Infosys is to declare its results on 10th October. That will give us the cue for the fiscal.
Stocks have been hammered down mercilessly by the punters over the past few days. Stocks which were touted as blue chips are today being sold off by investors. Well, if legendary institutions like Lehman and Morgan can collapse, can we say even talk about blue chips today?
So why have the markets turned sellers on the IT counter? Falling rupee, US crisis, liquidity issues, hike in interest rates, inflation; anything and everything seems to be responsible. When the markets crashed three days ago, IT stocks, along with realty led the fall.
In the meltdown on 29th September, TCS was amongst the biggest losers of the day and it touched a new low at Rs. 612.10. Satyam also touched a new 52-week low at Rs.289 Infact 150 stocks hit a new low that day and prominent IT stocks amongst them were Patni Computers, 3iInfotech, eClerx, Hexaware and Mindtree.