Key benchmark indices edged higher in volatile after the Lok Sabha passed the Finance Bill for the 2013-14 fiscal year. The market breadth, indicating the overall health of the market, was negative. The barometer index, the S&P BSE Sensex reached its highest closing level in over 6-1/2 weeks. The 50-unit CNX Nifty attained its highest closing level in over 7 weeks. The Sensex jumped 116.68 points or 0.6%, off about 120 points from the day's high and up close to 185 points from the day's low. Index heavyweight and cigarette major ITC edged higher. Index heavyweight Reliance Industries (RIL) edged lower in choppy trade.
Indian stocks gained for the second straight day today, 30 April 2013. From a recent low of 19,286.72 on 26 April 2013, the Sensex has gained 217.46 points or 1.12% in two trading sessions. The Sensex rose 668.41 points or 3.54% in April 2013. The Sensex has gained 77.47 points or 0.39% in calendar 2013 so far (till 30 April 2013). From a 52-week high of 20,203.66 on 29 January 2013, the Sensex has declined 699.48 points or 3.46%. From a 52-week low of 15,748.98 on 4 June 2012, the Sensex has surged 3,755.20 points or 23.84%.
Coming back to today's trade, FMCG major Hindustan Unilever (HUL) surged over 17% to hit record high after the company's foreign parent Unilever PLC announced open offer to acquire additional 48.70 crore shares, or 22.52% stake in Hindustan Unilever at substantial premium to the ruling market price. Godrej Consumer Products (GCPL) declined after reporting its Q4 results. Dabur India hit record high on good Q4 results. Realty stocks fell on profit booking after recent gains triggered by rate cut expectations.
The Finance Bill for the 2013-14 fiscal year was passed by Lok Sabha today, 30 April 2013, with some amendments and without debate after Opposition walkout. The bill now go to Rajya Sabha and then to the President for his assent. Among a key amendment, Finance Minister P Chidambaram cut the withholding tax on interest payments to foreigners on government and corporate debt to 5% from up to 20% for a two-year period from 1 June 2013 to 31 May 2015. The finance minister also clarified that a tax residency certificate issued by a foreign government would be an accepted proof of residency for tax purposes. The government, in its budget proposals, had created confusion with a proposal stating that a tax residency certificate "shall be necessary but not a sufficient condition" to take advantage of double taxation avoidance agreements.
The market surged in early trade. The barometer index, the S&P BSE Sensex hit its highest level in 16-1/2 weeks. The 50-unit CNX Nifty hit its highest level in over 17 weeks. The market held firm in morning trade. Key benchmark indices trimmed intraday gains to hit fresh intraday low in mid-morning trade after the Supreme Court said that sharing information by the Central Bureau of Investigation (CBI) with the government on coal block allocation scam has shaken the entire process. Key benchmark indices alternately moved between gains and losses near the flat line in early afternoon trade after Finance bill was tabled in the Lok Sabha. The Sensex regained positive terrain in mid-afternoon trade. The Sensex extended gains in late trade.
The market sentiment was boosted by data showing that foreign funds remained net buyers of Indian stocks on Monday, 29 April 2013. Foreign institutional investors (FIIs) bought shares worth a net Rs 663.60 crore from the secondary equity markets on Monday, 29 April 2013, as per data from Securities & Exchange Board of India (Sebi).
Also Read
The stock market remains closed tomorrow, 1 May 2013, on account of Maharashtra Day.
The S&P BSE Sensex jumped 116.68 points or 0.6% to 19,504.18, its highest closing level since 14 March 2013. The index surged 235.18 points at the day's high of 19,622.68 in early trade. The index fell 70.12 points at the day's low of 19,317.38 in afternoon trade.
The CNX Nifty advanced 26.10 points or 0.44% to 5,930.20, its highest closing level since 11 March 2013. The index hit a high of 5,962.30 in intraday trade. The index hit a low of 5,867.80 in intraday trade.
The BSE Mid-Cap index rose 0.42% and underperformed the Sensex. The BSE Small-Cap index fell 0.31% and underperformed the Sensex.
The BSE FMCG index (up 4.65%), BSE Metal index (up 0.96%), BSE HealthCare index (up 0.85%), BSE Teck index (up 0.74%) and BSE IT index (up 0.65%), outperformed the Sensex.
