After the somewhat disappointing (??) quarterly results from Infosys, one of the irritating TV anchors on CNBC asked an equally obnoxious analyst, "Is this the end of Infosys as a bellwether stock?". I wanted to strangle both of them and tell them to cut out the rhetoric, but thinking about it now, it is a good thing.
For too long, the importance of Infosys has been wildly exaggerated and many other companies that were doing equally well (TCS comes to mind) never got their fair share of recognition. I also think that the Infosys management plays too much to the markets, which is not a good thing for the longer term. So, if the markets write it off completely and start focusing their attention elsewhere, it will give the management the freedom to take decisions that will help them in the long term.
In other news, the market touched 19000, just 4 days after it touched 18,000. People are now talking about 20000 and 25000 levels by the end of the year. I wonder if any of them recall the famous words "Irrational exuberance".