vengabeats
Nilesh Nagdev
The ongoing correction may continue if FIIs continue to book profit. Heavy FII selling was witnessed during four trading sessions, between 7 April and 13 April. On the flip side, local mutual funds may use the correction as a buying opportunity. Mutual funds are sitting on a large pile of cash, thanks to hefty collections from new equity schemes launched over the past 3-4 months.
Caution has emerged ahead of the beginning of the Q4 earnings season following a bizarre bull-run witnessed on the domestic bourses over the past few months. ACC unveiled robust Q4 results on Wednesday and it also issued positive outlook. The next major Q4 result is that of IT bellwether Infosys which is on Friday (14 April). The market remains closed on Friday on account of Ambedkar Jayanti and hence the impact of the Infosys' results would only be known on next Monday (17 April).
Market men are eagerly awaiting the earnings guidance from Infosys for FY 2007 (year ending 31 March 2007). Rumours have been doing rounds the street that Infosys' guidance may be muted and that the bonus issue was being considered to compensate that. A minimum 25% earnings growth guidance by the IT bellwether may help bring the market back on track after a recent major correction.
Some of the other major Q4 results due next week are TCS, HDFC Bank, Gujarat Ambuja Cement, UTI Bank, HCL Tech, Wipro, Ranbaxy, Reliance Energy and Satyam
Caution has emerged ahead of the beginning of the Q4 earnings season following a bizarre bull-run witnessed on the domestic bourses over the past few months. ACC unveiled robust Q4 results on Wednesday and it also issued positive outlook. The next major Q4 result is that of IT bellwether Infosys which is on Friday (14 April). The market remains closed on Friday on account of Ambedkar Jayanti and hence the impact of the Infosys' results would only be known on next Monday (17 April).
Market men are eagerly awaiting the earnings guidance from Infosys for FY 2007 (year ending 31 March 2007). Rumours have been doing rounds the street that Infosys' guidance may be muted and that the bonus issue was being considered to compensate that. A minimum 25% earnings growth guidance by the IT bellwether may help bring the market back on track after a recent major correction.
Some of the other major Q4 results due next week are TCS, HDFC Bank, Gujarat Ambuja Cement, UTI Bank, HCL Tech, Wipro, Ranbaxy, Reliance Energy and Satyam