Hope FII's good money behaviour continues in Sept: Udayan

An unexpected jump in US services sector index, helped lift the mood on Wall Street. Even though the eurozone debt crisis continues to drive market sentiment Asia didn't fare too badly yesterday, says CNBC-TV18's managing editor Udayan Mukherjee.

"Globally, there may be days where we see a 3-4% rally and days where we see a 3-4% selloff."

According to him, the US and Europe are living day to day as things in their economy have yet to settle. There is a lot of mixed data out there, he adds. People are banking on Obama's speech to help calm global nerves.

For the Nifty, he expects the pullback to extend a few more days. Today, Nifty may extend the move up.

The one positive outcome about global markets is that there has not been a major spike in risk aversion for other parts of the world, says Mukherjee. The money is behaving quite rationally for the moment and that