Indian software service group Infosys is bracing for pressure on its US business from anti-immigrant policies by US President-elect Donald Trump, who has identified clamping down on immigration as one of his three top priorities.
"Margins might be impacted in the near-term," Chief Executive Vishal Sikka said, adding the company had not yet done any simulations on how large the impact may turn out to be.
Infosys' contingency plan for the case that the group would not be able to send low-cost developers to work with temporary work visas on big tech projects in the United States would be to hire staff locally, he said.
Market in the short-term can go lower than what we expected earlier as a result of the demonetisation drive along with global factors but the medium to long term view still remains positive, says Vibhav Kapoor, Director, IL&FS.
However, he cautions that although it is tempting to buy at lower levels one must buy in smaller quantities and not chase the market. Then buy more on dips, he suggests. “Look at good quality companies,” says Kapoor in an interview to CNBC-TV18.
He is surprised by the fact that RBI did not cut rates immediately but expects a 50-100 bps cut from the Central Bank in coming days.
Equity benchmarks remained marginally lower with the Nifty struggling below 8100 level, weighed by technology, FMCG and banks stocks.
The 30-share BSE Sensex was down 44.39 points at 26183.23 and the 50-share NSE Nifty fell 8 points to 8071.95. The market breadth remained negative as about 1109 shares declined against 786 advancing shares on the BSE.
ITC, TCS, Tata Motors, HUL, Dr Reddy's Labs and Wipro slipped 1-1.5 percent whereas Reliance Industries, Sun Pharma, ONGC and NTPC gained 1-2.5 percent.
Asia markets were mixed, with the Japanese market leading gains on the back of a relatively weaker yen.
The benchmark Nikkei 225 was up 0.76 percent, while the Topix index gained 0.63 percent. Investors were also awaiting details of a meeting between Japanese Prime Minister Shinzo Abe and US President-elect Donald Trump in New York.
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