Expect positive opening: India Infoline

According to India Infoline report, expect the Indian market to open on a positive note.

India Infoline report:

Key indices ended flat yesterday after a highly volatile session. Bajaj Auto stock rose on better than expected results. However, we are not
bullish on the stock and recommend using every rise to exit this counter. DLF buyback at up to Rs600 per share with an amount of Rs1,100cr failed to excite market sentiment for the stock. We maintain our negative stand on realty.

Today, we expect the Indian market to open on a positive note. Performance of the IT stocks, to a large extent, is expected to depend on the quarterly earnings of Infosys. We estimate a decline of 1.8% in PAT and 6.5% qoq growth in revenues. We also expect Infy to upgrade its FY09 EPS guidance by 4.5-6% to Rs98. If the above expectations are met, it could provide a positive surprise to the street. An inflation figure of below 12% will not impact market in our view. However, a lot will depend on IIP numbers and Europe stock performance.

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