European stock markets moved sharply higher at the open on Wednesday, with resource firms posting some of the biggest gains after better-than-expected growth data from China. The gross domestic product in China grew by 7.4% in the first quarter, beating forecasts of a 7.3% print, but below the 7.7% seen in the final quarter last year. The Stoxx Europe 600 rose 0.9% to 329.49, partly recovering from a 1% slide on Tuesday. Mining firms helped boost the pan-European benchmark, getting a lift from the Chinese data. Shares of heavyweights Rio Tinto PLC and BHP Billiton PLC both gained more than 1%. Supermarket chain Tesco PLC jumped 3.5% after it reported full-year results. Among country-specific indexes, the U.K.'s FTSE 100 index climbed 0.7% to 6,587.53, while France's CAC 40 index added 1.1% to 4,393.51. Germany's DAX 30 index put on 0.9% to 9,261.28
Asian markets moved higher on Wednesday as China posted slightly better-than-expected growth data. Japan also helped lead the region higher after Tokyo picked up from a recent spate of heavy selling.
Hong Kong’s Hang Seng Index rose by 0.5% and the Shanghai Composite fell 0.1% after data showed that Asia’s largest economy grew by 7.4% in the January to March period compared with a year earlier, a touch higher than expectations of 7.3%. Market reaction was muted, as the figure is below the official 7.5% expansion target, and slower than the 7.7% increase in the final quarter of last year. China also released data showing its industrial output in March gained 8.8% on-year, compared with an expected 9%.Concerns over slowing growth and rising debt have weighed on China stocks this year, with both Hong Kong and Shanghai falling sharply on Tuesday after data showed growth in credit. Hong Kong-listed Chinese companies have performed poorly this year, with the Hang Seng China Enterprises Index down 7.1% year-to-date. The biggest gains in the region were made by Japan, where the Nikkei rose 2.1% as the yen weakened through the ¥102-to-the-dollar mark. The moves follow Bank of Japan Governor Haruhiko Kuroda’s comment that the Japanese economy is on a steady track toward 2% inflation--a key target of Prime Minister Shinzo Abe’s plan to reawaken the stagnant Japanese economy. Also supporting the Nikkei was index heavyweight SoftBank Corp., which added 8.2%, after Alibaba reported that fourth-quarter profits more than doubled to more than $1.3 billion. SoftBank owns a 37% stake in the Chinese e-commerce giant. The dollar was last at ¥102.23, up a touch from ¥101.96 late Tuesday in New York. Japanese stocks are bouncing back from sharp falls in recent sessions, with the Nikkei experiencing its worst week in three years last week, as doubts over Mr. Abe’s economic program coupled with a stronger yen punished the market. Elsewhere in Asia, markets digested events that sparked a volatile session in the U.S.: disappointing economic data, some strong blue-chip earnings reports and continued geopolitical tensions in Ukraine. Although Wall Street ended the day higher, regional markets were only slightly higher ahead of a flurry of economic data to come from China. Australia’s S&P ASX 200 added 0.4%, South Korea’s Kospi was up less than 0.1% and Singapore’s Straits Times Index added 0.2%. The unemployment rate in the U.K. fell to 6.9% in the three months to February, beating expectations of a 7.1% print, according to data from the Office for National Statistics released on Wednesday. In the three-month period to January, the joblessness level was 7.2%. With the drop in February, the unemployment rate has fallen below the Bank of England's 7% threshold and likely activates the central bank's new "fuzzy" forward guidance on interest rates. Under the new framework, the BOE focuses on a wider range of indicators, including productivity and salary growth, rather than just the unemployment level. The ONS said on Wednesday average earnings including bonuses rose 1.7% year-on-year from 1.4% in January. The pound jumped after the data, trading at $1.6806
Rebounding from a tough winter, construction on new U.S. homes in March hit the fastest pace in three months, rising 2.8% to a seasonally adjusted annual rate of 946,000, led by single-family homes, the U.S. Commerce Department reported Wednesday. But March's pace missed expectations from economists, who were looking for a construction-starts rate of 990,000, compared with an original estimate of a 907,000 rate in February. On Wednesday, the government upwardly revised February's starts rate to 920,000. Despite March's gain, the starts rate was down 5.9% from the year-earlier period, the widest annual contraction since April 2011. Permits, a sign of future demand for housing, fell 2.4% in March to an annual rate of 990,000, led by a drop for apartments
