An intraday rebound in late trade helped key benchmark indices end a tad higher. The market reversed intraday losses as gains in European stocks boosted sentiment. The barometer index, the S&P BSE Sensex, advanced 9.53 points or 0.05%, up 137.28 points from the day's low and off 30.90 points from the day's high. The market breadth, indicating the overall health of the market, was negative. Index heavyweight Reliance Industries (RIL) edged higher after the company's telecom arm and Bharti Airtel signed an agreement for international data connectivity. Shares of Bharti Airtel edged lower in choppy trade.
Indian stocks gained for the third straight day today, 23 April 2013. The Sensex has risen 448.20 points or 2.39% in three trading days from its close of 18,731.16 on 17 April 2013. The Sensex has risen 343.59 points or 1.82% in this month so far (till 23 April 2013). The Sensex has declined 247.35 points or 1.27% in calendar 2013 so far (till 23 April 2013). From a 52-week high of 20,203.66 on 29 January 2013, the Sensex has declined 1,024.30 points or 5.07%. From a 52-week low of 15,748.98 on 4 June 2012, the Sensex has surged 3,430.38 points or 21.78%.
Coming back to today's trade, index heavyweight and cigarette major ITC edged higher in choppy trade. Cairn India dropped after Q4 results. Capital goods pivotals edged lower. Shares of two-wheeler makers gained. Tyre stocks were mostly higher. HDFC Bank fell on profit booking after reporting strong Q4 results. Fertiliser shares rose on renewed buying.
Pharma major Sun Pharmaceutical Industries scaled a record high. UltraTech Cement extended Monday's losses triggered by weak Q4 results. Other cement stocks were mixed. IT stocks rose on bargain hunting after recent fall. FMCG stocks edged lower on profit booking after recent upmove triggered on reports of likely normal monsoon this year. Interest rate sensitive realty stocks edged lower on profit booking after recent gains triggered by expectations of RBI cutting its key policy rate to boost economic growth. Bank stocks were mostly lower on profit booking after recent gains triggered by expectations that the Reserve Bank of India will cut its key policy rate viz. the repo rate to boost growth amid slowing wholesale price inflation.
The market edged lower amid initial volatility as weakness in Asian stocks weighed on sentiment. The S&P BSE Sensex reversed direction after a higher opening took the index to 5-week high. The Sensex trimmed initial losses in morning trade. The Sensex extended losses to hit fresh intraday low in mid-morning trade. The market weakened further to hit fresh intraday low in early afternoon trade. A bout of volatility was witnessed as key benchmark indices recovered after hitting fresh intraday low in afternoon trade as European markets opened higher. The Sensex hovered in negative terrain in mid-afternoon trade. Key benchmark indices reversed intraday losses in late trade as gains in European stocks boosted sentiment.
The market may remain volatile on Thursday, 25 April 2013, as traders roll over positions in the futures & options (F&O) segment from the near month April 2013 series to May 2013 series. The April 2013 F&O contracts expire on Thursday, 25 April 2013. The stock market remains shut tomorrow, 24 April 2013, on account of Mahavir Jayanti.
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Foreign institutional investors (FIIs) bought shares worth a net Rs Rs 811.30 crore from the secondary equity markets on Monday, 22 April 2013, as per data from Securities & Exchange Board of India (Sebi).
The S&P BSE Sensex advanced 9.53 points or 0.05% to 19,179.36, its highest closing level since 18 March 2013. The index rose 40.43 points at the day's high of 19,210.26 in opening trade. The index fell 127.75 points at the day's low of 19,042.08 in early afternoon trade.
The CNX Nifty was up 2.50 points or 0.04% to 5,836.90, its highest closing level since 15 March 2013. The index hit a high of 5,844.30 in intraday trade. The index hit a low of 5,791.55 in intraday trade.
The total turnover on BSE amounted to Rs 1887 crore, lower than Rs 2180.15 crore on Monday, 22 April 2013.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1,218 shares declined and 1,127 shares rose. A total of 126 shares were unchanged.
The BSE Mid-Cap index fell 0.38% and underperformed the Sensex. The BSE Small-Cap index gained 0.36% and outperformed the Sensex.
