Jun 09 quarter results will start from tomorrow with infosys coming out with its numbers. What to expect... a big surprise - on the positive / negative side or status quo.
Market has been on the downfall post the budget but still expecting growth. If growth in earnings is lower than expected, we might see a big fall as valuations are still high.
So, I dont see much upside unless results really surprise. Higher multipes in the recent past have been compared with 2003 - 07.
The time in 2003 was not the same. Results surprised every quarter. Even if valuations became expensive and correction happened, higher growth helped market pushing higher. Interest rate continued to be low.
Things are different now. Demand is low, interest rates are not low enough, credit is not easily available..
So, i would wait and watch..
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