The Securities and Exchange Board of India (Sebi) is probing at least three large global banks and many Indian companies for alleged round tripping of funds by way of multi-layered transactions, according to sources. Capital market watchdog Sebi, which has been looking into the matter since late 2013, has issued show-cause notices to companies, the sources said. Swiss banking majors UBS and Credit Suisse as well as British financial services giant HSBC are also believed to have come under Sebi's scanner, they added. A senior official declined to identify the entities being probed, saying it could come in the way of investigations. He also said irregularities have been noticed in the share prices of 15-20 companies and it is not necessary that the firms or their promoters are involved in wrongdoing. He noted that not all names reported in the media are correct and there are many more that are under the scanner. Some portfolio managers at some banks, which have a significant presence in the Indian financial markets, could have helped clients route money back into the country as foreign funds using investment vehicles across jurisdictions. "UBS does not comment on market speculation or rumour and, in any case, considers all correspondence with the regulators confidential," Hong Kong-based spokesman Mark Panday said. Credit Suisse declined to comment, saying the matter is market speculation. An HSBC India spokesperson declined to comment. The regulator feels some promoters may have been involved in such practices to boost share prices of their companies by showing a strong FII interest, sources said. Sebi is coordinating with regulators and agencies in India and abroad in this case, where some well-known companies and industrialists are suspected to be involved, they added. According to sources, while the banks may not have been directly involved, their employees may have dealt with the clients without keeping the banks in the loop. Sebi is also looking at the possible use of protected cell companies (PCCs) from Mauritius, British Virgin Islands, Cayman Islands and Seychelles for alleged round-tripping of funds back into the capital market in the form of foreign institutional investor and overseas venture capital money. In 2010, Sebi had barred PCCs from investing in Indian markets through foreign institutional investors after it came across instances where these entities were used to route money back into the markets as FII funds. PCCs are specially designed entities that may comprise of cells, with funds of various investors, in such a manner that there is legal segregation and protection of assets and liabilities for each cell. IndusInd Bank on Wednesday posted a 28.8 per cent jump in its net profit at Rs. 396.05 crore for the fourth quarter that ended on March 31, 2014.
The private sector lender had posted a net profit of Rs. 307.40 crore in the same quarter of the previous fiscal year. Total income of the bank rose to Rs. 2,702.19 crore in the January-March quarter as compared to Rs. 2,190.66 crore in the same period last year, the bank said in a filing to the BSE. IndusInd Bank has proposed a dividend of 35 per cent, or Rs. 3.50, per share for 2013-2014. For the entire fiscal year, the bank's net profit grew 32.7 per cent atRs. 1,408.02 crore, from Rs. 1,061.18 crore in 2012-13. Total income increased to Rs. 10,144.O6 crore during the year, compared to Rs. 8,346.19 crore in the previous fiscal year. However, gross non-performing assets (NPA) of the bank rose to 1.12 per cent at the end of March 2014 compared to 1.03 per cent in the previous fiscal year. Shares in IndusInd Bank, on Wednesday, ended at Rs. 487.20 apiece on the BSE, up 0.63 per cent from the previous close. Tata Consultancy Services , posted a 51.5 per cent rise in quarterly net profit, beating expectations, as it won more contracts in Europe and some emerging markets.
Net profit for the fourth quarter ended March 31 rose to Rs. 5,297 crore from Rs. 3,497 crore a year earlier, TCS said in a statement on today. That compares with the Rs. 5,198 crore average of 23 analyst estimates, according to Reuters. In dollar terms, TCS net profit climbed to $3.50 billion, a rise of 1.9 per cent from the December quarter. Its net profit came in at $861 million, up 2.9 per cent sequentially. CEO Natarajan Chandrasekaran said it expects better growth in 2014-15 as compared to the previous year. "We are exiting the year with great momentum and we predict that FY15 will be better than FY14," he said. Its operating margin during the quarter stood at 29.1 per cent. Ajoy Mukherjee, head of global human resources at TCS, said average pay hike in India will be 10 per cent. He added that high performers will get 14 per cent or more. Its employees in developed markets will get 2-4 per cent hike while those in developing markets 4-6 per cent, according to Mr Mukherjee. He added that TCS is looking at a gross addition of 55,000 entry-level employees out of which 25,000 campus selections have been closed. During the fourth quarter, TCS saw a net employee addition of 9,751 employees, taking its total staff strength to 300,464. It attrition rate during the fourth quarter remained at 11.3 per cent. Mindtree today reported better-than-expected fourth quarterly numbers and also announced a 1:1 bonus issue. It would mean a Mindtree shareholder will get one bonus share for every one equity share held, subject to shareholder approval.