The BSE Power index (up 0.06%), BSE Auto index (up 0.12%), BSE Teck index (up 0.36%), BSE Oil & Gas index (up 0.51%), BSE IT index (up 0.64%) and BSE HealthCare index (up 0.66%) outperformed the Sensex. The BSE FMCG index (down 0.03%), BSE Metal index (down 0.26%), BSE PSU index (down 0.32%), BSE Bankex (down 0.33%), BSE Realty index (down 0.67%), BSE Consumer Durables index (down 1.14%) and BSE Capital Goods index (down 1.29%) underperformed the Sensex.
Among the 30-share Sensex pack, 17 stocks fell while rest of them rose.
Index heavyweight Reliance Industries (RIL) rose 1.67% to Rs 802.90. The scrip hit high of Rs 805.25 and a low of Rs 786.50. On the back of a surge in refining margins, 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. The company reported Q4 March 2013 results on 16 April 2013.
At the time of announcement of the results, RIL 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 net 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.
ONGC declined 0.4%. Oil India slipped 0.42%.
The Cabinet Committee on Investment (CCI) on Monday, 22 April 2013, cleared 25 exploration and production (E&P) blocks for continued exploration of oil and gas, out of 31 E&P blocks where work had been stopped on account of security restrictions imposed by the Ministry of Defence. Out of 31 blocks, 9 blocks have been fully cleared and 16 blocks have been cleared with specific conditions. Due to clearances given at this meeting, investment already made to the extent of $2.71 billion will be put to use and further investment to the extent of $1.9 billion will be made in the exploration activities in the next 3-5 years, the government said in a statement. The details of the E&P projects cleared by the CCI were not announced.
Along with the clearances given by the CCI on 20 March 2013, in summary, out of total 40 blocks, 31 blocks have been cleared by CCI at its meetings held on 20 March 2013 and 22 April 2013 which will put to use an investment of $13.42 billion on oil and gas exploration which has already been incurred and it will also bring in an additional investment of $2.5 billion over the next 3-5 years in exploration activities, the government said. The clearances given by CCI will remove the uncertainty relating to these 31 blocks and energize oil and gas exploration activities in the country. Huge investment is expected in these blocks in the coming years based on discovery of hydrocarbons, the government said.
Cairn India declined 1.4% after Q4 results. The company's consolidated net profit rose 17.26% to Rs 2563.60 crore on 29.93% growth in total income to Rs 4582.52 crore in Q4 March 2013 over Q4 March 2012. The oil exploration firm announced the results after trading hours on Monday, 22 April 2013.
Cairn India's consolidated net profit excluding foreign exchange fluctuation and impact of the reorganization, jumped 56% to Rs 11606.30 crore on 48% growth in revenue to a record Rs 17524.10 crore in the year ended 31 March 2013 (FY 2013) over the year ended 31 March 2012 (FY 2012). Earnings before interest taxation, depreciation and amortisation (EBITDA) jumped 41% to Rs 13033.20 crore in FY 2013 over FY 2012.
Commenting on the financial performance, Elango P, Whole Time Director and Interim CEO, Cairn India said that the operating environment has substantially improved with key approvals coming in at a faster pace that enabled the company to ramp up Mangala production, bring Aishwariya field online, commence gas sales and most importantly re-commence exploration in Rajasthan. He said that the company has initiated the largest ever exploration and appraisal programme to unlock further potential in Rajasthan as well as focus on next stage of growth beyond Rajasthan. Commensurate with the development and exploration activity across the existing portfolio, the company has planned a net capital investment of $3 billion through FY 2015-16.
Coal India shed 0.48%. A Cabinet panel on Monday, 22 April 2013, reportedly decided against allowing state-run Coal India to blend local and imported coal to meet its supply shortfall. Blending of local and imported coal would have increased costs for power producers which source the fuel from the state-run monopoly supplier.
JSW Energy rose 4.19%. The company will announce its year ended March 2013 results on 3 May 2013.
Bharti Airtel fell 0.73% to Rs 298.55. The stock hit high of Rs 307.60 and low of Rs 296.80. Bharti Airtel and RIL's telecom arm -- Reliance Jio Infocomm -- today, 23 April 2013, announced that they have signed an Indefeasible Right to Use (IRU) agreement, under which Bharti will provide Reliance Jio data capacity on its i2i submarine cable. i2i connects India to Singapore and is wholly owned by Bharti. Reliance Jio will utilize a dedicated fiber pair on i2i. The high speed link will enable Reliance Jio to extend its network and service reach to customers across Asia Pacific region. It will connect Reliance Jio directly to the world's major business hubs and ISPs, thereby, helping the operator to meet the bandwidth demand and provide ultra-fast data experience to its customers.
