The Nifty will and is working on expected lines, the best would be to exit all longs at the end of day.There will more lows to cover tomorrow and then a rise for the rally by early afternoon or even later.The best entry point will when the futures are trading above 6715.This premise would be different if there was a rally to be initiated later in the afternoon and we do cross 6745 then it would be a different story.As usual the advise trade safe as these are inscrutable times.
Barclays bank is expected on Thursday to announce 20,000 job losses over the next three years in a major shake-up of its investment division, according to media reports.
Chief executive Antony Jenkins has already said that as many as 12,000 jobs would go worldwide this year out of a global workforce of about 139,000, but that could now be raised to 15,000, according to Sky News. More than 6,000 positions at its investment operation will follow over the next two years as it looks to shift its focus to less risky areas of the market. The bank announced a results statement last week that showed pre-tax profit at the investment arm dived 49 percent to £668 million ($1.13 billion, 812 million euros) in the three months to March from a year earlier, hit by sliding revenue at its Fixed Income, Currencies and Commodities (FICC) trading business. Around a quarter of the investment bank's 24,000 employees are expected to lose their jobs in total, according to reports by the Guardian, the BBC and Sky News. Barclays is still seeking to fix a reputation badly damaged by its role in the Libor interest rate-rigging scandal of 2012, while it has also been probed along with other banks over possible manipulation of foreign exchange trade. The bank is reshaping itself under Jenkins, who replaced Bob Diamond as chief executive in the wake of the Libor crisis. Diamond, who headed the investment unit before becoming CEO, was one of the world's highest paid bankers before and after the global financial crisis and helped to turn Barclays into a global player in investment banking An Australian state government Thursday approved a massive Aus$16.5 billion (US$15.5 billion) mine development, saying the Indian-backed coal mine could be among the largest in the world.
Indian firm Adani's proposed Carmichael coal mine and rail project in central Queensland is subject to dozens of environmental and social conditions and is yet to receive the federal government green light. Queensland's minister for state development Jeff Seeney said if it were to go ahead, the development would play a major role in opening up the state's resource-rich Galilee Basin. "This project has the potential to be the largest coal mine in Australia and one of the largest in the world," Seeney said after the state's coordinator-general signed off on the deal. The project proposes a combination of open-cut and underground coal mining and is forecast to produce 60 million tonnes of thermal coal a year for export, Seeney said. He added that the mine and rail project would boost the economy, having the potential to create up to 2,500 construction and 3,900 operational jobs. "It is expected to generate over Aus$500 million annually in direct and indirect benefits to Queensland's economy during construction and Aus$3 billion at full export capacity," he said. The state government has established 190 conditions to protect landholders, flora, groundwater resources and air quality as well as controls on dust and noise during construction and operation. "In relation to groundwater and water bores, Adani will be required to reach make-good agreements with all affected landholders including the identification and provision of alternative water supplies," Seeney said. "Adani will also be required to contribute water monitoring data and funding to a Galilee region water resource model." Seeney said the conservative state government in Queensland was succeeding at pushing ahead projects which had languished for years. Adani also won approval in December for a major coal port expansion on the Great Barrier Reef coast, under strict environmental conditions, a sparking anger from conservationists. It is permitted to dredge three million cubic metres of material from the seabed to allow freighters to dock at the port in Abbot Point, lifting the facility's capacity by 70 percent to make it one of the world's largest coal ports. On its website, the firm said the Carmichael mine and rail project envisaged all coal being transported via a privately-owned rail line connecting to existing infrastructure owned by an Australian operator, and shipped through Abbot Point and/or another port at Hay Point. The Galilee Basin project will have have an operating life of approximately 90 years, with the export coal predominantly servicing the Indian market. The Sensex jumped around 90 points in opening trade this morning, while the Nifty rose around 25 points. However, markets soon trickled down, continuing the trend seen over the last few sessions.