Mindtree reported a net profit of Rs. 98.2 crore in the quarter ended March 31, 2014, vs analyst expectations of Rs. 87.1 crore. This is an 11 per cent sequential growth from its December quarter and 24.5 per cent rise from the same quarter a year earlier. It reported revenue of Rs. 823.7 crore in the March quarter, a 4.2 per cent rise sequentially and 34.5 per cent rise year-on-year. During the year, Mindtree crossed the half a billion dollars in revenue. For 2013-14, it reported revenues of $501 million, a growth of 15 per cent. National Stock Exchange's new rules on matching equity derivatives' orders as per reference price and execution range, starting May 5, are seen reducing error based volatility in the market.
Orders shall be matched and trades shall take place only if the trade price is within the reference price and execution range," NSE said in a circular on Friday. The guidelines augur well for better functioning of the market, as it would reduce the possibility of error led spike or kink in price of F&O participating stocks. This mechanism should come in very handy for smaller participants in the options segment as well. India's capital markets regulator said in October it would unveil regulations for the cancellation or modification of trades arising from any instances of errant, or freak, trades on the country's stock exchanges. India has experienced several instances of market glitches, including a flurry of erroneous orders placed by broker Emkay Global Financial Services last October, that have rattled confidence in the trading systems of the country's exchanges. Gold prices recovered by Rs. 130 to Rs. 30,130 per 10 grams in Delhi today on scattered buying by stockists for the wedding season demand.Silver declined further by Rs. 300 to Rs. 43,000 per kg on reduced offtake by industrial units and coin makers.
Traders said some buying for the marriage season mainly helped gold prices to recover.Reduced offtake by industrial units and coin makers kept pressure on silver prices, they said. On the domestic front, gold of 99.9 and 99.5 per cent purity recovered by Rs. 130 each to Rs. 30,130 and Rs. 29,930 per 10 grams, respectively. It had lost Rs. 200 on Tuesday.Sovereign remained steady at Rs. 25,000 per piece of 8 grams. Silver ready remained under selling pressure and surrendered Rs. 300 to Rs. 43,000 per kg and weekly-based delivery by Rs. 790 to Rs. 42,030 per kg, after losing Rs. 600 in the previous session.Silver coins also dropped by Rs. 1,000 to Rs. 81,000 for buying and Rs.82,000 for selling of 100 pieces. The rupee dropped for a third straight session on Wednesday, its worst falling streak since late-January, as profit-taking in the domestic sharemarket by offshore investors hurt It.
The Sensex and the Nifty fell to their lowest close in 2-1/2 weeks as software stocks slumped on caution ahead of India's top IT services provider Tata Consultancy Services' earnings report later in the day. Overseas investors, the primary drivers behind the stock market gains, sold cash shares worth Rs. 21.63 crore ($3.59 million) and equity derivatives worth Rs. 1,218 crore on Tuesday - their second straight session of selling. There is position squaring happening in stock markets ahead of the election outcome and we will see position adjustments in the rupee too. The election result is the key factor for all markets now. The rupee closed at 60.37/38 per dollar compared with 60.23/24 on Tuesday. The unit moved in a range of 60.20 to 60.43 during the session. Gains in other Asian currencies after strong China growth numbers, however, limited the fall in the rupee. The South Korean won led a rebound among emerging Asian currencies on Wednesday after better-than-expected Chinese first-quarter growth data eased concerns over a sharp slowdown in the world's second-largest economy. In the offshore non-deliverable forwards, the one-month contract was at 60.75 while the three-month was at 61.53. The Markets fell to their lowest close in 2-1/2 weeks as software stocks slumped on caution ahead of India's top IT services provider Tata Consultancy Services' earnings report later in the day.
