CNBC-TV18's Udayan Mukherjee share his views and outlook on the market as well as on specific sectors and stocks.

He spoke at length about ICICI Bank, Tata Consultancy Services (TCS), HCL Technologies and aviation sector.

“Result season was okay and you had hits and misses. But just in the last week or so, the mood might have got soured a little bit,” he said.

Speaking about Karnataka elections, he said, "It is an important event. That is the thing about this week’s trade that you have a couple of important events. I don’t know how it will pan out, I don’t think anybody can call how it will turnout but one thing is there."

"Having looked at the last six months of election results, you could have a situation like you have had with many smaller states where the single largest party does not go on to form the government. It is possible that the Congress is number one in Karnataka but Bharatiya Janata Party forms the government with the help of Janata Dal (Secular). That is the likelihood which the street might be betting on at this point in time.”

“Market will get a little cautious just two days before the results because there is no opinion poll which is coming out which is decisively saying that it is the BJP which has the advantage in Karnataka. But it will be an important event particularly in the light of where global markets and crude stand,” he added.

On extended trading hours for derivatives market, Udayan said, "I guess the Securities and Exchange Board of India (Sebi) is thinking that it will give stock traders an opportunity to react directly for the European opening and even the US market opening. So, you could see a fairly vibrant trade in the Nifty futures and the Bank Nifty futures depending on how Europe proceeds to trade and how the US markets open up. I don’t see a major argument with volumes being traded post the US market opening in the evening for our Nifty futures out there.”

First Published:May 7, 2018 11:18 AM IST