Today, Indian market is all set to drift further down in the wake of renewed weakness in global markets. US stocks fell on Friday after a government report painted a grim picture for the labour market there. Asian markets have opened lower this morning. Overall trend is likely to be choppy amid anxiety about corporate earnings and fragile state of the global economy. A key event to watch today will be the IIP numbers for November. The data is expected to reveal slight improvement over October, when the key industry barometer had shrunk by 0.4%.
Tuesday of course will be a big day, as IT giant Infosys comes out with its Q3 results. Market expectations remain muted due to the global economic downturn, especially in the US. Infy may have to cut its full-year guidance again. Overall, the IT sector continues to be out of favour with most investors. The ECB will meet on Thursday to review its monetary policy.
Satyam will continue to hog the limelight, as the government and regulators seem to be working on a war-footing to mitigate the fallout from the Satyam scam. So, another cautious opening is on the cards followed by rangebound trade with negative bias.