TCS rivals Wipro and HCL Technologies will report their earnings on Thursday, followed by Reliance Industries on Friday. Worries that foreign investors, who have pumped $4.8 billion into Indian shares so far this year, could be booking profits also weighed. Foreign investors are seen as the primary drivers behind the stock markets' record highs touched on April 3. Overseas investors sold Indian cash shares worth Rs. 21.63 crore and equity derivatives worth Rs. 121.8 crore on Tuesday - their second straight session of outflows. Higher-than-expected retail inflation, which quickened to 8.31 per cent in March, driven by high food prices, was also a drag on sentiment. Mostly its profit-booking in momentum stocks after record highs. Expect defensives to outperform markets post elections.The Sensex fell 0.92 per cent, or 207.70 points, to end at 22,277.23.The Nifty lost 0.86 per cent, or 57.80 points, to end at 6,675.30.Both the indexes fell for a third consecutive session, to their lowest close since March 27. TCS fell 2.5 per cent, Infosys slumped 3.1 per cent, Wipro lost 2.8 per cent, while HCL Technologies ended 0.9 per cent lower. Larsen & Toubro fell 2.9 percent while Kotak Mahindra Bank lost 0.8 per cent. Reliance Industries Ltd fell 0.8 per cent as investors chose to cut positions ahead of its quarterly- earnings on Friday.Reliance Industries' operating profit may be below consensus estimates when it reports January-March quarter results on Friday.. Adani Enterprises Ltd surged 3.1 percent, while Adani Port and Special Economic Zone rose 3.8 per cent. Housing sales in China in the three months ended March fell 7.7% to 1.11 trillion yuan ($178 billion), according to National Bureau of Statistics data released Wednesday
Sales totaled 598.5 billion yuan in the two months ended February, down 5.0%. Lending limits and falling prices in some Chinese cities have hit housing demand since the start of the year. Total property investment in China in the first quarter this year rose 16.8% to 1.53 trillion yuan, slowing from the 19.3% growth recorded in the first two months of the year. Construction starts by area in the January-March period fell 25.2% to 290.9 million square meters. The data point fell 27.4% to 166.9 million square meters in the January-February period. China’s economy grew slightly better than economists had expected, with Hong Kong markets reacting positively immediately after the results.
China’s gross domestic product grew 7.4% in the first quarter, down from 7.7% in the previous quarter, China’s National Bureau of Statistics said Wednesday. However, the gain was higher than the 7.3% increase forecast by economists from two seperate polls by The Wall Street Journal and Reuters. The economy rose 1.4% from the previous quarter, the statistical bureau said. Among other data, China’s industrial output gained 8.8% in March versus a year earlier, up from 8.6% in the January-to-February period. Retail sales growth also accelerated to 12.2% in March, compared to 11.8% for the January-to-February period. Hong Kong’s benchmark Hang Seng Index is rising 0.5%, up from the opening gain of 0.1%. However, the Shanghai Composite is edging down 0.2%. The Australian dollar, which is often sensitive to economic news from China — Australia’s top trading partner, strengthened after the data and reversed earlier losses. The currency is trading at 93.57 U.S. cents, slightly higher than 93.56 U.S. cents from the prior session. Nifty
The index is weak; it can slide further down if it were to fall below 6713 through 6705 key support area. Once 6705 is taken out decisively on high volume activity and the index might go down to test 6666 – 6650 strong support zone. While a move up to 6650 would be on anticipated lines any further fall was envisaged when we had been expecting a correction in the index up to 6650 from the highs 6819. In the unlikely event of the level of 6650 getting broken then another 100 point fall could well come to pass.
Bank Nifty Unless this index fails to take out 12733, it would continue to show weakness and may even go further down. In such a situation, another major support area between 12462 and 12398—a fall below the latter level might well bring in panic. A close below 12398 would signal the onset of a sustained corrective swing.
Japan and Australia stocks rise for a second day in a row after U.S. stocks rebounded on upbeat earnings, while the yen and Aussie both weakened ahead of China’s GDP just announced.