The BSE Realty index (down 1.07%), BSE Capital Goods index (down 0.47%), BSE Consumer Durables index (down 0.44%), BSE Bankex (down 0.33%), BSE Oil & Gas index (down 0.32%), BSE PSU index (up 0.15%), BSE Power index (up 0.25%) and BSE Auto index (up 0.48%), underperformed the Sensex.
The total turnover on BSE amounted to Rs 4270 crore, higher than Rs 2358.59 crore on Monday, 29 April 2013.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1,271 shares declined and 1,067 shares rose. A total of 144 shares were unchanged.
Among the 30-share Sensex pack, 18 stocks rose while rest of them fell.
Index heavyweight Reliance Industries (RIL) declined 0.56% to Rs 788.15. The scrip hit high of Rs 796.70 and a low of Rs 778. The company said today, 30 April 2013, that its telecom unit Reliance Jio Infocomm (India) has joined a consortium of telecom companies building an 8,000 kilometre submarine cable system to link Malaysia and Singapore with the Middle East. The Bay of Bengal Gateway (BBG) cable system, which will have connections to India and Sri Lanka, is expected to carry commercial traffic by end of 2014, RIL said.
At the time of announcement of its Q4 results, RIL in mid-April 2013 said that the company is working towards next wave of projects to exploit the undeveloped discovered resources in KG-D6 gas field targeted over the next 3-5 years. RIL has submitted an Integrated Block Development Plan (IBDP) for four discoveries in NEC -25 block (D-32, D-40, D-9 and D-10) proposing for a phased manner development. First gas is expected by mid-2019 subject to timely approvals.
Index heavyweight and cigarette major ITC rose 1.4% to Rs 328.90. The stock hit record high of Rs 335.90 in intraday today, 30 April 2013. The stock hit low of Rs 325 in intraday today, 30 April 2013. West Bengal chief minister Mamata Banerjee on 24 April 2013, announced a 10% hike in the value-added tax (VAT) on cigarettes to 25% from 15% to raise money for a relief fund for those depositors who have lost money in the Saradha chit fund scam.
Earlier, the Centre raised the excise duty on cigarettes by about 18% on all cigarettes except cigarettes of length not exceeding 65 mm in Union Budget 2013-14, which was unveiled on 28 February 2013.
FMCG major Hindustan Unilever (HUL) surged 17.28% to Rs 483.60. The stock hit record high of Rs 597 in intraday trade today, 30 April 2013. The company's foreign parent Unilever PLC today, 30 April 2013, announced open offer to acquire additional 48.70 crore shares, or 22.52% stake in Hindustan Unilever at Rs 600 per share.
As on 31 March 2013, foreign promoters held 52.48% stake in HUL. After the open offer, holding of foreign promoters will rise to 75% in HUL.
HUL stock had vaulted 6.98% to Rs 497.60 on Monday on good Q4 results. HUL's net profit before exceptional items rose 18% to Rs 781 crore on 12.13% growth in total income from operations to Rs 6465.81 crore in Q4 March 2013 over Q4 March 2012. The company announced the Q4 results during market hours on Monday, 29 April 2013.
FMCG stocks rose for the second day in a row after the India Meteorological Department (IMD) on Friday, 26 April 2013, forecast normal southwest monsoon seasonal rainfall during 2013. FMCG firms derive substantial sales from rural India. Marico, Nestle India and Tata Global Beverages rose by 1.12% to 5.52%.
The year 2013 will most likely have a normal southwest monsoon seasonal rainfall for the country as a whole i.e. 96 to 104% of Long Average during June to September, the Union Minister of Earth Sciences & Science and Technology Mr. S. Jaipal Reddy announced on Friday, 26 April 2013. Quantitatively, the monsoon seasonal rainfall is likely to be 98% of the Long Period Average with a model error of 5%. Also, the probability for normal rainfall is 46%, as against the climatological value of 33%.
The IMD will issue the update forecast in June 2013 as a part of the second stage forecast. Along with the update forecast, separate forecasts for the monthly (July and August) rainfall over the country as a whole and seasonal (June-September) rainfall over the four geographical regions of India will be issued.
Dabur India rose 0.61% to Rs 147.85 on good Q4 results. The stock hit record high of Rs 155.85 in intraday trade today, 30 April 2013. The company's consolidated net profit rose 17.59% to Rs 200.55 crore on 12% rise in net sales to Rs 1531.09 crore in Q4 March 2013 over Q4 March 2012. The company announced its Q4 results during market hours today, 30 April 2013.
