Pri Market Commentary ,,,

Today, we expect the Indian market to open on a positive note. Performance of the IT stocks, to a large extent, is expected to depend on the quarterly earnings of Infosys. We estimate a decline of 1.8% in PAT and 6.5% qoq growth in revenues. We also expect Infy to upgrade its FY09 EPS guidance by 4.5-6% to Rs98. If the above expectations are met, it could provide a positive surprise to the street. An inflation figure of below 12% will not impact market in our view. However, a lot will depend on IIP numbers and Europe stock performance.