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D-Street may see uptrend; Infy guidance key concern: Analysts

This article was posted on Apr 12, 2009 and is filed under Market Outlook

Dalal Street is likely to open on a positive note this week following improvement in global cues, while IT major Infosys’ guidance announcement for FY’10 may bring in some consolidation in the market, analysts say.

Marketmen said the quarterly earnings figures and the revenue guidance of IT bellwether Infosys would determine the direction of the market in the second half of this week, which has gained substantially in the past five weeks.

“Uptrend will continue in the domestic market only if Infosys guidance is positive. If the Infosys FY’10 guidance is below Street expectations, it would provide the market with a reason to go for sideways consolidation,” Kejriwal Research and Investment Services Head Arun Kejriwal said.

Echoing similar views, brokerage firm Bonanza Portfolio Assistant Vice President Avinash Gupta said, “Market is likely to remain on strong growth path this week on positive global cues, while Infosys’ quarterly results and guidance may hold the key for market movement.”

The main event on the domestic front would be the beginning of the corporate earnings season this week, with IT major Infosys Technologies announcing its earnings figures on Wednesday.

“A spate of positive developments have made the market move one-side up for the past five weeks. This week the bulls might sit back and take rest and consolidate its gains,” SMC Global Vice President Rajesh Jain said.

source: PTI

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