The Indian stock markets gained ground in the last holiday-shortened week of trade, driven by decent growth guidance from ‘technology bellwether’ Infosys, seemingly receding concerns about a US recession and lower inflation numbers. During the week, the 4QFY2008 and FY2008 results gathered steam, with Infosys announcing its numbers. It did not disappoint. It’s guidance for FY2009 was heartening, coming above consensus estimates. This led to a surge in IT stocks across-the-board. Overall results are also expected to be largely good, even as the US recession, global concerns and high inflation levels could play spoilsport to some extent. Global markets also displayed a positive trend over the week, which was driven by receding fears about the impact of the US recession on the global economic engine. The US sub-prime issue also seems to be settling down to an extent, thus proving to be another factor driving the gains in global markets. Read More

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