Today, we expect a flat to lower opening. The key indices are likely to remain sideways and rangebound. Infosys numbers should be out before the market starts. So, there is a possibility that the mood might change once the IT bellwether’s results and guidance are out. Infosys is expected to post 1-2% QoQ growth in Q4 PAT and Revenues. It’s the company's outlook for FY11 that everyone is keenly awaiting. Broadly, the undertone will be cautiously optimistic. Non-index counters may remain abuzz but don’t take undue risks for now.
The occasion is here; its Infosys results after all. Will the market celebrate? We'll know in a few minutes. The market never fails to surprise; just when one thought the NSE Nifty could surpass 5400 with some ease, it changed direction and headed south. Today it could even fall below 5300 unless Infosys manages to turn the tide. A special dividend could be a temporary boost too.
Markets in the US and Europe finished flat. Asian markets are mostly in the red. Eurozone’s emergency loan package for Greece failed to inspire the bulls. What’s worse, the SEBI-IRDA standoff over ULIPs clouded the sentiment. The good news is that status quo has been maintained on ULIPs. The two regulators will now seek a legal verdict.