The Nikkei Average widens opening gains to 1.7%, and the Topix index also rises 1.5%. The dollar is buying ¥102.06, up from ¥101.86 in the previous session. Telecom and tech stocks rebound, as heavyweight SoftBank climbs 6.8%, and Yahoo Japan pushes higher by 4.1%. Property developers also lead the rally. Tokyo Tatemono Co. jumps 3%, both Mitsui Fudosan and Heiwa Real Estate gain 2.8%, and Sumitomo Realty & Development adds 2.5%. Steel shares extend gains from the previous day, as Misshin Steel tacks on 3.3%, Pacific Metals moves up 1.4%, and Kobe Steel trades higher by 1.2%. In Australia, the S&P/ASX 200 is up 0.3%, while the Australian dollar retreats to 93.36 U.S. cents from 93.56 U.S. cents on Monday. Financial stocks continue to rebound, as top investment bank Macquarie Group moves higher by 0.7%, Westpac Banking Corp. is up 0.6%, and both National Australia Bank and Australia and New Zealand Banking Group edge up 0.3%. However, mining shares retreat amid worries about slower growth for China, which is Australia’s major trading partner. Newcrest Mining declines 2.1%, Alumina falls 1.5%, Fortescue Metals Group loses 1%, and Rio Tinto, one of the world’s largest iron-ore producers, gives up 0.5%. Actual Estimate Previous
Chinese Fixed Asset Investment (YoY) 17.6% 18.1% 17.9% Chinese GDP (QoQ) 1.4% 1.4% 1.8% Chinese GDP (YoY) 7.4% 7.3% 7.7% Chinese Industrial Production (YoY) 8.8% 9.0% 8.6% Chinese Retail Sales (YoY) 12.2% 12.1% 11.8% The price of petrol was on Tuesday reduced by 70 paise per litre, excluding local levies - the second reduction in rates this month as appreciation of the rupee against the US dollar made oil imports cheaper.
The reduction, effective midnight tonight, excludes local sales tax or VAT and the actual cut will be higher, varying from city to city. The price of petrol in Delhi will be lowered by 85 paise to Rs. 71.41 a litre. This follows a 75 paise a litre reduction on April 1, which translated into a cut of 90 paise in Delhi to Rs. 72.26.In Mumbai, petrol will cost Rs. 80 a litre from Wednesday as against Rs.80.89 at present. Announcing the rate cut, Indian Oil Corp, the country's largest fuel retailer, said, "The continued appreciation of the rupee has resulted in reduction in petrol prices." There will be no change in diesel prices as oil firms revise rates of the nation's most consumed fuel on a monthly basis. For diesel, the government had in January last year decided to allow oil firms to raise rates by up to 50 paise a litre, excluding local levies, every month until losses on the fuel are wiped out.Since January 2013, diesel rates have risen by Rs. 8.33 over 14 monthly instalments. IOC said it still loses Rs. 5.49 on the sale of every litre of diesel. Clariant Chemicals (India) today announced sale of 87 acres of land near Mumbai to realty firm Lodha Developers for Rs. 1,154 crore.
In a filing to the BSE, Clariant Chemicals said "the company has entered into an agreement to sell its land located in Kolshet, Thane, aggregating to about 87 acres to Ishwer Realty and Technologies Pvt Ltd for an aggregate consideration of Rs. 1,154.25 crores".Ishwer Realty and Technologies Pvt Ltd is a subsidiary of Mumbai-based Lodha Developers Pvt Ltd. Clariant Chemicals (India), the Indian arm of the Swiss- based Clariant International, had taken shareholders' approval to sell this land in July last year. "The transaction is subject to customary closing conditions and is subject to relevant approvals and permissions from the Government and other statutory bodies, as may be necessary," the filing added. Clariant Chemicals share price rose by 7 per cent to Rs. 707 on BSE in the late afternoon trade. The property market in and around Mumbai has witnessed several land deals in the last few months. Last month, Tata Steel sold a 25-acre plot in Borivali to Oberoi Realty for Rs. 1,155 crore while KEC International sold 7 acre of land in Mumbai for Rs. 214 crore to Tata Housing. Lodha Group has been on a expansion mode and is buying land and commercial properties in India and overseas. In 2012, Lodha Group had acquired a 17-acre land parcel at Lower Parel from DLF for Rs. 2,725 crore. Last year, it acquired Macdonald House in central London, which houses the Canadian High Commission, for over Rs. 3,000 crore. Privately-held Lodha Group is country's leading real estate developer with net sales exceeding Rs. 8,700 crore in the financial year 2012-13. The Group is currently developing over 35 million sq.ft. of prime real estate, with over 20 projects in Mumbai, Pune & Hyderabad. Lupin Ltd is recalling 9,210 bottles of infection-preventing drug Suprax which failed a purity test in the United States, the US Food and Drug Administration said.
