post US poll results

It has been a good day for the market. It is not an entirely unexpected leap, said Udayan Mukherjee, Managing Editor of CNBC-TV18. Post the election verdict, the markets have moved on and consolidated above the breakout range of 5,730. We have spent most of the day above 5,750 and it should be comforting for the bulls.

What is more important is that volumes have picked up today. We are already at 1.5 lakh crore which is significantly better than the average of the last few days. On the breakout it has been followed by some degree of volume, perhaps also because of the news and excitement this morning. Participation has been better but midcaps are doing well and global markets are holding steady. There has been no knee-jerk reaction thus far from the election verdict and it has coincided nicely with the breakout that we have been trying to bring about for the last five weeks without much success.