Dabur India's consolidated net profit rose 18.37% to Rs 763.42 crore on 16.92% growth in total income to Rs 6270.62 crore in the year ended 31 March 2013 (FY 2013) over the year ended 31 March 2012 (FY 2012).
Dabur India's board of directors at a meeting held today, 30 April 2013, recommended dividend of 85 paise per share for FY 2013.
Commenting on the company's performance Dabur India's CEO Mr. Sunil Duggal said; "The domestic Consumer (FMCG) Business reported an over 15% growth during the quarter, driven by a volume growth of over 12%. This is the highest volume growth reported by Dabur in 11 straight quarters. The business has performed well on all operating parameters. Our strong performance reflects the robustness of our business model and our ability to efficiently manage the emerging challenges. We have managed our business dynamically through a combination of calibrated price increases and greater focus on cost efficiencies to deliver profitable and sustainable growth. Dabur recorded a 21.6% growth in EBITDA during the quarter".
Godrej Consumer Products (GCPL) declined 2.27% after Q4 results. The company's consolidated net profit after minority interest without exceptional income rose 19% to Rs 205 crore on 30% growth in net sales to Rs 1716 crore in Q4 March 2013 over Q4 March 2012. The company announced the Q4 results during market hours on today, 30 April 2013. Consolidated net profit after minority interest surged 73% to Rs 334 crore in Q4 March 2013 over Q4 March 2013. Earnings before interest, taxation, depreciation and amortization (EBITDA) rose 12% to Rs 279 crore in Q4 March 2013 over Q4 March 2012.
Commenting on the company's performance, Adi Godrej, Chairman, GCPL said, "We delivered another quarter with robust operating performance. Our sales growth remains healthy and we continue to carry forward the strong momentum from the earlier quarters. We continue to intensify our focus on innovation. Over the last few quarters, we have had several major launches, which have been backed with strong marketing investments. The response to our new launches has been very encouraging. Our EBITDA growth has been lower than sales growth during this quarter on the back of high marketing investments for the new launches. As these launches scale up in subsequent quarters, we will see further improvement to our bottom line. While the macroeconomic and socio-political environment continues to be challenging in some of the countries in which we operate, I believe our strong performance is a reflection of clear strategic focus, superior execution and our top notch team. Going forward, we remain optimistic of continuing the strong sales growth momentum and expect our profit performance to improve on the back of stronger traction from our launches and favourable input prices".
Realty stocks fell on profit booking after recent gains triggered by rate cut expectations. Lower interest rates may help revive demand for properties. Purchases of both residential and commercial property are largely driven by finance. DLF, HDIL, D B Realty and Unitech shed by 1.45% to 3.23%.
Sterlite Industries jumped 4.03% on strong Q4 results. The company's consolidated net profit rose 50.72% to Rs 1924.63 crore on 15.6% rise in total income to Rs 13394.23 crore in Q4 March 2013 over Q4 March 2012. The company announced its Q4 results before market hours today, 30 April 2013.
NHPC rose 1.64%. The company said during market hours today, 30 April 2013, that consequent upon successful trial run and demonstration of peaking capability corresponding to installed capacity of 33 MW (megawatts), Unit 4 of Teesta Low Dam - III HE Project have been declared under commercial operation from 1 May 2013.
Cement stocks were mixed. ACC and UltraTech Cement shed by 0.51% to 0.97%. Ambuja Cement rose 0.43%.
Shree Cement rose 1.8% on strong Q3 results. The company after market hours on Monday, 29 April 2013 reported 139.84% jump in net profit to Rs 274.09 crore on 4.19% rise in total income to Rs 1514.41 crore in Q3 March 2013 over Q3 March 2012.
Auto stocks were mixed. Maruti Suzuki India fell 0.71% on profit booking after gaining in previous two trading sessions triggered by strong Q4 results. Maruti's net profit, excluding the effect of the merger of Suzuki Powertrain India (SPIL), jumped 79.8% to Rs 1147.50 crore on 9.4% rise in net sales to Rs 12566.60 crore in Q4 March 2013 over Q4 March 2012. Suzuki Powertrain India was merged with the company during the year ended 31 March 2013 (FY 2013) and the effect of the merger was given in the books of accounts in Q4 March 2013. Maruti announced the results during market hours on Friday, 26 April 2013.
