The sensex closed on Friday @ 19386 - down 65 points and the Nifty @ 5824 - down 18 points.
This week had two trading holidays (tuesday & thursday) . The apparent trigger for the market to crash by over 300 points in Sensex on Friday was the disappointment over Infosys results. The earnings were below market expectations . Also the resignation of two directors ( Mohandas Pai & Dinesh) did not help the sentiment.
The share price of Infosys were down by over 10% on Friday - & as Infosys is a trend-setter for the expected results from other IT companies - price of other IT companies including TCS & Wipro also fell 2% - 5%.
The Inflation figure for March WPI @ 8.98 announced on Friday is way above the projvetion by RBI of 8%.
Next week - the market likely to trade in the range of 5750-5850 with a negative bias and select stocks whose Q4 earnings are expected next week may be in the limelight.
On Monday IFCI & HDFCBank are likely to announce their Q4 results. This might lead to some stock specific movements in ICICI/HDFC/Axis /Yes/IDBI/IDFC.
This week had two trading holidays (tuesday & thursday) . The apparent trigger for the market to crash by over 300 points in Sensex on Friday was the disappointment over Infosys results. The earnings were below market expectations . Also the resignation of two directors ( Mohandas Pai & Dinesh) did not help the sentiment.
The share price of Infosys were down by over 10% on Friday - & as Infosys is a trend-setter for the expected results from other IT companies - price of other IT companies including TCS & Wipro also fell 2% - 5%.
The Inflation figure for March WPI @ 8.98 announced on Friday is way above the projvetion by RBI of 8%.
Next week - the market likely to trade in the range of 5750-5850 with a negative bias and select stocks whose Q4 earnings are expected next week may be in the limelight.
On Monday IFCI & HDFCBank are likely to announce their Q4 results. This might lead to some stock specific movements in ICICI/HDFC/Axis /Yes/IDBI/IDFC.
I wonder if the market expected too much from Infosys?
ReplyDelete