Money Tree

Yesterday the markets rallied on the back of good quarterly results posted by the IT companies. The rupee appreciated to 41.9 per US dollor which seems to be good for importing manufacturing companies and other component importing companies. However it might impact the exports adversely and some IT companies may be adversely affected by it.
Results of TCS announced yesterday were better than expected. The net profit was up 44% to Rs. 1195 cr. It should undo the negative effect of appreciation of rupee. The asian markets have opened in the red and we have seen some rally for last few days, today we expect some consolidation and profit booking.