The deal marks Reliance Jio's continued efforts to rapidly grow and expand both its international and domestic network and infrastructure by building an ecosystem with multiple carriers and service providers. Bharti and Reliance Jio will continue to build on this strategic framework and consider other mutual areas of cooperation and development to leverage their respective assets towards offering their customers a much richer experience, the two companies said in a joint statement.
In a separate announcement, Bharti Airtel today, 23 April 2013, said that it has entered into a definitive agreement with the Warid Group (Warid) to fully acquire Warid Telecom Uganda. With this, Airtel will further consolidate its position as the second largest mobile operator in Uganda with a combined customer base of over 7.4 million and market share of over 39%. The agreement aims to bring together the strengths of Airtel and Warid in Uganda and offer benefits to customers in the form of a superior and wider network, affordable voice and data services, and superior customer care.
Speaking on the agreement, Mr. Manoj Kohli, MD and CEO (International), Bharti Airtel said, "We are delighted at this agreement with Warid, which also happens to be the first in-market acquisition in Bharti Airtel's history. We believe this market consolidation offers great synergies by bringing together the best of Airtel and Warid to better serve customers in Uganda and drive forward our vision of offering affordable best in-class services in Africa. This development will translate to a healthier telecom sector in Uganda which will be ready to invest & grow in wireless broadband & m-Commerce services".
Reliance Communications (RCom) fell 3.63%, with the stock reversing direction after Monday's 13.47% rally. The company before trading hours Monday, 22 April 2013, said that Samena Capital in a proposed consortium with certain other global PE funds is at an advanced stage of the process of due diligence and completion of definitive documents in relation to the acquisition of the company's global communications services business unit -- Reliance Globalcom. The intended time line for completion of the transaction is end May 2013. At this point, there can be no certainty that this will lead to a transaction, RCom said. A further announcement will be made in due course, if and when appropriate, the company said.
RCom also said that it has discontinued discussions with Batelco Group for selling its sake in Reliance Globalcom. RCom had earlier said in March 2013 that it was in discussions with Batelco Group with respect to Reliance Globalcom.
FMCG stocks edged lower on profit booking after recent upmove triggered on reports of likely normal monsoon this year. FMCG companies derive a substantial revenue from rural markets. Britannia Industries (down 1.07%), Colgate-Palmolive (India) (down 1.14%), Hindustan Unilever (down 0.91%), GlaxoSmithkline Consumer Healthcare (down 3.05%), Dabur India (down 1.35%), and Tata Global Beverages (down 2.24%) declined. Godrej Consumer Products gained 2.85%.
Index heavyweight and cigarette major ITC rose 0.19% to Rs 317.50. The stock hit record high of Rs 318 in late trade today, 23 April 2013. The stock hit low of Rs 314.10 in intraday trade today, 23 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.
IT stocks rose on bargain hunting after recent fall. Wipro recovered from Monday's sharp slide triggered by the company issuing weak revenue outlook for Q1 June 2013. The stock was up 0.49%. The company said at the time of announcing Q4 results on 19 March 2013 that it 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.
IT major TCS rose 0.26%. TCS posted good Q4 results last week. 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.
Infosys gained 0.7%. 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.
HCL Technologies advanced 1.56% to Rs 732. 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.
Bank stocks were mostly lower on profit booking after recent gains triggered by expectations that the Reserve Bank of India will cut its key policy rate viz. the repo rate to boost growth amid slowing wholesale price inflation. Shares of India's biggest commercial bank in terms of branch network, State Bank of India (SBI) fell 1.58%.
Among other PSU bank stocks, Canara Bank (down 2.49%), Union Bank of India (down 1.43%), Bank of India (down 2.62%), Bank of Baroda (down 1.2%) and Punjab National Bank (down 0.29%) declined.