The Suprax recall is the second for Lupin, after pulling nearly 65,000 bottles from the US in January last year because of discoloration. Recalls are not uncommon among drugmakers. This year alone, recalls have been conducted by all of Lupin's bigger local rivals - Ranbaxy Laboratories Ltd, Sun Pharmaceutical Industries Ltd and Dr. Reddy's Laboratories Ltd. The latest recalled bottles of Suprax, used to prevent or treat bacteria-related infection, "did not meet specification in total impurities", the FDA said on its website on Monday. The FDA classified the incident as a Class III recall, meaning use of or exposure to the drug is unlikely to cause any adverse health consequences. A Lupin spokesperson on Tuesday confirmed the recall, which began in January, and said the company expects "no business consequence". The recent recalls come amid increased FDA scrutiny of medicines produced in India, which supplies about 40 percent of generic and over-the-counter drugs sold in the U.S. Indian drugmakers are heavily reliant on the US where Lupin, for instance, derives around 40 percent of sales. In September, Lupin also recalled over 53,000 bottles of hypertension drug quinapril from the US. U.S. stocks fluctuated between s gains and losses Tuesday, recovering from losses made on reports of fighting on the ground in Ukraine.
The Dow Jones Industrial Average which had been down as much as 100 points at midday, rose 37 points or 0.2%, to 16,210 at last check. The index reached an intraday low of 16,063.20. The S&P 500 rose 5.3 points, or 0.3%, to 1,836, with energy and utilities faring best among the index’s 10 sectors. It had reached an intraday low of 1,816.24 earlier. It is down 0.9% for the year. The Nasdaq Composite fared worst among the main indexes, down 12 points, or 0.3%, to 4,010. Earlier, the Nasdaq fell to an intraday low of 3,946.03, about 12 points shy of being down 10% from its recent intraday high on March 6. The Nasdaq is down 4.4% for the year. Dow component Johnson & Johnson gained Tuesday after its earnings report, providing a boost to the overall market.Stocks rose early on upbeat earnings reports from Coca-Cola Co. and Johnson & Johnson. Their big tumble came following reports that Russian forces had been spotted in the Ukraine and that Ukrainian forces stormed an airport in Kramatorskheld by pro-Russian militants. Ukrainian forces reportedly secured the airport. The White House said pro-Russian militants are provoking Ukrainian forces into a confrontation. Equities pulled back from earlier session highs after a lower-than-anticipated reading for a gauge of home-builder confidence. Also weighing on sentiment was an unexpected decline in the Empire State manufacturing index. Jim Kee, president and chief economist at South Texas Money Management, played down Tuesday’s economic data, saying reports overall support a general view that the U.S. economy will expand by 2.5% to 3% this year.“The broader data is consistent with the consensus,” he said.The market’s choppy action and slight year-to-date loss isn’t surprising after 2013’s big advance, said Kee, whose firm has $2.3 billion in assets under management. He said the firm has been telling clients to expect one or more pullbacks or corrections this year, but ultimately a gain by the end of the year. Builder confidence in the market for newly built, single-family homes edged up slightly in April to a reading of 47 from 46 in March, but that missed forecasts for 50. In other U.S. economic news, the New York Federal Reserve said its Empire State manufacturing index slipped to 1.3 in April from 5.6 in March, missing forecasts for a gain to 8. In addition, the Labor Department said U.S. consumer prices rose 0.2%, slightly above what economists expected for that inflation gauge. On the earnings front, Dow component Coca-Cola Co. reported growth in key emerging markets as first-quarter revenue beat forecasts. Shares gained 3.9% to lead the Dow.Johnson & Johnson advanced 1.7% after the Dow component reported quarterly earnings that beat forecasts and raised its full-year profit guidance. J&J was the second-best performer in the blue-chip index. Several Fed speakers were also on the docket. Fed Chairwoman Janet Yellen said big banks may need more capital, while Philadelphia Fed President Charles Plosser is moderating a panel discussion at the Atlanta Fed conference at 3 p.m. Eastern. Meanwhile, Boston Fed President Eric Rosengren is scheduled to speak at Husson University in Bangor, Maine, at 4 p.m. Eastern. Rosengren is a leading dove on the Fed policy committee, but not a voting member in 2014, and Minneapolis Fed President Narayana Kocherlakota, a voting member, is speaking at a town hall in Fargo, N.D., at 8 p.m. Eastern. After the market’s close, Intel Corp. is forecast to post first-quarter earnings of 37 cents a share, and Yahoo Inc. is likely to report earnings of 37 cents a share in the first quarter. Intel was last up less than 0.1%, while Yahoo declined 0.1%. Yahoo will report another muted quarter,note. While 2013 represented a year of right-sizing, investment and acquisition, we think 2014 should be the year where monetization efforts drive a resumption in top-line growth, starting with first quarter 2014.” Among other notable movers on Tuesday, Citigroup Inc. C +1.36% advanced 1.1%, building on a gain from Monday, when the bank reported first-quarter results above Wall Street forecasts. Charles Schwab Corp rose 2.6% after posting quarterly profit that topped expectations before the open. Shares of Motorola Solutions Inc. dipped 1.2%, giving up an earlier gain that came following the company’s deal to sell its enterprise business to Zebra Technologies Corp. for $3.45 billion in cash. Zebra shares triggered a Nasdaq short-sale circuit breaker after falling more than 10%. The iShares Nasdaq Biotech ETF , which has the leader in the recent tech-led selloff in U.S. stocks, was last down 0.7% in recent trade. On Monday, stocks ended with broad gains, as an unexpectedly strong rise in March retail sales and consensus-beating results from Citi lifted the trading mood. Nifty future levels
The Pivot will be at 6753 R1 6794 S1 6692 R2 6854 S2 6651 R3 6895 S3 6590 Bank Nifty Futures The Pivot will be at 12650 R1 12762 S1 12468 R2 12944 S2 12356 R3 13056 S3 12174 Nifty outlook
Nifty closed down 43.20 points (0.64%) at 6733.10 while Nifty Future closed at 6753.95, premium of 20.85 points.
Sell Nifty Future below 6744 - 6720 - 6680 - 6635 SL - 6783 Option Call Buy Nifty 6700CE above 105 for targets of 128, 156 SL - 99 Buy Nifty 6800PE above 78 for targets of 100, 123 SL - 72 Bank Nifty Outlook Bank Nifty closed down 260.30 points (2.03%) at 12579.90 while Future closed at 12616.70, premium of 36.80 points. Buy Bank Nifty Future above 12716 - 12800 - 12950 - 13100 SL - 12643 Sell Bank Nifty Future below 12598 - 12500 - 12365 - 12210 SL - 13715 CAPITAL MARKETS DATA - FII and DII ------------------------------------- Category Buy Value Sell Value Net Value FII 3695.95 3717.58 -21.63 DII 1150.09 1428.36 -278.27 FII FNO DATA -------------- INDEX FUTURES -1028.54 INDEX OPTIONS 146.00 STOCK FUTURES - 199.22 STOCK OPTIONS -136.26 Builder confidence in the market for newly built, single-family homes edged up slightly in April to a reading of 47 from 46 in March, according to the National Association of Home Builders/Wells Fargo housing market index released Tuesday. Economists polled by MarketWatch expected a reading of 50. The index has now held below 50 for three straight months. The HMI index gauging current sales conditions in April held steady at 51 while the component gauging traffic of prospective buyers was also unchanged at 32, the NAHB said. The component measuring expectations for future sales rose four points to 57. Any number over 50 indicates that more builders view conditions as good than poor.
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