Indian stocks have witnessed low volumes and high volatility over the last 7-8 sessions. The Sensex has shed over 500 points since April 25 amid risk aversion ahead of election results on May 16. The market is likely to remain nervous till final election results come. Participation would not be heavy. Investors are booking positions and would wait to see election outcome.Foreign institutional investors continue to bet on Indian stocks, but the buying momentum has slowed down over the last few sessions. FIIs bought shares worth Rs. 119 crore on Wednesday. Year-to-date, they have invested over $5 billion in equities. 36 stocks traded higher on the Nifty today. Aluminium maker Hindalco was the top gainer, up 2.7 per cent, followed by drugmaker Cipla, which advanced 1.7 per cent. Tata Steel and Kotak Mahindra Bank were up over 1 per cent too.Gail India fell over 2 per cent, while engineering major L&T traded 1.1 per cent lower. Shares in Multi-Commodity Exchange of India (MCX) fell as much as 9.4 per cent, while Financial Technologies shares were locked down in lower circuit after falling 5 per cent this morning. The sharp selloff came after the Mumbai police on Wednesday arrested Financial Technologies chairman Jignesh Shah in connection with the Rs. 5,500 crore-fraud at the National Spot Exchange or NSEL, which is a commodity exchange promoted by him. MCX fell as much as 9.4 per cent, while Financial Technologies shares were locked down in lower circuit after falling 5 per cent this morning.
The sharp selloff came after the Mumbai police on Wednesday arrested Financial Technologies chairman Jignesh Shah in connection with the Rs. 5,500 crore-fraud at the National Spot Exchange or NSEL, which is a commodity exchange promoted by him. Mr Shah has been under police investigation since August after NSEL abruptly suspended trade in most of its commodities contracts on July 31 and later defaulted on obligations to market participants because it did not have enough collateral. Rajvardhan Sinha, additional commissioner in the Mumbai police, said Mr Shah had run "a criminal conspiracy with other accused who were running NSEL". In March, Financial Tech was ordered to cut its stake in MCX, from 26 per cent to 2 per cent, after the commodities regulator ruled that it was not "fit and proper" to run a bourse. Financial Technologies subsequently announced it would sell the 24 per cent MCX stake, although it has not yet completed the sale. The rupee was seen trading at 60.01/02 after hitting 59.95, its highest since April 9 but still stronger than its close of 60.135/145 on Wednesday, tracking gains in the domestic share market.Dealers said good demand for dollars from oil firms seen around 60 levels.
The rupee is expected to hold in a 59.90 to 60.20 range during the session, and domestic shares would be watched for cues on foreign fund flows. Asian shares drew a measure of comfort from dovish comments by the US Federal Reserve chief and signs of easing tensions in Ukraine after Russian President Vladimir Putin called on pro-Moscow separatists to postpone a succession vote. Traders, however, said losses in other Asian currencies and the dollar's gains versus the euro will limit a sharp fall in the USD/INR pair. Toyota Motor Corp. hit a new operating profit high in the business year ended March 31, helped by a weaker yen and record sales that made it the first car maker to sell more than 10 million vehicles in a year.
Toyota said Thursday its operating profit surged 74% to Yen2.29 trillion ($22.5 billion) in the 12-month period, breaking a record set six years ago just before the global financial crisis took the bottom out of the global car market. Thursday's result compares with operating profit of Yen1.32 trillion in fiscal 2012. The auto maker also sees another record-breaking year in the 12 months to March 2015, forecasting operating profit of Yen2.3 trillion on revenue of Yen25.7 trillion. A recovery in the U.S. market and solid sales in Asia are expected to outweigh the loss of any further help from a weaker yen and a sales fall in Japan following the raising of the national sales tax. China's economic planners say they will end retail price caps on low-cost medicines, including 280 treatments made by Western drug firms. The move will ease the prices on antibiotics, painkillers and vitamins, among others, with details due out by July 1, the report said, citing the statement from China's National Development and Reform Commission.
