Indian markets were witnessing a choppy session due to lack of buying conviction amongst investors as concerns of inflationary pressure and possible rate hike by the Reserve Bank of India in its next meet dampened sentiments. Auto, banks and oil & gas stocks were down on profit booking while IT and capital goods space showed some strength.
"The market has been reeling under a series of bad news. It started with the dismal results and dramatic exits at Infosys. The RBI aggravated the pain with a 50 bps rate hike. Earnings from RIL and Bharti also failed to impress.
On Tuesday, shocking Q4 results from SBI sent the market into a tailspin. Bad news on ONGC and RIL exacerbated the fall. The knock on the chin could have been harder but for the strength in ITC, HUL and TCS.
Today's start will be better but don't bet on a substantial turnaround. All eyes are now on Bajaj Auto results today. L & T will announce its report card on Thursday. ITC will come out with its numbers on Friday.
Inflation remains a big headache as well.
On Tuesday, shocking Q4 results from SBI sent the market into a tailspin. Bad news on ONGC and RIL exacerbated the fall. The knock on the chin could have been harder but for the strength in ITC, HUL and TCS.
Today's start will be better but don't bet on a substantial turnaround. All eyes are now on Bajaj Auto results today. L & T will announce its report card on Thursday. ITC will come out with its numbers on Friday.
Inflation remains a big headache as well.
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