Key benchmark indices closed flat after witnessing high intraday volatility. The Sensex lost 13.77 points or 0.07%, off close to 140 points from the day's high and up about 60 points from the day's low. The market breadth, indicating the overall health of the market, turned negative from positive in late trade. Index heavyweight Reliance Industries (RIL) dropped after the company reported muted sequential growth in net profit in Q4 March 2013 after trading hours on Tuesday, 16 April 2013. Another index heavyweight and cigarette major ITC hit record high.
Indian stocks snapped two day winning streak today, 17 April 2013. The Sensex had gained 502.37 points or 2.75% in two trading sessions to settle at 16744.93 on Tuesday, 16 April 2013, from a recent low of 18242.56 on 12 April 2013. The Sensex has fallen 104.61 points or 0.55% in this month so far (till 17 April 2013). The Sensex has declined 695.55 points or 3.58% in calendar 2013 so far (till 17 April 2013). From a 52-week high of 20,203.66 on 29 January 2013, the Sensex has declined 1,472.50 points or 7.28%. From a 52-week low of 15,748.98 on 4 June 2012, the Sensex has surged 2,982.18 points or 18.93%.
Coming back to today's trade, IT stocks fell on firm rupee. Software major Tata Consultancy Services (TCS) dropped ahead of its Q4 results today, 17 April 2013. HCL Technologies reversed direction after hitting a record high after the company reported good Q3 results.
The market underwent intraday gyrations. The market edged higher in early trade. The S&P BSE Sensex and the 50-unit CNX Nifty, both, hit two-week highs. The market regained positive terrain after slipping into the negative terrain for a brief period in morning trade. The Sensex trimmed gains after hitting fresh intraday high in mid-morning trade. The market surged to hit fresh intraday high in early afternoon trade. Key benchmark indices pared gains in afternoon trade as European stocks reversed initial gains. The Sensex regained positive terrain after slipping into the red for a brief period in mid-afternoon trade. The Sensex once again slipped into the red in late trade.
Foreign institutional investors (FIIs) bought shares worth a net Rs 591.76 crore on Tuesday, 16 April 2013, as per provisional data from the stock exchanges.
The S&P BSE Sensex lost 13.77 points or 0.07% to 18,731.16, its lowest closing level since 15 April 2013. The index jumped 124.95 points at the day's high of 18,869.88 in early afternoon trade, its highest level since 3 April 2013. The index fell 71.49 points at the day's low of 18,673.44 in afternoon trade.
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The CNX Nifty was almost unchanged for the day at 5,688.70, its lowest closing level since 15 April 2013. The index hit a high of 5,732.15 in intraday trade, its highest level since 3 April 2013. The index hit a low of 5,669 in intraday trade.
The BSE Mid-Cap index rose 0.18% and the BSE Small-Cap index gained 0.3%. Both these indices outperformed the Sensex.
The BSE Metal index (up 1.27%), BSE FMCG index (up 1.25%), BSE Auto index (up 1.16%), BSE HealthCare index (up 1.09%), BSE Bankex (up 0.93%), BSE Realty index (up 0.93%), BSE Consumer Durables index (up 0.31%), BSE PSU index (up 0.08%) and BSE Capital Goods index (down 0.03%), outperformed the Sensex.
The BSE Oil & Gas index (down 2.12%), BSE IT index (down 1.14%), BSE Teck index (down 0.77%) and BSE Power index (down 0.17%), underperformed the Sensex.
The total turnover on BSE amounted to Rs 2270 crore, higher than Rs 1889.42 crore on Tuesday, 16 April 2013.
The market breadth, indicating the overall health of the market, turned negative from positive in late trade. On BSE, 1,186 shares fell and 1,132 shares rose. A total of 148 shares were unchanged.
Among the 30-share Sensex pack, 16 stocks advanced while rest of them declined.
Index heavyweight Reliance Industries (RIL) dropped after the company reported muted sequential growth in net profit in Q4 March 2013 after trading hours on Tuesday, 16 April 2013. The stock lost 3.42% at Rs 777. The scrip hit high of Rs 810 and a low of Rs 770.50. Ahead of Q4 results, the RIL stock had gained 4.32% in three trading days to Rs 804.50 on 16 April 2013 from a recent low of Rs 771.15 on 11 April 2013.