HDFC Bank declined 1.75% on profit booking after the private sector bank reported strong Q4 results. The stock had witnessed pre-result rally. The stock jumped 12.68% to settle at Rs 699.25 on BSE on Monday, 22 April 2013, from a recent low of Rs 620.55 on 9 April 2013.
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. The result was announced during trading hours today, 23 April 2013. 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.
The bank's ratio of net non-performing assets (NPA) to net advances stood at 0.2% as on 31 March 2013, unchanged from the level at end December 2012 and end March 2012. The bank's ratio of gross NPA to gross advances stood at 0.97% as on 31 March 2013, compared with 1% as on 31 December 2012 and 1.02% as on 31 March 2012.
Provisions and contingencies fell 26.99% to Rs 300.54 crore in Q4 March 2013 over Q4 March 2012. The NPA provisioning coverage ratio as on 31 March 2013 stood at 80%.
The CASA ratio increased from 45.4% as on 31 December 2012 to 47.4% as on 31 March 2013.
ICICI Bank rose 1.83%. ICICI Bank announces Q4 results on 26 April 2013.
Axis Bank rose 0.6%. The bank will announce its Q4 March 2013 results tomorrow, 24 April 2013.
Capital goods stocks edged lower. L&T, Crompton Greaves, Punj Lloyd and Bhel shed by 0.94% to 1.81%. But, Siemens rose 2.59%.
Auto stocks were mostly lower. Tata Motors and M&M shed by 1.16% to 1.18%. Maruti Suzuki India rose 0.06%, with the stock reversing intraday losses. The Minister of Heavy Industries & Public Enterprises has requested the Ministry of Finance either to withdraw the additional 3% excise duty imposed on SUVs in the current Union Budget or to exempt all such vehicles classified as SUV that have an assessable value up to Rs 10 lakh. Giving this information in written reply to a question in the Rajya Sabha today, 23 April 2013, The Minister of Heavy Industries & Public Enterprises Mr. Praful Patel said that the auto industry in the country is going through difficult times and the notification issued by the Finance Ministry for the levy of additional 3% excise duty will further impact the industry and will also discourage the consumers as the commonly used vehicles in rural and semi-urban area have come under this additional 3% excise duty.
Shares of two-wheeler makers gained. Hero MotoCorp gained 2.93%. Bajaj Auto rose 2.61%. PSU OMCs announced cut in petrol price by Re 1 per litre, excluding value added tax (VAT), effective midnight 15 April 2013 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.
Jindal Steel & Power slumped 4.11%. The stock was the top loser from the Sensex pack.
Sun Pharmaceutical Industries gained 2.48% to Rs 950.05. The stock scaled a record high of Rs 953.05 in intraday trade today, 23 April 2013.
UltraTech Cement declined 0.94%, with the stock extending Monday's 2.52% losses triggered by weak Q4 results. The company during market hours Monday, 22 April 2013, said that net profit fell 16.26% to Rs 726 crore on 1.03% rise in net sales to Rs 5389 crore in Q4 March 2013 over Q4 March 2013. The bottom line was adversely impacted by additional tax liability. Tax expenses for the quarter ended 31 March 2013 and year ended 31 March 2013 (FY 2013) includes additional charge for deferred tax liability of Rs 87 crore. This is due to increase in the rate of surcharge on income tax as proposed in the Finance Bill 2013.
The company's net profit rose 8.54% to Rs 2655 crore on 10.24% rise in net sales to Rs 20018 crore in the year ended 31 March 2013 (FY 2013) over FY 2012.
With regard to future business outlook, UltraTech Cement said that the long term cement demand in India is likely to grow over 8% in line with GDP growth. The value drivers for growth will continue to be housing demand and infrastructure development. The cement major said that the company is committed to growth and towards this end, its board has approved the expansion of capacity at Aditya Cement Works in Rajasthan by 2.9 million metric tonnes, including the setting up of two grinding units. The expansion envisages a capital outlay of around Rs 2000 crore to be funded through a mix of internal accrual and borrowing. The additional facility is expected to be commissioned by March 2015.
Other cement stocks were mixed. ACC rose 0.54%. Ambuja Cement dropped 1.38%.
Realty stocks edged lower on profit booking after recent gains triggered by triggered by expectations of RBI cutting its key policy rate to boost economic growth. Purchases of both residential and commercial property are largely driven by finance. D B Realty (down 1.37%), DLF (down 1.83%), HDIL (down 0.62%), Unitech (down 3%), and Sobha Developers (down 0.84%) declined. Indiabulls Real Estate surged 8.70%.
