R Ravi of Karvy Stock Broking does not expect the Q2 results to be bad. He sees the FY09 EPS growth to be anywhere between 28% and 30% because the rupee itself has depreciated more than 10% in the last one quarter. He sees no reason to believe that growth is going to suddenly evaporate and feels people fear the budgets maybe freeze in FY10, or that there could be serious budget cuts happening.

 Ravi feels it would be very difficult for stocks to go up in the current scenario and said that at best it could stay put or maybe it can inch up. “We are going to see selling pressure but fundamentally in Q2 as well as in the full year, we are not going to see any dramatic collapse in earnings.”

 Ravi expects the sequential net profit of Infosys and Wipro to grow at 10% after factoring a serious wage inflation of 14% of Wipro and a treasury loss of Rs 45 crore for Infosys.  “No doubt the growth in topline is being significantly aided by the rupee but it always seems that the growth in revenues is either aided by rupee or by the billing rate or by the volumes.”

4. Devangshu Dutta, Consulting Editor, Outlook, feels that in today’s terms the market seems to be holding at 3615-3620 levels. He sees lower prices this week, maybe 3500 before there is a significant turnaround. “And today’s fall was so sharp that it probably triggered a lot of margin calls and obviously what happens in the US overnight is likely to be fairly important.”

 5. Mehraboon Irani, Vice President, PMS, Centrum Broking said what we saw in the second half of Friday and what we are seeing today is just like a tidal wave sweeping across and we are just waiting over there trying for survival. “Over the next couple of days, we could reach a climax at least for the time being and possibly a rally could surface from there or maybe there could be a further capitulation of the stocks prices around the time results of the company start coming in, which could probably provide the base for the next rally to come in.”

“There is absolutely no demand, we are in for a cyclical slowdown, and results are not going to be interesting. People are saying things are attractive, I also say things are attractive but attractive from the value angle but from the growth angle I don’t think there are many corporates where anybody can confidently state that they are going to grow consistently in terms of numbers as far as topline and bottomline goes over the next three-four quarters because this is a slowdown, which is also going to take its toll, Irani added.

6. Shashank Khade, Vice President, Portfolio Management Services, Kotak Securities believes that the fall is because of the developed markets and unless you see some sort of stability coming in the developed markets, one can not really see an end to this sort of a sentiment.

7. Deven Choksey of KR Choksey Securities said that value buying definitely is a desired kind of a situation but unfortunately there is no one who is coming forward to buy. He feels that funds with cash are waiting for some more clarity before they buy because they do not want to see their Net Asset Value (NAV) going down tomorrow.

 Choksey feels there are many stocks that have become extremely attractive at the current levels. He does not feel that the kind of fall we are seeing today in the market has got anything to do with the fundamental sense or the businesses of the company. He feels that this fall is largely due to the kind of a pressure that some of the overseas funds are facing as far as the redemption programme is concerned.

 “Unfortunately, along with this particular selling pressure of the Foreign Institutional Investor (FIIs) there is also a good amount of mal-trading happening in our derivatives markets<