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Some tough times around for D-street. Well the latest inflation figures announced shows that the WPI has gone upto 7.4% which is the highest recorded in the last 13 months. We’ll have to be living with such inflation figures atleast for some more time. Meanwhile the IIP figures which also came out stood at 8.6%, surprising many, as it was expected to be somewhere around 6.5% or so.
The hottest news around is the Infosys results which will be coming out today. It has a major significance from the entire market point of view. The company will also announce its revenue guidance and forecast for the coming days which will be according to the situation in US markets. In 2008, the BSE IT index has done better than the Sensex itself by falling 19% as compared to 22% fall in Sensex. This was mainly due to its heavy fall last year. Historically I have seen that the Infosys stock is generally hammered on the day of the results. So we need to wait and watch how the stock performs today.
If we get a good guidance from Infy today,then it will have a positive impact on the overall IT sector and if its on the lower side, it will surely have a negative impact on a whole. The Infosys shares have declined 29% in the last one year as compared to 20% rise in the Sensex. So we might even see a dividend announcement by the company as it is sitting on a huge pile of cash around $2 billion.
The US markets ended marginally lower on account of earning concerns among the investors. The Asian markets are showing some mixed trends with Nikkei-225 gaining about 1% and Hang Seng losing about 0.8% in the morning trade(IST). It will be interesting to watch the markets today.
Time for some Intra day and investing calls for today:
ABB(cmp 1117), RIL(cmp 2550), RPL(cmp 182), Reliance power(cmp 360), India Infoline(cmp 834), TATATea (cmp 886), BATA (cmp 152), Ankur Drugs(cmp 210), Sasken (cmp 136), Selan exploration(cmp 187), Bang Overseas(cmp 165).
Good Luck and Happy Trading!
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