The Dim Diwali, ICICI Bank, Wipro, PMI data

The Indian car Industry is likely to Boost the slow down and Maruti's poor result may put the stock on tizzy.
The October being Diwali month is expected to perk up seasonal demand and with this diwali being the slowest after the 2008 may disappoint the Bulls in charge of the market. The October month Cement dispatches and steel production is likely to show the extent of slow down and after effects of the Inflation and Interst rates. The Stagnation and Inflation both likely to show higher impact. Indian consumers are extremely Cost Conscious and  the upcoming data is likely to Imply the same.

The raising Minimum Support Prices for wheat and other millets may indicate and add to inflation expectations. While, Crude Oil and Copper heating the upper Bands on the renewed expectation worldwide, the Inflation being jumping to 11.24% again, it is more likely than not that RBI's Inflation Target in December is likely to add to another failure and the Guidance of the ' Last Interest Hike' bit premature and unsustainable..?

The Indian cos like ICICI Bank and Wipro likely to be market expectations and both having troubles in Currency adjustments.

Wipro continues dis-appointment drops 4%

Shares of Wipro slipped by more than 4 per cent on the bourses today after the company posted a .1.23 per cent rise in first quarter net profit. 

The country's third largest software exporter Wipro today reported a growth of 1.23 per cent in consolidated net profit for the quarter ended June 30, 2011, to Rs 1,334.9 crore. 

Last year, the company had posted a net profit of Rs 1,318.6 crore for the first quarter, as per international accounting standards. 

Shares of the company opened on a bullish note but soon lost ground and slipped into negative territory. They were trading at Rs 397.45 apiece, down 4.23%, at 11:56 hours on the Bombay Stock Exchange. 

Marketmen said even though Wipro's Q1 numbers beat market estimates, the stock slipped because of profit booking. 

Net income from sales during the reporting quarter stood at Rs 8,564 crore, as against Rs 7,236.4 crore in Q1, FY'11, up 18.34 per cent. 

"We are seeing early signs of positive momentum after the re-organisation. Clients continue to focus on optimising operations, creating new products and getting access to newer markets. We will continue to make investments that bring superior value to our clients as they try to win in this market," Wipro Chairman Azim Premji said in a statement. 

IT services, which contributed 75 per cent to the company's revenues in Q1, FY'12, stood at $1,408 million, a sequential increase of 0.5 per cent and a year-on-year increase of 16.9 per cent. 

The company said it expects its revenues from the IT services business to be in the range of $1,436 million to $1,464 million for the second quarter ending September 30, 2011.