TCS, Infosys key architects for Nifty to pullback: Udayan

The market ended on an positive note with Nifty at 4,948 levels up 50 points and Sensex closed shop 156 points higher at 16,498 levels. CNBC-TV18's managing editor Udayan Mukherjee feels that the market is on the pullback mode since yesterday. The global markets have rallied about 1-1.5% and the Nifty was up 50 points.

Mukherjee calls it a constructive session of trade. Both, Asia and Europe have looked quite strong. The Dow futures is in green with 100 points. He pointed out, "India has played along, though not as much as some of the other markets."
According to Mukherjee, the only disappointment is that India's gains are much less or lower compared to some of its Asian and European peers. "We have underperformed than global markets," he clarified.
Mukherjee indicated that the technology stocks, which were beaten down, have staged a good comeback today. In fact they were over sold. Names like TCS and Infosys have been the key architects of the pull-back today with some help from Bharti, Reliance and Axis Bank. The Dow futures could be the reason for the Indian market to come off a little, he added.