Market Outlook
The markets are expected to be range bound with negative bias. The IT sector results for Q1FY2011 were not upto expectations. With respect to the banking sector, Bank of India, City Union Bank and Canara Bank’s results were above expectations. ICICI had reduced its provisions, in this quarter resulting in better figures. HDFC & Axis bank’s results were at par with the expectations. The Pharma sector results were below expectations. The future of Durable goods sector is expected to be subtle till the festive season. As the Monsoon is on time, FMCG sector is expected to do well. The stocks in the sensex are expected to grow by 22% in FY11E and 20.5% in FY12E. The Aviation sector is doing well, and is expected to come out with good Q2 2011 results.
