Saturday, July 16, 2011
Though there was a big rally on Wednesday, the momentum lost steam on the last two days. IIP, Infosys results and Inflation report soured the mood while the Cabinet reshuffle was a non-event. Bajaj Auto’s results also disappointed as its margins contracted. But, TCS reported blowout earnings and the management sounded extremely confident.
The city of Mumbai again was the victim of terror attacks as three blasts took place in the city. The key indices lost ~1.5% due to selloff on the first couple of days.