Equity Morning Mantra

MARKET OUTLOOK
The market is seen opening slightly lower today. The major trigger for the market is corporate earnings of India Inc. for the quarter ended June 2009. India's second largest IT major by sales Infosys kickstarts result season today. Asian mining and technology stocks gained after commodity prices rose and Tokyo Electron Ltd. said orders surged last quarter. Utilities declined. U.S. stocks edged higher on Thursday as investors bought beaten-down technology and commodity shares, while a positive broker comment on Goldman Sachs boosted the financial sector.
According to provisional data on NSE, foreign funds sold worth a net Rs. 545.55 crore on Thursday, 09 July 2009. Domestic funds bought shares worth a net Rs. 578.16 crore on that day.
STREET EXPECTATION ON QTRLY. RESULTS
Infosys Technologies is to announce its first quarter results. According to market estimates, the company’s revenues are seen down 5.2% to Rs 5344.1 crore versus Rs 5635 crore. Its EBIDTA is seen down 9.4% to Rs 1712.4 crore versus Rs 1891 crore. Its net profit is seen down 13.3% to Rs 1399.2 crore versus Rs 1613 crore. The company’s margins are seen down at 32% versus 33.6% (would be approx Rs 24.42 EPS)