Market looks better than what it did 48 hours ago: Udayan

It’s the annual guidance time for FY13 and there has been a lot of debate on whether Infosys will surprise the market with its guidance on Friday. There has been some talk that it may abandon guidance altogether or whether it will be a muted guidance like what the Nasscom has put out. That’s the big event for the day and of course markets have bounced back globally over the last couple of sessions and that puts us in a good footing as we head towards the Infosys numbers before markets open today.

According to Udayan Mukherjee of CNBC-TV18, things have cooled off global for the moment. “What was threatening to become a situation, which was quite alarming, has atleast temporarily become slightly more orderly in Europe, therefore, markets have bounced right back. Anyway the US markets were due for little bit of a pullback after the one sided fall that they had. So right now what you are going through is a respite to the correction and that grey area where you don’t know whether risk on has started full tilt once again because nowadays markets are quite manic and they switch between risk on and risk off very quickly between days."

"The Chinese data today 8.1% GDP is not a very encouraging number though it is optimally 8% plus still but I guess we are headed towards the sub 8% print in the next quarter there. So that’s something which the markets will want to also factor in while taking a call on the global markets," he said. 

“But just for this morning things appear better than what they were 48 hours back and to the extent that FIIs were also small buyers yesterday the mood will be slightly better,” he said.

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