The federal government had a budget surplus of $114 billion in April, the Congressional Budget Office estimated Wednesday. That is $1 billion more than a year ago and would be the biggest April surplus since 2008. CBO estimates receipts were 2% higher in April versus the same month a year ago. Spending rose 2.5%. For the fiscal year to date, CBO estimates the deficit to be $301 billion, down $187 billion compared to the same period in 2013. The fiscal year runs from October to September.
Seems like the wheels of the Chinese economy is slowly moving and an indication of that what the trade figures followed by the oil consumption which has also increased substantially.
China imported 27.88 million metric tons of crude oil in April, equivalent to 6.8 million barrels a day, preliminary data from the General Administration of Customs showed Thursday. The crude imports were the highest on record when calculated on a daily basis, and surpassed the previous record in January, when the country shipped in about 6.7 million barrels a day. China imported 28.16 million tons of crude in January, which is the record for crude imports on a monthly basis. Meanwhile, April's imports were 20.8% higher than the 23.08 million tons of crude shipped in during the corresponding month last year, and up around 18.5% from 23.52 million tons in March. Refined oil product imports totaled 2.54 million tons, while exports totaled 2.2 million tons, the data showed. The Index should recover at all cost the opening will be gap up, however it will be prudent to wait and watch at the 6785 level, and see where it is headed, before committing all resources for the even which happen soon.
The probable levels are as given below Buy Above 6683.65 Target1 - 6700 Target2 6721 Target3 - 6728 Target4 - 6757 Target5 - 6760 Target6 - 6779 Target7 - 6799 S/L 6679.65. Sell Below 6679.65 Target1 - 6663 Target2 - 6643 Target3 - 6635 Target4 - 6607 Target5 - 6603 Target6 - 6584 Target7 - 6564 S/L 6683.65. Trade safe Chinese trade figures beat expectations and they are given below,
ACTUAL FORECAST PREVIOUS Chinese Exports (YoY) 0.9% -1.7% -6.6% Chinese Imports (YoY) 0.8% -2.3% -11.3% Chinese Trade Balance 18.45B 13.90B 7.71B The Australian jobs report is out, and it’s a strong one.
The unemployment rate remained at 5.8%, despite expectations that it would rise to 5.9%. Likewise, the economy showed a net gain of 14,200 jobs, versus a projected gain of 9,000. The Australian dollar rallied on the news, moving from 93.25 U.S. cents to 93.59 U.S. cents, though the currency is now even higher, thanks to just-released Chinese trade data, which says china beat the estimate for trade figures. After yesterday’s 2.9% smackdown, the Nikkei Average is quoted 0.8% higher, adding some extra cushion above the 14,000 level (We’re currently at 14,140 after ending Wednesday at 14,033). Likewise, the Topix is up 0.5%.
The modest rebound comes against a background of a weaker yen, decent gains for the S&P 500 and Dow industrials, and a mixed bag of earnings results. In terms of the yen, the dollar has crawled back up to ¥101.90 from ¥101.502 at the previous stock close. This is helping some of the tech names, with Renesas up 1.5%, Japan Display up 1.4%, and Tokyo Electron up 2.3% — this, despite losses for U.S. techs overnight. Then again, NEC is down 1.1%, Murata Manufacturing is down 3.4%, and Nidec is down 4.6%. The auto shares are mostly weaker despite the softer yen, with Honda off 1%, Mazda down 1.4%, and Mitsubishi