RIL's net profit jumped 31.9% to Rs 5589 crore on 1.4% fall in turnover to Rs 86618 crore in Q4 March 2013 over Q4 March 2012. On sequential basis, RIL's net profit rose 1.58% to Rs 5589 crore on 10.06% decline in turnover to Rs 86618 crore in Q4 March 2013 over Q3 December 2012.
Net profit rose 4.8% to Rs 21003 crore on 9.2% growth in turnover to Rs 371119 crore in the year ended 31 March 2013 (FY 2013) over the year ended 31 March 2012 (FY 2012). The result hit the market after trading hours on Tuesday, 16 April 2013.
RIL's gross refining margin (GRM) edged up to $10.1 a barrel in Q4 March 2013 from $9.6 a barrel in Q3 December 2012 and $7.6 a barrel in Q4 March 2012. The GRM edged up to $9.2 a barrel in FY 2013 from $8.6 a barrel in FY 2012.
RIL said its retail business achieved cash breakeven with earnings before depreciation, finance cost and tax expense of Rs 78 crore in FY 2013. Turnover of the retail business jumped 42% to Rs 10800 crore in FY 2013 over FY 2012.
RIL is debt free on a net basis as at 31 March 2013.
Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries said: "Reliance has delivered another year of strong operating performance in an environment of continued volatile economic conditions. The growth in earnings was largely driven by strong and improved refining margins during the year. Production growth from our investments in unconventional liquids-rich resource plays in North America has reinforced our confidence in creating long term value for our shareholders from this diversification. We are delighted to see our retail business achieving a milestone of annual revenue crossing Rs 10000 crore and will further strengthen our position in this sector. We are working on projects that form the foundation of our aspirations to become one of the world's most competitive producers of petroleum and petrochemical products while developing consumer centric businesses in India".
Index heavyweight and cigarette major ITC rose 1.85% to Rs 313.95. The stock hit record high of Rs 314 in intraday trade today, 17 April 2013. The government 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.
Metal stocks rose on renewed buying. Hindustan Zinc rose 1.85% to Rs 109.90. The stock reversed direction after hitting a 52-week low of Rs 106.90 in intraday trade today, 17 April 2013
Sterlite Industries (India) jumped 4.05% to Rs 88.55. The stock had hit a 52-week low of Rs 83.15 in intraday trade Tuesday, 16 April 2013.
Tata Steel fell 0.34% to Rs 297.20. The stock had struck a 52-week low of Rs 292.70 in intraday trade Tuesday, 16 April 2013.
JSW Steel jumped 5.22%. JSW Steel's crude steel production rose 2% to 2.109 million tonne in Q4 March 2013 over Q4 March 2012. The production of flat rolled products rose 11% to 1.65 million tonne in Q4 March 2013 over Q4 March 2012. The production of long rolled products fell 6% to 0.438 million tonne in Q4 March 2013 over Q4 March 2012. JSW Steel reported crude steel production data for Q4 March 2013 and the year ended 31 March 2013 (FY 2013) on 8 April 2013.
The crude steel production rose 15% to 8.518 million tonne in the year ended 31 March 2013 (FY 2013) over the year ended 31 March 2012 (FY 2012). The production of flat rolled products rose 17% to 6.282 million tonne in FY 2013 over FY 2012. The production of long rolled products rose 18% to 1.801 million tonne in FY 2013 over FY 2012.
JSW Steel said in spite of severe constraints in availability and quality of iron ore in the state of Karnataka, the company could operate its Vijayanagar plant at about 80% capacity due to its unique ability of using low grade iron ore through beneficiation process.
Sail jumped 6.5% to Rs 62.25 on bargain hunting. The stock had hit a 52-week low of Rs 56.40 in intraday trade Tuesday, 16 April 2013.
State Bank of India (SBI) edged higher after Chairman Pradip Chaudhuri on Tuesday, 16 April 2013, said that SBI is looking at merging one of its five banking subsidiaries with it in the current financial year that started on 1 April 2013. The stock was up 2.67%.
