The week started with a bearish undertone in continuation of the corrective phase of the market, but the Nifty50 smartly turned around midway through the week and closed in the positive territory. The first round of earnings was out.
Financials have done well, but cement and IT firms have reported muted numbers. Yes BankBSE 0.63 % reported 31 per cent rise in Q2 PAT, DHFL 29 per cent rise, LIC Housing FinanceBSE -1.54 % 20 per cent, CanFin Homes 53 per cent, InfosysBSE 0.11 % 6 per cent, HCL TechBSE 1.94 % 14 per cent, UltraTechBSE -0.67 % 25 per cent, Quess Corp 27 per cent and Kajaria CeramicsBSE -6.72 % 8.5 per cent. Reliance IndustriesBSE -2.21 % reported a drop of 24 per cent in its Q2 PAT.
Cement giant UltraTech has reported only 1 per cent growth in volume, indicating that the pickup has not gained traction at least in the infrastructure and real estate sectors, giving an indication that the market has run up ahead of fundamentals in the brick-and-mortar segment.
Infosys has guided for single-digit growth between 7 and 9 per cent, which is the lowest in many years. However, valuations have adjusted for the same and any positive surprise in the numbers going forward will rerate the stock and the entire sector.
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