Motors down 0.8%. The sector’s gainers are Nissan (up 0.2%) and Toyota (up 0.8%), with the latter due to report earnings later today. Yesterday, the pair released their China sales results for April, which saw a 12% gain for Toyota from a year earlier, and a 15% rise for Nissan. And in the “buy the rumor, sell the news” category, shares of Softbank are adding to their losses this morning, trading 2.3% lower despite posting a forecast-beating profit late Wednesday that confirmed the telecom had overtaken NTT Docomo to become Japan’s top wireless carrier. Much of this result, however, had been tipped earlier in the Nikkei newspaper. In other earnings news, trading house Mitsui & Co. is up 3.6% after a fiscal-year net profit gain of about 37%. The results seem to be lifting shares of rivals Mitsubishi Corp. (up 2.6%) and Sumitomo Corp. (up 1.4%) And then there’s Nintendo, its stock 4.4% lower after posting a loss for the fiscal year that ended in March (¥23 billion loss vs. previous year’s ¥7 billion profit), though it forecasts a return to the black for the current year. Meanwhile, shares of Panasonic are weaker by 3.2%. Telsa, in its earnings call, confirmed that the Japanese conglomerate had signed a letter of intent to participate in Telsa’s battery-producing “Gigafactory” project. But Panasonic stock had already spiked sharply after word of the deal leaked out earlier this year, so this could be some profit-taking. Nifty
The level of 6650 is under threat unless buying happens soon enough the bears will have it. The last closing price assumes special significance since it is for the first time the 34-day EMA (at 6652 now) has been tested after it was pierced on upside on Feb 21 when it was at 6131. If selling pressure were to push the index down below the immediate support area between 6652 and 6643 is breached then the next significant support at 6619 through 6617 would also be under threat. However, any decisive breach of 6617 would be very negative for the Nifty since will lead to a test of the most critical support area between 6567 and 6548. If the bulls are to remain in the game then 6548 should not be breached on closing basis. If the bulls are to regain past glory they, must take out 6716 through 6743 supply zone else things would cause problems for the bulls.
Bank Nifty The critical support area for the index is located between 12838 and 12797—only if this range gets taken out we should be a bit wary else any dip within the zone could well see bank bulls taking fresh positions. As we said yesterday, the Bank Nifty must take out 13055 to inject some fresh upward momentum.
U.S. consumer credit growth accelerated in March to its fastest pace in a little over a year, the Federal Reserve reported Wednesday. U.S. consumers increased their debt in March by a seasonally adjusted $17.5 billion, the fastest pace since February 2013. The debt increase in March is well above Street expectations of a $15.5 billion gain.
But February's credit growth was trimmed back sharply to a gain of $13 billion from the initial estimate of a $16.5 billion increase. Monthly debt rose at a 6.7% annual rate in March, compared with a 5.0% rate in the prior month. Consumer debt has risen every month since August 2011. Non-revolving category of debt, especially federal student loans, stayed strong, rising $16.4 billion or 8.7% in March following an 8.4% gain in February. Credit card debt rose $1.1 billion in March or 1.6% BHEL Buy above 180 for 181 and 183 sl 180