State Bank of Bikaner & Jaipur was up 1.56%, State Bank of Travancore was up 0.31% and State Bank of Mysore rose 2.02%. State Bank of Hyderabad and State Bank of Patiala are the two unlisted subsidiaries of SBI. In the past, SBI had merged State Bank of Indore and State Bank of Saurashtra with it.
ICICI Bank advanced 1.7%. ICICI Bank announces Q4 results on 26 April 2013.
HDFC Bank declined 0.75%. HDFC Bank announces Q4 results on 23 April 2013.
IndusInd Bank advanced 1.11% ahead of its Q2 results tomorrow, 18 April 2013.
Yes Bank rose 2.53% on strong Q4 results. The bank's net profit rose 33.24% to Rs 362.15 crore on 30% rise in total income to Rs 2667.03 crore in Q4 March 2013 over Q4 March 2012. The bank announced Q4 results during market hours today, 17 April 2013.
Yes Bank also said that the board of directors of the bank at its meeting held today, 17 April 2013, has empowered the Capital Raising Committee, a sub Committee of the board, to raise funds by way of issuance of equity capital up to $500 million in one or more tranches on such terms and conditions as it may deem fit. The issuance may be by way of Qualified Institutions Placement (QIP) or any other international offering like Global Depository Receipts (GDRs)/American Depository Receipts (ADRs), Ordinary Shares through (Depository Receipt Mechanism) Scheme 1993, Follow on Public Issue or by any other appropriate mode as decided by the Capital Raising Committee.
Commenting on financial performance, Mr. Rana Kapoor, Managing Director & CEO, Yes Bank said: "Yes Bank has delivered another steady quarter with impressive financial performance driven by sustained execution across all parameters. The bank has achieved robust growth in profits with healthy NII and non-interest income growth while maintaining asset qualify despite a challenging economic environment. With another satisfactory year behind us, the bank is on track to achieve Version 2.0 objectives. We are well positioned for FY 2014 as we continue our balanced growth trajectory, supported by our differentiated product and services proposition, and expanding retail footprint. The bank has incorporated a retail broking subsidiary and has hired key top management to roll out a retail broking platform. The retail brokerage will complement our current retail offerings and enable cross-selling of 3 in 1 accounts to our expanding base of retail customers."
IT stocks fell on firm rupee. A firm rupee adversely affects operating profit margins of IT firms as the sector derives a lion's share of revenue from exports. Infosys declined 0.61%. The company before market hours on Tuesday, 16 April 2013, said it has signed a major new strategic partnership with Queen's University Belfast aimed at combating the global cyber security threat. The collaboration brings together Infosys with Queen's University Belfast's Centre for Secure Information Technologies (CSIT), one of UK's largest and most prestigious university cyber security research labs, and Invest Northern Ireland, the Northern Ireland government's regional business development agency.
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.
Wipro declined 2.28%. The company announces Q4 results on Friday, 19 April 2013. The Securities & Exchange Board of India (Sebi) has exempted Wipro from a rule that prevents promoters of companies from selling their stakes within 12 weeks of another deal. Wipro after market hours on 15 April 2013 said that the Securities & Exchange Board of India (Sebi) has accepted the company's request and permitted the promoter and promoter group (including the entities that carried out the inter-se transfer) to divest through the offer for sale (OFS) route during the twelve weeks cool off period. Earlier, Wipro had on 25 March 2013 applied to SEBI seeking a specific relaxation exemption from the twelve week cooling off period for carrying out OFS through the stock exchange mechanism following the inter-se transfer amongst the promoter and promoter group entities on 15 March 2013.
Software major Tata Consultancy Services (TCS) dropped 1.81% ahead of its Q4 results today, 17 April 2013.
HCL Technologies fell 1.44% to Rs 751.70. The stock reversed gains after striking a record high of Rs 809 in intraday trade today, 17 April 2013. The company before trading hours today, 17 April 2013, said its 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. Earnings before interest, taxation, deprecation and amortization (EBITDA) rose 1.6% to Rs 1439.30 crore in Q3 March 2013 over Q2 December 2012. The EBITDA margin declined to 22.4% in Q3 March 2013 from 22.6% in Q2 December 2012.
