Some signs of a claw back

CNBC-TV18's Executive Editor, Udayan Mukherjee : Its been a bad day for the market but at least its off the lows, so some signs of a claw back happening now. From sub 3900 levels on the Nifty, we have now clawed back to about 3960, still down a massive 130 points but at least some sign of buying or short covering has emerged over the last few minutes ditto with the Sensex, which is down 700 points is now down about 400 points. Many sectors have got smashed up, the breadth is bad, global cues are not supportive and the only thing is that there is at least some resilience at lower levels and its not a free fall like we saw in the morning.

It would have been such a big reversal after yesterday’s move up. So unless we can really rally hard in the next one-hour and get somewhere close to flat, we will still end with a fair amount of bruising and specially the kind of damage we have seen in many of those sectors which bounced back yesterday, sectors like real estate, bank, infrastructure stocks.  

Even global cues have not been very supportive, Europe has opened up weak, Asia, after a sort of attempted recovery with the exception of China has not done well, and crude remains a big problem for us at USD 145/bbl. SO sentiment is still fragile and from time to time we are seeing a bit of a profit taking from the bears but other wise we remain in a fairly weak market.