Sell below 178 for 177 and 176 sl 179 DLF Buy above 141 for 142 and 143 sl 141 Sell below 140 for 139 and 138 sl 140 HCL TECH Buy above 1362 for 1377 and 1434 sl 1354 Sell below 1318 for 1290 and 1259 sl 1347 AXIS Buy above 1547 for 1557 and 1576 sl 1542 Sell below 1527 for 1518 and 1498 sl 1537 ICICI Buy above 1274 for 1280 and 1288 sl 1271 Sell below 1264 for 1259 and 1248 sl 1268 SBI Buy above 2080 for 2093 and 2109 sl 2074 Sell below 2060 for 2052 and 2027 sl 2068 INFY Buy above 3119 for 3146 and 3216 sl 3107 Sell below 3059 for 3022 and 2976 sl 3096 TCS Buy above 2184 for 2199 and 2232 sl 2177 Sell below 2153 for 2136 and 2107 sl 2170 REL CAP Buy above 348 for 350 and 358 sl 346 Sell below 341 for 337 and 331 sl 345 RELIANCE Buy above 966 for 969 and 977 sl 965 Sell below 959 for 955 and 949 sl 963 LNT Buy above 1304 for 1309 and 1323 sl 1302 Sell below 1292 for 1285 and 1275 sl 1299 Tata Motors Buy above 419 for 420 and 424 sl 419 Sell below 416 for 414 and 412 sl 418 Tata Steel Buy above 402 for 404 and 407 sl 401 Sell below 398 for 396 and 393 sl 399 Apollo Tyres Buy above 169 for 172 and 175 sl 168 Sell below 166 for 164 and 160 sl 167 Airtel Buy above 314 for 316 and 322 sl 312 Sell below 308 for 306 and 300 sl 311 Idea Buy above 131 for 131 and 133 sl 131 Sell below 130 for 129 and 129 sl 131 ZEEL Buy above 263 for 264 and 266 sl 263 Sell below 261 for 260 and 258 sl 262 TechMah Buy above 1771 for 1785 and 1834 sl 1830 Sell below 1732 for 1707 and 1678 sl 1826 SSLT Buy above 180 for 181 and 183 sl 180 Sell below 178 for 177 and 176 sl 179 Rcom Buy above 117 for 118 and 119 sl 117 Sell below 116 for 115 and 115 sl 117 JP Associates Buy above 54.2 for 54.5 and 55.3 sl 54 Sell below 53.4 for 53 and 52.3 sl 53.8 Cipla Buy above 389 for 392 and 402 sl 388 Sell below 382 for 377 and 372 sl 387 Ranbaxy Buy above 474 for 476 and 481 sl 473 Sell below 469 for 467 and 462 sl 472 Lupin Buy above 1007 for 1014 and 1037 sl 1004 Sell below 988 for 976 and 962 sl 1000 SUN PHARMA Buy above 634 for 638 and 644 sl 632 Sell below 627 for 624 and 617 sl 631 Biocon Buy above 482 for 486 and 492 sl 480 Sell below 474 for 471 and 463 sl 477 PNB Buy above 786 for 790 and 800 sl 785 Sell below 778 for 776 and 773 sl 783 Canara Bank Buy above 287 for 289 and 294 sl 286 Sell below 282 for 280 and 276 sl 285 Bank of Baroda Buy above 809 for 812 and 821 sl 807 Sell below 801 for 796 and 790 sl 805 Yes Bank Buy above 442 for 444 and 453 sl 440 Sell below 434 for 430 and 425 sl 439 HDFC Bank Buy above 721 for 725 and 734 sl 720 Sell below 714 for 709 and 702 sl 718 ITC Buy above 349 for 350 and 352 sl 348 Sell below 346 for 345 and 343 sl 348 HUL Buy above 556 for 557 and 561 sl 555 Sell below 552 for 550 and 547 sl 554 WIPRO Buy above 510 for 514 and 522 sl 509 Sell below 503 for 499 and 492 sl 507 HINDALCO Buy above 137 for 138 and 140 sl 136 Sell below 135 for 133 and 132 sl 136 CAIRN Buy above 337 for 339 and 342 sl 337 Sell below 334 for 332 and 330 sl 336 TATA POWER Buy above 77.4 for 77.6 and 78.5 sl 79.5 Sell below 76.6 for 76.2 and 75.6 sl 79.2 ADA POWER Buy above 48.9 for 49.1 and 49.9 sl 48.8 Sell below 48.3 for 47.9 and 47.4 sl 48.6 ADANI ENT. Buy above 432 for 434 and 440 sl 430 Sell below 426 for 423 and 419 sl 429 US market regulator Securities and Exchange Commission (SEC) on Wednesday cautioned investors on pitfalls associated with bitcoins, saying the virtual currency has the potential to give rise to frauds and also presents high risk investment opportunities.
