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Market turns negative
July, 10th 2009

Stocks opened higher on Friday as IT bellwether Infosys Technologies declared a better-than-expected Q1 results. However, benchmarks gave away gains after an initial pullback.

Bombay Stock Exchanges Sensex was at 13845, higher by 88 points while National Stock Exchanges Nifty rose 20.60 points or 0.5 per cent to 4101.

The markets were in an indecisive mood yesterday. That augurs well after a sharp fall as this behaviour usually marks a turn around of trend. For that to happen, both Infosys and the IIP data, that follows closely on the heels of the Infosys results, will have to speak in a loud and a confident voice. It will be an uphill journey, said Anagram Stock Broking.

Infosys Technologies reported a 17.2 per cent rise in quarterly profit, beating market expectations, as it boosted sales in newer markets. The companys net profit rose to Rs 1527 crore in quarter ended March from Rs 1302 crore a year ago. A Reuters poll had estimated a net profit of Rs 1397 crore.

The US markets were little changed Thursday as investors churned portfolios, while a positive comment on Goldman Sachs boosted the financial sector. The Dow Jones industrial average rose 0.06 percent at 8,183.17, the Standard & Poor's 500 Index gained 0.34 per cent and the Nasdaq Composite Index moved 0.31 per cent higher.

Asian markets are also narrow ranged. Nikkei average closed the morning session little changed Friday on concerns economic recovery. Nikkei N225 was down 0.04 per cent, Kospi fell 0.92 per cent and Hang Seng slipped 0.08 per cent.

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