Commenting on the Q3 results, Anant Gupta, President and CEO, HCL Technologies said: "We have delivered yet another quarter of strong performance. Our net margins have improved for six straight quarters and are up by 51.5% along with a robust 14.6% US dollar constant currency growth for the twelve month period ended 31 March 2013. Amidst a challenging and uncertain business environment, HCL continues on its growth trajectory fuelled by its Alternative Outsourcing (AO) approach led by two unique value propositions of Alternative ASM and Enterprise Function as a Service (EFaaS)".
Anil Chanana, Chief Financial Officer, HCL Technologies said: "During the 12 months period ended 31 March 2013, our revenues have increased by 27% YoY (INR) while the earnings per share has grown 74% YoY (INR). This increase in EPS has been facilitated by expansion in both gross margin and operating margin by 340 bps and 420 bps YoY respectively. HCL's industry leading performance is also manifested in the strong free cash flow conversion at 60% of EBITDA and Return on Equity at 31%.
The rupee was trading at 53.80/81 after hitting a seven-week high at 53.77, and versus its previous close of 54.15/16.
Zee Entertainment Enterprises rose 1.8%. The company on Tuesday, 16 April 2013, said that in order to maximize returns on its treasury operations, the board of directors of the company has given an in-principle approval to invest in high-yield debt securities of real estate entities which are unrelated to the company or the Essel Group, with adequate security cover, up to a maximum of Rs 100 crore, of which Rs 29 crore has been committed as on date. Zee Entertainment Enterprises also clarified that the company has not sponsored any private equity (PE) fund and the company is not the Sponsor or Investor of India Asset Growth Fund -- an Alternative Investment Fund registered by Essel Group with the Securities and Exchange Board of India. The company issued this clarification after media reports said that the Essel Group has launched a Rs 1000 crore realty fund.
Realty stocks reversed intraday gains. DLF, HDIL and D B Realty shed by 0.41% to 1.68%. Unitech and Sobha Developers rose by 1.24% to 4.44%.
Auto stocks edged higher as slowing wholesale price inflation has raised rate cut expectations. Purchases of automobiles, including that of cars, utility vehicles and commercial vehicles are substantially driven by financing.
Mahindra & Mahindra (M&M) surged 3.91%. M&M on Tuesday, 16 April 2013, said Mahindra USA (MUSA), a part of Mahindra Group, closed the fiscal year 2013 with record billings and record retail sales, gaining over 2% points, delivering its highest ever market share in the US. The company was ranked No. 2 in the 2013 North American Equipment Dealers Association (NAEDA) Annual Dealer/Manufacturer Relations Survey for Overall Satisfaction, indicating a high degree of customer satisfaction. NAEDA is the apex dealer association in the USA. MUSA is also the No. 3 tractor manufacturer in the USA in the under 80 HP category, M&M said.
Tata Motors rose 0.26%. The company on 12 April 2013 said that its global wholesales, including Jaguar Land Rover were 116,521 units in March 2013. Cumulative wholesales for the year ended 31 March 2013 (FY 2013) were 1,196,416 units.
Tata Motors' British luxury car unit Jaguar Land Rover (JLR) on 10 April 2013 said its global sales rose 16% to a record 53,772 units in March 2013 over March 2012. JLR's global sales rose 17% to a record 115,504 units in Q1 March 2013 over Q1 March 2012. JLR said the Jaguar brand demonstrated strong growth with sales of 9,856 in March up 28% and sales for the quarter of 20,210 up 31%. Land Rover, meanwhile, delivered the best single month and quarter in its 65 year history with March sales of 43,916, up 14% and quarter one sales of 95,294, up 15% versus 2012, JLR said.
Small-car maker Maruti Suzuki India rose 0.82%.
Shares of two-wheeler makers rose after PSU OMCs reduced petrol prices by Rs 1 per litre on Monday. Hero MotoCorp (up 0.58%) and Bajaj Auto (up 1.01%) gained.
PSU OMCs announced cut in petrol price by Re 1 per litre, excluding value added tax (VAT), effective midnight Monday because of fall in international oil prices. The recent cut in petrol price comes on the back of 85 paise a litre reduction in rates on 2 April 2013 and Rs 2 a litre decrease effected on 16 March 2013.