After sparking off a frenzy among investors in many countries, the bitcoin came to be viewed as a risky proposition following the fall of Japan-based Mt. Gox - once the world's largest bitcoin exchange. Noting that bitcoins are not legal tender, the US market watchdog has said the use and exchange of this virtual currency could be restricted by any government. Issuing the alert, SEC's Office of Investor Education and Advocacy said it is to make investors aware about the potential risks of investments involving bitcoin and other forms of virtual currency. "A new product, technology, or innovation - such as bitcoin - has the potential to give rise both to frauds and high-risk investment opportunities," the alert said. "Potential investors can be easily enticed with the promise of high returns in a new investment space and also may be less skeptical when assessing something novel, new and cutting-edge," it noted. Flagging off security concerns with regard to this virtual currency, the US regulator noted that bitcoin exchanges may stop operating or permanently shut down due to fraud, technical glitches, hackers or malware. "Unlike traditional currencies, Bitcoin operates without central authority or banks and is not backed by any government." This is not the first time American regulators are raising concerns about virtual currencies such as bitcoins. The market regulator had earlier warned about risks related to bitcoins in the context of ponzi schemes. The Financial Industry Regulatory Authority (FINRA) recently cautioned investors about the risks of buying and using digital currency such as bitcoin. Uninor, today reported an operating profit of about Rs. 1,531 crore for the January-March quarter because of a one-time accounting adjustment of Rs. 1,660 crore related to licence fees.
Without that, Uninor posted an operating loss of Rs. 81.8 crore for the quarter as against Rs. 164.7 crore operating loss in the same period a year ago. "We got one time offset of Rs. 1,660 crore to be adjusted against future payments which is reflecting in our books. We have improved our performance though we are not EBIDTA positive due to the fresh investments this year following break-even in 2013," Uninor's nominated CEO, Morten Karlsen Sorby, said while announcing the earnings. "Our operating loss excluding one-time offset improved by about 49 per cent at Rs. 81.8 crore compared to last year," Mr Sorby added. The Empowered Group of Ministers on telecom decided in October 2012 to adjust the earlier payment made by companies whose licences were cancelled by the Supreme Court on February 2, and have no criminal proceedings pending against them in the 2G case. Uninor's 22 earlier licences were among the 122 cancelled by the apex court in the 2G spectrum allocation case. The adjustment was made in the final price that companies have to pay for spectrum they have won in auction held in November 2012. Telenor participated in November 2012 spectrum auction through new entity Telewings Communications and won radio-waves in six circles - Andhra Pradesh, Bihar, Gujarat, Maharashtra, UP East and UP West for Rs. 4,018.28 crore. Uninor reported an increase of about 44 per cent in its revenue of Rs.930.6 crore during the reported quarter, from Rs. 645.1 crore in the year-ago period. "Our Indian operation reported an organic revenue growth of 44 per cent in the quarter, gaining significant market share. We also launched a new Internet strategy in India, focusing on affordable and service-based Internet offers," Telenor president and CEO Jon Fredrik Baksaas said. Telenor group added 6 million new subscribers during the quarter most of which were added Uninor. "We added 6 million new mobile subscribers in the first quarter of 2014, the company's best customer surge in two years. This growth was mainly driven by India, Pakistan and Bangladesh," Mr Baksaas said. Mr Sorby said that achieving the target for the first round of investments by achieving break-even last year, the company has now made a fresh investment of Rs. 500 crore towards a 30 per cent expansion of the network and retail footprint. The company is expanding the network coverage utilising 5,000 base stations from closed down circles and by end of first quarter, 1,036 new base stations were deployed in its operating service areas. Uninor has set a target to double its internet revenues and percentage of Internet users on the subscriber base within this year. The company added 25 lakh subscribers during the quarter in 6 of the 22 circles where it operates, taking its total subscriber base to over 3 crore at the end of March.Its average revenue per user increased 13 per cent during the quarter to Rs. 106. Syndicate Bank , plans to raise up to Rs. 1,500 crore through share sale including rights issue or follow on public offer.
The board has approved to raise equity capital of Rs. 1,500 crore including premium to be decided as per the guidelines by way of Qualified Institutional Placement or rights issue or follow on public offer or any other approved mode, Syndicate Bank said in a filing on the BSE. Meanwhile, the state-owned bank recorded 31 per cent dip in net profit to Rs. 409.3 crore for the fourth quarter ended March 31.The bank had posted profit of Rs. 592.34 crore in the January-March quarter of 2012-13, according to the filing. Its total income in Q4, 2013-14 increased to Rs. 5,357.40 crore, from Rs.4,780.75 crore in the same period a year ago.For entire 2013-14, net profit slipped 14.6 per cent to Rs. 1,711.46 crore, from Rs. 2,004.42 crore in the previous financial year. Total income in 2013-14 rose to Rs. 19,945.21 crore from Rs. 18,295.05 crore in 2012-13. Besides, the board has also approved to raise Basel III complaint Tier II capital up to Rs. 1,150 crore. Nifty
Nifty closed down 62.75 points at 6652.55 while Future closed at 6681.65, premium of 29.10 points.