Tata Steel gained 0.31% to Rs 307.70. The stock had struck a 52-week low of Rs 292.70 in intraday trade on 16 April 2013. The company on Monday, 22 April 2013, said that Abja Investment Co. Pte, Singapore, a wholly owned subsidiary of Tata Steel is contemplating an issuance of Singapore dollar bonds listed on the Singapore Exchange in respect of which a preliminary offering circular has been prepared.
Tyre stocks were mostly higher. CEAT (up 3.56%), JK Tyre & Industries (up 7%) and MRF (up 5.09%) edged higher. Apollo Tyres fell 1.55%. Goodyear India slipped 0.8%.
Fertiliser shares rose on renewed buying. National Fertilizers (up 7.99%), Rashtriya Chemicals and Fertilizers (up 4.52%), Chambal Fertilisers (up 3.95%), GSFC (up 1.41%), Deepak Fertilisers & Petrochemicals Corporation (up 1.3%) edged higher.
Coromandel International lost 2.66% after consolidated net profit fell 82.55% to Rs 11.67 crore on 24.37% decline in total income from operations to Rs 2079.53 crore in Q4 March 2013 over Q4 March 2012. The company announced Q4 results during trading hours today, 23 April 2013.
Coromandel International's consolidated net profit fell 32.37% to Rs 431.99 crore on 8.76% decline in total income from operations to Rs 9033.72 crore in the year ended 31 March 2013 (FY 2013) over the year ended 31 March 2012 (FY 2012).
The focus of the market is on Q4 results. Axis Bank will announce its Q4 March 2013 results tomorrow, 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. Grasim announces Q4 March 2013 results on 4 May 2013. HDFC unveils 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. BPCL announces Q4 results on 29 May 2013.
The Prime Minister's Economic Advisory Council in a report released today, 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. In 2013-14, the headline WPI inflation is expected to be around 6%, compared with provisional figure at 5.96% at the end of 2012-13, the PMEAC said.
On the external sector, the Current Account Deficit is expected to ease to 4.7% of GDP in 2013-14 from an estimated 5.1% of GDP in 2012-13. The net FDI inflow is expected at $24 billion in 2013-14 from an estimated $18 billion in 2012-13. In contrast, FII inflows are seen sliding to $18 billion in 2013-14 from an estimated $24 billion in 2012-13, the PMEAC said.
Global growth although projected to pick up in 2013 would continue to remain at modest levels. In such a scenario India's projected growth rate of 6.4% for 2013-14 is relatively high and respectable, the report added.
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. 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 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.
Parliament reconvened for the second half of the Budget Session Monday, 22 April 2013. The session ends on 10 May 2013.
European stock markets edged higher on Tuesday after data showed the pace of region's downturn didn't accelerate in April, although German stocks erased earlier gains after a disappointing reading. Key benchmark indices in UK, France and Germany were up 0.73% to 1.94%.
Markit's flash German composite Purchasing Managers' Index (PMI), measuring growth in both manufacturing and services, shrank for the first time in five months in April. The purchasing managers' index for France rose to a four-month high in April.
Euro-area services and manufacturing output contracted for a 15th month in April as the currency bloc struggled to emerge from a recession. A composite index based on a survey of purchasing managers in both industries held at 46.5, London-based Markit Economics said today. A reading below 50 indicates contraction.
Asian stocks edged lower on Tuesday after a preliminary report showed Chinese manufacturing expanded less than economists estimated. Key benchmark indices in China, Hong Kong, Indonesia, Japan, South Korea, Singapore and Taiwan fell by 0.29% to 2.57%.
China's manufacturing is expanding at a slower pace this month, adding to concern that the world's second-biggest economy is faltering. The preliminary report for a Purchasing Managers' Index released by HSBC Holdings Plc and Markit Economics showed a reading of 50.5 for April compared with a final 51.6 for March.
Trading in US index futures indicated a flat opening of US stocks on Tuesday, 23 April 2013. US stocks edged higher on Monday as last week's sharp losses brought buyers back to the market and Microsoft Corp shares jumped after an activist investor took a stake in the company.
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