Jan 04, 2014, 04.51 PM IST
The advance tax numbers indicate further slowing down in Q3FY14, contrary to number of reports that the revenue growth cumulatively across the sectors has bottomed out.
Tags Infosys, Q3FY14 earnings, Nifty, Emerging Markets, AAP, Congress, BJP, IIP
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Investors to closely watch Infosys results, Nov IIP data
The advance tax numbers indicate further slowing down in Q3FY14, contrary to number of reports that the revenue growth cumulatively across the sectors has bottomed out.
Like this story, share it with millions of investors on M3
Investors to closely watch Infosys results, Nov IIP data
The advance tax numbers indicate further slowing down in Q3FY14, contrary to number of reports that the revenue growth cumulatively across the sectors has bottomed out.
The Q3FY14 earnings season will kick off with Infosys declaring its results on Friday, January 10. Having a substantial weight in the Nifty Index – Infosys results will be keenly watched. Investors are disappointed with the kind of exits which have taken place from Infosys last quarter and its never-ending restructuring. Investors would be thoroughly scrutinising the results and would be keenly looking forward to the management commentary.
As far as earnings are concerned, the advance tax numbers indicate further slowing down in Q3FY14, contrary to number of reports that the revenue growth cumulatively across the sectors has bottomed out.
Investors would also be looking at FII inflows moreso as the global fund managers would be returning to their desk after the New Year holiday season and would be setting up the new asset allocation strategy for the year.
Also Read: Fed's bitter medicine may help heal emerging markets
The consensus emerging is that the developed markets are overvalued, whereas the emerging markets, including India and China, are cheaper as far as the valuation parameters are concerned. Hence, the expectations are that the flows into the emerging economies will continue despite the tapering. However, investors are cautioned to keep an eye on US bond yields which have spiked up sharply after the announcement of tapering.
Politics will continue to be in the limelight as we approach general elections in May 2014. Investors are fearing that the emergence of third front in the likes of AAP may not only take away sizeable chunks of votes from Congress but also from the BJP. In that case there is a strong likelihood of extremely hung and fragmented Parliament and the emergence of distribution of freebies against the progressive reform-oriented policies – in effect rolling back of reforms done till now, especially in key sectors like power.
As far as data is concerned – we have HSBC Services PMI on Monday, January 6. The last reading was 47.2. The external trade data and IIP for November will be declared on Friday, January 10. The growth of eight core sector industries slowed to 1.7 percent in November against 5.8 percent in the same month last year.
The writer is investment strategist, Mynte Advisors.
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