Maruti said that the increase in net profit during the quarter was on account of higher sales of new models such as Ertiga, DZire and Swift, cost reduction and localization efforts and the benefit of a favourable exchange rate.
Mahindra & Mahindra (M&M) gained 2.24%. M&M on 22 April 2013 said that the tool down strike at the company's Igatpuri plant, which started on 9 April 2013 has been withdrawn by the workers and production will soon be restored to normalcy. Considering the pipeline of stocks as also assembly of higher number of engines at other plant locations, there was no material impact on sales volume and going forward the company expects to build up the pipeline stock, M&M said.
Tata Motors rose 1.15%. Tata Motors' subsidiary Tata Technologies which is a leading global provider of engineering services and manufacturing enterprise IT, on Friday, 26 April 2013, announced that it has signed definitive agreements for the acquisition of US-based Cambric Corporation, a premier engineering services company providing turnkey engineering services to its customers. The partnership will strengthen Tata Technologies' global footprint and domain capabilities to provide high-end engineering services to a diverse set of existing and new clients, especially in Europe. It will also provide Cambric access to the Asia Pacific region. Cambric had revenue of $25 million for the year ended 31 December 2012 with majority of revenues coming from the construction and heavy equipment sector.
Two-wheeler major Hero MotoCorp declined 0.22%. The company said at the time of announcement of the Q4 results that it has hiked prices of its products, ranging from Rs 500 to Rs 1,500 with immediate effect. The company's net profit fell 4.86% to Rs 574.23 crore on 1.79% rise in total income to Rs 6250.26 crore in Q4 March 2013 over Q4 March 2012. The company announced its Q4 results after market hours on Friday, 26 April 2013.
Bajaj Auto fell 0.8%.
IT stocks edged higher on positive economic data in the US, the biggest outsourcing market for the Indian IT firms. HCL Technologies rose 2.83% to Rs 721.05. The stock had hit a record high of Rs 809 in intraday trade on 17 April 2013 after the company reported strong Q3 results. Consolidated net profit as per US accounting standards rose 7.8% to Rs 1040 crore on 2.4% growth in revenue at Rs 6425 crore in Q3 March 2013 over Q2 December 2012.
Wipro gained 1.75%. Wipro issued weak revenue outlook at the time of announcement of Q4 March 2014 results on 19 March 2013. Wipro expects a between 0.63% fall to a growth of 1.57% in revenue from IT services business at between $1.575 billion to $1.61 billion in Q1 June 2013 over Q4 March 2013. At a post-result conference call, Wipro's management indicated that Q1 for Wipro will be the traditionally weak quarter on account of softness from the India business. The management expects Q2 September 2013 to be better than Q1 June 2013 for the company.
Wipro's IT services revenue rose 0.5% to $1.585 billion in Q4 March 2013 over Q3 December 2012. On year on year basis, IT services revenue rose 3.2% to $1.585 billion in Q4 March 2013 over Q4 March 2012.
Infosys rose 0.24%. Infosys has forecast a tepid 6% to 10% growth in revenue in both rupee terms and dollar terms for the year ending 31 March 2014 (FY 2014) as the company says that global economic uncertainties remain challenging for the IT industry. The revenue growth outlook is lower than industry body Nasscom's projection of 12% to 14% growth in IT exports in the current fiscal year. Infosys has not given full year earnings guidance this time. Infosys had earlier stopped offering quarterly guidance in July 2012.
Tata Consultancy Services (TCS) rose 0.4%. TCS posted good Q4 results on 17 April 2013. Its consolidated net profit rose 1.9% to Rs 3616 crore on 2.2% growth in revenue to Rs 16430 crore in Q4 March 2013 over Q3 December 2012. Net profit jumped 33.6% to Rs 13917 crore on 28.8% growth in revenue to Rs 62989 crore in the year ended 31 March 2013 (FY 2013) over the year ended 31 March 2012 (FY 2012). The company clocked volume growth of 16.8% in FY 2013 over FY 2012.
At a post result conference call held on 17 April 2013, TCS' management said it expects FY 2014 to be better year than FY 2013 and anticipates defending the margins in narrow band despite the headwinds from the wage hikes through other levers.
Most bank stocks declined. Shares of India's biggest commercial bank in terms of branch network, State Bank of India (SBI), fell 0.36%.
Among other PSU bank stocks, Canara Bank, Union Bank of India, Bank of India, Bank of Baroda and Punjab National Bank shed by 0.01% to 2.52%.
