Weekend market session may not see much activity: Udayan
January, 07th 2012
Markets are open today because the NSE is upgrading its Futures & Options system. The market will be live between 11:00 and 12:45 pm today. So a truncated one and a half hour session, but a weekend market session nevertheless. Global markets were okay overnight. So no great reactions are warranted for our market this morning after the pullback that we saw towards the end of the session yesterday, says CNBC-TV18s managing editor Udayan Mukherjee. Below is an edited transcript of his comments. Watch the accompanying video for more.
Q: We are probably not going to see too much trader participation today, but for the week we did okay up until Friday? A: Yes, there was a good pullback, because yesterday morning, at one point it looked like the market was breaking down below 4,700 and the way the cracks were opening up on many largecap names by noon yesterday. It was good that it was led by all the rumors on the Reliance Group stocks that we saw a comeback. It was a narrow comeback, but it was a comeback nevertheless. The market remains in that trading range of 4,700-4,800. For four days now we have been in that range.
Globally things are not great. The euro situation is not settled because the currency is grinding at 1.26 odd. The yields are shooting up ahead of the auctions next week. But for now the stock market here seems to be reluctant to go down and stay below 4,700. So maybe there is a little bit of an unfinished kind of quality about the rally which started in the early part of this week.
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