Buy Nifty Future above 6711 - 6725 - 6770 - 6805 SL - 6689 Sell Nifty Future below 6672 - 6655 - 6625 - 6580 SL - 6710 Option Call Buy Nifty 7000 CE above 117 for targets of 127, 145 SL - 109 Buy Nifty 6500PE above 161 for targets of 173, 187 SL - 154 Bank Nifty Bank Nifty closed down 27.85 points at 12938.20 while Future closed at 13013.15, premium of 74.95 points. Buy Bank Nifty Future above 13046 - 13105 - 13205 - 13280 SL - 13006 Sell Bank Nifty Future below 12994 - 12945 - 12870 - 12770 SL - 13044 HSBC Holdings Plc , said first-quarter profit fell 20 percent, meeting analyst estimates, as gains from asset sales dwindled and investment-banking revenue slipped.
Pretax profit declined to $6.79 billion from $8.43 billion in the same period a year earlier, London-based HSBC said in a statement today. That met the $6.77 billion average estimate of analyst by Bloomberg. Operating income before provisions slipped to $15.9 billion from $18.4 billion. The Bank, which derives the bulk of its profit from Asia, has closed or sold more than 60 businesses since 2011 to focus on its most profitable markets and is also seeking to cut costs. One-time gains from asset sales in 2013 weren’t repeated in the quarter, while operating costs dropped 2 percent to $8.8 billion, HSBC said today. ‘Muted’ OutlookThe shares fell 0.8 percent to 599 pence at 1:12 p.m. in London trading, bringing their decline for the year to 9.6 percent, the second-worst performance among U.K. bank stocks after Barclays. “We continued to experience muted customer activity in April,” HSBC said in the statement. HSBC’s return on equity, a measure of profitability, declined to 11.7 percent from 14.9 percent a year earlier, the bank said. That compares with the company’s goal of 12 percent to 15 percent. Costs as a proportion of revenue rose to 55.7 percent from 50.8 percent, in line with Chief Executive Officer Stuart Gulliver’s “mid-50s” target. Pretax profit in Asia fell to $3.76 billion from $5.51 billion, while earnings in Europe were little changed at about $1.8 billion. The bank booked a gain of $1.09 billion in the first quarter of 2013 after it changed its treatment of a stake in Industrial Bank Co., according to HSBC. HSBC also sold its stake in Shenzhen, China-based Ping An Insurance Co. for about $9.4 billion in February last year. Gold futures headed lower for a second session on Wednesday, falling below the key level of $1,300 an ounce as traders reacted to reports of talks aimed at resolving the Ukraine-Russia conflict and listened in on remarks from Federal Reserve Chairwoman Janet Yellen.
Gold for June delivery was last down $9.90, or 0.8%, to $1,298.70 an ounce on the Comex division of the New York Mercantile Exchange. July silver lost nearly 20 cents, or 1%, to $19.45 an ounce. Nifty future levels
The Pivot will be at 6700 R1 6730 S1 6652 R2 6779 S2 6623 R3 6857 S3 6645 Bank Nifty Futures The Pivot will be at 13036 R1 13112 S1 12937 R2 13212 S2 12860 R3 13388 S3 12648 CAPITAL MARKETS DATA - FII and DII ------------------------------------- Category Buy Value Sell Value Net Value FII 4257.56 4138.35 119.11 DII 1250.19 1509.07 -258.88 FII FNO DATA -------------- INDEX FUTURES -511.96 INDEX OPTIONS -862.59 STOCK FUTURES -339.18 STOCK OPTIONS -31.15 |