HDFC Bank dropped 1.71%. HDFC Bank's net profit rose 30.06% to Rs 1889.84 crore on 21.08% increase in total income to Rs 11127.54 crore in Q4 March 2013 over Q4 March 2012. Net profit rose 30.18% to Rs 6726.28 crore on 24.54% increase in total income to Rs 41917.49 crore in the year ended March 2013 over the year ended March 2012.
Kotak Mahindra Bank fell 0.53% ahead of its Q4 results on Thursday, 2 May 2013.
ICICI Bank rose 0.94%. The bank's net profit rose 21% to Rs 2304 crore on 10.26% rise in total income to Rs 12573.52 crore in Q4 March 2013 over Q4 March 2012. Net interest income increased 22% to Rs 3803 crore in Q4 March 2013 from Rs 3105 crore in Q4 March 2012. The cost-to-income ratio reduced to 40% in Q4 March 2013 from 41.6% in Q4 March 2012. The bank announced Q4 results during market hours on 26 April 2013.
Bharti Infratel fell 0.56% on profit taking after reporting strong Q4 results. Shares of Bharti Infratel had witnessed a pre-result rally. The stock had rallied 9.41% to settle at Rs 178.90 on Monday, 29 April 2013, from Rs 163.50 on 16 April 2013. The company's consolidated net profit surged 34% to Rs 287 crore on 11% growth in revenue to Rs 2674 crore in Q4 March 2013 over Q4 March 2012. The company announced Q4 results during trading hours today, 30 April 2013.
Bharti Infratel's consolidated earnings before interest, taxation, depreciation, and amortization rose 11% to Rs 1008 crore in Q4 March 2013 over Q4 March 2012. Operating free cash flow declined 11% to Rs 494 crore in Q4 March 2013 over Q4 March 2012, on account of higher capital expenditure (capex) in Q4 March 2013, Bharti Infratel said in a statement.
Bharti Infratel's consolidated net profit jumped 34% to Rs 1003 crore on 9% growth in revenue to Rs 10272 crore in the year ended 31 March 2013 (FY 2013) over the year ended 31 March 2012 (FY 2012). EBITDA rose 9% to Rs 3835 crore in FY 2013 over FY 2012.
Commenting on the company's performance, Akhil Gupta, Vice Chairman & Managing Director, Bharti Infratel said, "We are pleased that our results demonstrate and reaffirm our robust business model. As a result, despite relatively low capex deployment by telecom operators last year due to uncertainties in telecom sector, our results reflect the significant incremental gains from increased sharing of our infrastructure. With Data growing at a fast pace and focused approach by new operators, we expect increased deployment of new networks by operators in the coming year".
Dr Reddy's Laboratories rose 1.56% to Rs 2023.75. The stock had hit record high of Rs 2035 in intraday trade today, 30 April 2013.
Bosch declined 0.94% on weak Q1 results. The company after market hours on Monday, 29 April 2013, reported 22.65% fall in net profit to Rs 259.77 crore on 2.77% fall in total income to Rs 2296.75 crore in Q1 March 2013 over Q1 March 2012.
The focus of the market is on Q4 results. IDFC announces Q4 results tomorrow, 1 May 2013. Bharti Airtel and Kotak Mahindra Bank unveil Q4 results on Thursday, 2 May 2013. ACC and Ambuja Cements announce Q1 March 2013 results on Friday, 3 May 2013. Grasim and Jaiprakash Associates unveil Q4 results on Saturday, 4 May 2013. HDFC and Lupin unveil Q4 results on 8 May 2013. Ranbaxy announces Q1 March 2013 results on the same day. Asian Paints and Punjab National Bank unveil Q4 results on 9 May 2013. NTPC announces Q4 results on 10 May 2013. Dr Reddys Laboratories announces Q4 results on 14 May 2013. Bajaj Auto announces Q4 results on 16 May 2013. BPCL announces Q4 results on 29 May 2013. M&M announces Q4 results on 30 May 2013.
The Supreme Court today, 30 April 2013, said that the details in the CBI affidavit on the coal scam are very disturbing. There has been a massive breach of trust that has shaken our foundation, the apex court said. The court said sharing information with the government has shaken the entire process. The Supreme Court also said that the CBI must not be influenced by its political masters. The CBI's independent position must be restored, the court said.
