Q4 results to be centre of market action next week

Mumbai, Apr 8 (UNI) The 157-points slide of the Bombay Stock Exchange (BSE) Sensitive Index (Sensex) yesterday is expected to prompt some quick buying in those counters where there was a maximum fall, while Q4 results would determine market scene, analysts have said.

Nevertheless, BSE Sensex is at an all-time high of 11,589 points and such a high valuation will naturally invite proportionate volatility next week too, they said.

The 12,000-point landmark is likely be achieved next week, if there is good Q4 (fourth quarter) results' backing.

The fall in the IT scrips in the last two trading sessions in particular will be a good reason for buying on Monday, along with the Infosys Technologies' Q4 results.

With cement major ACC announcing Q4 results on April 12 and Infosys on April 14, the month-long Q4 results of all the companies will start pouring on next month and the domestic equity markets will be reacting to the numbers according to their merits, analysts said.

The scrips whose valuations have been over-stretched may have testing time, as the investors will weigh Q4 results in the light of the recent bull run.

The scrips that have languished for long and have not participated in the current bull run may see buying based on good Q4 numbers.

The foreign fund inflow was still quite robust at Rs 924.30 crore between Monday and Wednesday with Rs 314 crore on Wednesday alone, showing continued interest of the foreign institutional investors (FIIs) in the Indian markets.

However, FIIs seemed to have booked substantial profit yesterday as the markets fell sharply.

Strong buying may return on Monday as the mutual funds, which have garnered around Rs 20,000 to 25,000 crore through new fund offer, may like to buy scrips that fell sharply.

For the second week in a row, crude oil prices traded in the range of USD 66-68 per barrel in the New York Mercantile Exchange (NYMEX) which will be a concern for the investors, analysts cautioned.

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