Most Cement stocks gained. Ambuja Cement, UltraTech Cement and ACC rose by 0.16% to 4.42%.
Pharma stocks were mixed. Cipla rose 0.24%. Dr Reddy's Laboratories fell 0.91%.
Ranbaxy Laboratories shed 0.78%. Ranbaxy Laboratories and Daiichi Sankyo today, 17 April 2013, announced synergy in Brazil to expand the business of both companies in the country. As part of this synergy, Ranbaxy will support Daiichi Sankyo's Brazilian subsidiary, Daiichi Sankyo Brasil Farmaceutica Ltda. (hereafter, Daiichi Sankyo Brazil), to enter the branded generics market, in addition to its established business of providing innovative products. Ranbaxy's Brazilian subsidiary, Ranbaxy Farmaceutica Ltda. (hereafter, RFL) would continue to independently promote Ranbaxy's generic products and also enter into branded generics in Brazil.
With the announced synergistic collaboration, the Daiichi Sankyo Group will expand its presence in Brazil through its hybrid business model promoting innovative, branded generic and generic pharmaceuticals. The pharmaceutical market in Brazil is the biggest in Latin America, and it is expected to become the fourth biggest in the world in 2016. In Brazil, Daiichi Sankyo has built up its market presence with innovative pharmaceuticals through Daiichi Sankyo Brazil. On the other hand, Ranbaxy markets its generic products in Brazil through its subsidiary, Ranbaxy Farmaceutica Ltda.
Sun Pharmaceutical Industries rose 3.4% to Rs 919.95. The stock hit record high of Rs 924 in intraday trade today, 17 April 2013. The company on 15 April 2013, announced that the USFDA has granted its subsidiary, two tentative approvals for its Abbreviated New Drug Applications (ANDA) for generic version of Januvia, Sitagliptin Tablets and generic version of Glumetza, Metformin HCl Extended-release tablets.
Lupin rose 2.34%. The company today, 17 April 2013, said that the US Court of Appeals for the Federal Circuit has ruled in its favor regarding its appeal of a previous judgment by a lower court for Bayer AG's Yaz oral contraceptive product. Lupin is currently seeking approval from the USFDA for its generic and is working out its commercialization plan. Lupin's Generic Drospirenone and Ethinyl Estradiol Tablets (3 mg + 0.02 mg) of Bayer AG's Yaz tablets are indicated for prevention of pregnancy, to treat the symptoms of premenstrual dysphoric disorder (PMDD) for women and to treat moderate acne for women at least 14 years old only if the patient desires an oral contraceptive for birth control. The total sales for branded and generic sales for the product stood at $361 million (IMS MAT Dec 2012).
United Spirits jumped 6.07% to Rs 2,156.25. The stock hit record high of Rs 2,195 in intraday trade today, 17 April 2013. UK-based Diageo plc has commenced its open offer to acquire an additional 26% in United Spirits at an offer price of Rs 1440 per share on 10 April 2013. The open offer will close on 26 April 2013. The open offer is a part of the deal inked by Diageo plc and the UB group whereby Diageo plc will acquire 53.4% of the enlarged USL share capital in two stages.
The near term focus of the market is on Q4 results. TCS announces Q4 results today, 17 April 2013. IndusInd Bank announces Q2 results tomorrow, 18 April 2013. Wipro announces Q4 results on 19 April 2013. Cairn India announces Q4 results on 22 April 2013. UltraTech Cement announces Q4 results on the same day.
HDFC Bank announces Q4 results on 23 April 2013. Axis Bank will announce its Q4 March 2013 results on 24 April 2013. Jindal Steel & Power declares its Q4 results on 25 April 2013. Hero MotoCorp, ICICI Bank and Maruti Suzuki unveil Q4 results on 26 April 2013. IDFC announces Q4 results on 1 May 2013. Bharti Airtel and Kotak Mahindra Bank unveil Q4 results on 2 May 2013. ACC and Ambuja Cements announce Q1 March 2013 results on 3 May 2013. HDFC announces Q4 results on 8 May 2013. Ranbaxy announces Q1 March 2013 results on the same day. Dr. Reddys Laboratories announces Q4 results on 14 May 2013. Bajaj Auto announces Q4 results on 16 May 2013.