The CBI had on Friday, 26 April 2013, filed its affidavit on the coal block allocation scam report with the Supreme Court, in which agency director Ranjit Sinha had said that the draft report was shared with the Law Minister and senior officials of PMO and Coal ministry "as desired by them".
In March, the CBI had said in its status report that many companies were given coal blocks through false representations and that there was no rationale for allocation of the blocks.
On the macro front, the Prime Minister's Economic Advisory Council (PMEAC) in a report released on 23 April 2013 projected 6.4% growth in India's GDP for the current fiscal year 2013/14, higher than an estimated 5% growth for the fiscal year 2012/13. The net FDI inflow is expected at $24 billion in 2013-14 from an estimated $18 billion in 2012-13, the PMEAC said. In contrast, FII inflows are seen sliding to $18 billion in 2013-14 from an estimated $24 billion in 2012-13, the PMEAC said.
Markit Economics will unveil HSBC India Manufacturing PMI, which gauges the business activity of India's factories, for April 2013 tomorrow, 1 May 2013. The HSBC India Manufacturing PMI fell to 52 in March 2013, after a surge to 54.2 in February 2013. Markit Economics will unveil the result of a monthly survey on the performance of India's services sector for April 2013 on Friday, 3 May 2013. The HSBC Services Purchasing Managers' Index, based on a survey of around 400 companies, fell to a 17-month low of 51.4 in March from 54.2 in February. Services make up over 60% of India's economy.
Slowing wholesale price inflation has raised expectations that the Reserve Bank of India (RBI) will cut its key policy rate viz. the repo rate to boost economic growth. The (RBI) will announce the Monetary Policy Statement 2013-14 on Friday, 3 May 2013. The RBI cut its key policy rate viz. the repo rate by 25 basis points to 7.5% after a mid-quarter monetary policy review on 19 March 2013.
Inflation based on the monthly wholesale price index (WPI) eased to the lowest level in 40 months at 5.96% in March 2013, and sharply lower than 6.84% in February 2013, data released by the government on 15 April 2013 showed. Non-food manufacturing inflation or core inflation slowed further to 3.41% in March 2013, the data showed. In Europe, the European Central Bank's (ECB) Governing Council meets in Bratislava on Thursday, 2 May 2013, to review euro area interest rates. The ECB is seen cutting euro area interest rates by 25 basis points to a record low of 0.5% as economic conditions continue to deteriorate across the euro zone and as inflation remains well below the bank's target.
The finance ministry in October 2012 announced a five-year plan to cut fiscal deficit. The government hopes to reduce the fiscal deficit to 3% by March 2017.
Most European markets edged lower on Tuesday. Key benchmark indices in UK and France were down by 0.1% to 0.21%. Germany's DAX rose 0.58%.
The euro-area jobless rate rose to a record in March, increasing pressure on the European Central Bank to take additional measures to boost growth. The euro-area unemployment rate advanced to 12.1% in March 2013 from 12% in the previous two months, the European Union's statistics office in Luxembourg said today.
The European Central Bank's (ECB) Governing Council meets in Bratislava on Thursday, 2 May 2013, to review euro area interest rates. The ECB is seen cutting euro area interest rates by 25 basis points to a record low of 0.5% as economic conditions continue to deteriorate across the euro zone and as inflation remains well below the bank's target.
Asian stocks rose on Tuesday after US housing sales gained and amid speculation central banks will keep stimulating growth. Key benchmark indices in Hong Kong, Indonesia, Taiwan, Singapore and South Korea rose by 0.19% to 1.20%. Japan's Nikkei Average fell 0.17%. Stock markets in mainland China were closed for a holiday.
Japanese and South Korean industrial output was less than estimates in March and Taiwan's first-quarter growth was half the forecast pace as weakness in global demand limits recoveries in Asian economies. In Japan, production climbed 0.2% from the previous month, the trade ministry said in Tokyo today. South Korea's output fell 2.6%, a separate report showed. Taiwan's gross domestic product rose 1.54%.
Trading in US index futures indicated a flat opening of US stocks on Tuesday, 30 April 2013. US stocks gained on Monday with S&P 500 index ending at an all-time high led by gains as growth-oriented stocks, including energy and technology. A report showed contracts to buy previously owned homes rose last month to their highest level since April 2010, showing underlying strength in the housing market recovery, even though the pace of sales growth has cooled in recent months.
A two-day meeting of the Federal Open Market Committee on US interest rates begins today, 30 April 2013.
Powered by Capital Market - Live News