Today, given the relentless sell-off across global markets, particularly in the US and Asia, we expect another gap-down opening. Things could get worse, especially if there is no improvement in markets in Asia and Europe. There are fears that our market may come closer to the lower circuit levels.
Today is also an important day from the quarterly earnings' point of view, as IT major Infosys has announced its results for the July-September quarter. The company has reported a net profit of Rs14.32bn, up 10% over the previous quarter. Revenue for the July-September quarter stood at Rs54.18bn, up 11.6% over the first quarter. Meanwhile, the rupee has hit an all-time low of 49.30 per dollar.We continue to advise caution at this stage.