Reduction of promoter stake to meet the Securities & Exchange Board of India (Sebi) mandated minimum public shareholding of 25% for private companies and 10% for state-run firms could result in supply of equity in the market over the next few months. As per the Sebi mandated minimum public shareholding rule, private-sector companies must cut founders' stake to adhere to the rules by 30 June 2013, while the deadline for state-run firms is 31 August 2013. PSU divestment will also add to share sale glut in FY 2014. The government has set a target of Rs 40000 crore from divestment of government stake in state-run firms and Rs 14000 crore from divestment of stake in non-government companies for FY 2014.
The Reserve Bank of India (RBI) will announce the Monetary Policy Statement 2013-14 on 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. The key macroeconomic priorities are to raise the growth rate, restrain inflation pressures and mitigate the vulnerability of the external sector, RBI said at that time. Even as the policy stance emphasises addressing the growth risks, the headroom for further monetary easing remains quite limited, the RBI said at that time. The RBI said it will continue to actively manage liquidity through various instruments, including open market operations (OMO), so as to ensure adequate flow of credit to productive sectors of the economy.
Inflation based on the monthly wholesale price index (WPI) eased 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. The government revised upwards WPI inflation for January 2013 to 7.31% from 6.62% reported earlier. Build up inflation rate in the financial year so far was 5.96% compared to a build up rate of 7.69% in the corresponding period of the previous year, the Ministry of Commerce & Industry said in a statement.
The combined consumer price inflation for rural and urban India stood at 10.39% in March 2013, lower than 10.91% in February 2013, recent data showed. Inflation under the category 'food and beverages' stood at 12.42%, the data showed.
The index of industrial production rose 0.6% in February 2013, data released by the government on 12 April 2013 showed. Manufacturing sector recorded a growth of 2.2%. The mining sector registered a decline of 8.1% and electricity sector declined 3.2%. As per use-based classification, production of basic goods declined 1.8% and that of intermediate goods fell 0.7%. Capital goods production rose 9.5%. Production of consumer non-durables rose 2.9% whereas that of consumer durables shrunk 2.7%.
Industrial production rose 0.9% during the period April 2012 to February 2013.
The India Meteorological Department will issue its initial forecast of 2013 southwest monsoon in this month.
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.
On the political front, the Congress led UPA government has been reduced to a minority government, with DMK removing support to the government in March this year citing differences on the issue of atrocities on Tamils in Sri Lanka. Earlier, the Trinamool Congress withdrew support to the government in September last year as it opposed economic reforms. The Samajwadi Party (SP) along with its regional rival in Uttar Pradesh Bahujan Samaj Party (BSP) provide outside support to the UPA government. SP has 22 MPs in Lok Sabha and BSP has 21 MPs.
The second half of the Budget session of the Parliament begins on 22 April 2013. The government has lined up a number of key bills for consideration and passing during the Budget session of the parliament, which include The Forward Contracts (Regulation) Amendment Bill, 2010, The Pension Fund Regulator and Development Authority Bill, 2011, The Land Acquisition, Rehabilitation and Resettlement Bill, 2011, The National Food Security Bill, 2011 and The Insurance Laws (Amendment) Bill, 2008. The Budget Session of the Parliament ends on 10 May 2013.
Assembly elections will be held in Karnataka on 5 May 2013 and the counting of votes and results of the election will be declared on 8 May 2013.
European stocks fell for a fourth day on Wednesday after supermarket retailer Tesco's lackluster earnings report. Key benchmark indices in UK, Germany and France were down by 0.48% to 1.39%.
Asian stocks were mostly higher on Wednesday as US stocks rose on Tuesday on strong increase in US housing starts and better-than-expected corporate earnings. Key benchmark indices in South Korea, Taiwan, Japan, and Indonesia were up by 0.08% to 1.22%. Key benchmark indices in China and Hong Kong shed by 0.05% to 0.47%. Singapore's Straits Times was flat.
Trading in US index futures indicated that the Dow could fall 64 points at the opening bell on Wednesday, 17 April 2013. US stocks edged higher on Wednesday as gold prices rebounded and earnings from Coca-Cola and Johnson & Johnson improved the outlook for first-quarter results.
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