Goldman Sachs:: Infosys results, worse-than-expected WPI drag NIFTY lower

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Infosys results, worse-than-expected WPI drag NIFTY lower (-1.5%) on Friday, -0.3% wow
e from Infosys dampened earnings prospects for IT  Info. Tech. (CNXIT Index) fell 4.6% wow as guidanc 
estic MFs have bought US$ 0.4 bn ytd now bought US$0.9 bn ytd, while dom FIIs turned net buyers and have  
MCX Silver (MCXSILV Index) furthered its gains to end up 3.3% last week and is up 29.7% ytd. 
   d with Feb IP at 3.6% yoy and Mar WPI at 9% yoy Macro data released last week was worse than expecte 
Overview
NIFTY and SENSEX both gained 2.2% on Wed (Apr
13) after crude retreated sharply, only to lose almost
1.6% on Friday after lower than expected earnings
results from Infosys dragged the market lower.
Official data released during the week showed Feb
industrial production grew at a lower-than-expected
rate of 3.6% yoy vs. the revised reading of 3.9% yoy
for Jan. Of concern, March WPI on Friday came in at
9% yoy, well above the 8.3% yoy print for Feb and
market expectations of 8.4% yoy. The January
headline print was revised up to 9.4% yoy from 8.2%.
NIFTY price performance
NIFTY ended flat (-0.3%) wow, and is down 5.1% ytd
 GS Global ECS Research.  , Datastream , Source: NSE
Foreign and Domestic Flows
Foreign buying was muted at US$106mn wow,
while domestic MFs bought US$60mn wow as of
Wednesday, April 13.
Earnings Sentiment and Relative Valuation
MSCI India Financials had the weakest EPS
sentiment (-8.1%) wow.
Commodities
MCX Silver (MCXSILV Index) furthered its gains to
end up 3.3% last week and is up 29.7% ytd.
Earnings releases
FY11 results: IndusInd Bank, HDFC Bank (Apr 18),
nk (Apr 20), Axis Bank  IDBI Bank (Apr 19), Yes Ba
(Apr 22).
Focus
Cap-Sizing