Wall Street Ends Slightly Lower As Earnings Worries Linger

US stocks ended marginally lower on Thursday as lingering worries about upcoming corporate earnings reports offset enthusiasm about a trio of soaring Wall Street debuts. Weighing on the S&P 500 were Apple and General Electric, which is expected to report its first-quarter results on Friday before the start of trading. The S&P 500's top gainer, Netflix, closed 18.21 percent higher a day after the video streaming service posted better-than-expected results.

Shares of Etsy Inc, an online marketplace for handmade goods and crafts, finished 87.5 percent higher and private-equity backed Party City's stock jumped 21.77 percent in their IPOs. The stock of electronic trading firm Virtu Financial Inc closed 16.74 percent higher in its market debut in a sign that public angst over high-frequency trading is waning. The Dow Jones industrial average fell 6.84 points, or 0.04 percent, to end at 18,105.77. The S&P 500 lost 1.64 points, or 0.08 percent, to 2,104.99 and the Nasdaq Composite dropped 3.23 points, or 0.06 percent, to 5,007.79.

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Asian Stocks Open Lower After Soft US Finish

Asian equities headed south early Friday, tracking an unimpressive lead from their US peers overnight. The major US indices settled marginally lower on Thursday, hurt by lingering worries about upcoming earnings reports. "The benign data reads in the US saw a flat finish on Wall Street. This trading momentum is likely to translate into the final day's trade of the week in Asia," Evan Lucas, IG's market strategist.

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Sensex Falls Over 100 Pts On Fear Of Weak Q4 Results

The median pay of top 100 CEOs in America has risen by 5 percent to USD 14.3 million in 2014, a study has found. Besides this, the base salary ranged from USD 7.1 million for Rupert Murdoch at 21st Century Fox to nil for Richard Fairbank at Capital One, said Equilar 100 CEO Pay Study. The study, which is an analysis of CEO salaries at the 100 largest public US companies as measured by revenue, puts Microsoft's Indian-origin chief Satya Nadella on the top with a pay package of USD 84.3 million (Rs 525 crore) a year. The list was topped by Oracle's Larry Ellison last year, who has been now pushed by Nadella to the second spot. Microsoft, however, said that Nadella's pay for 2014 totals to USD 22.75 million only after taking into account the annualised value of special and one time equity awards.

The market has taken a steep fall ahead of March quarter earnings. The Sensex is down 125.68 points at 28674.01 and the Nifty is down 48.05 points at 8702.15.About 817 shares have advanced, 1405 shares declined, and 132 shares are unchanged. ONGC, Bharti Airtel, Tata Motors, Hindalco and M&M are top gainers in the Sensex. Among the losers are Wipro, Cipla, Infosys, Sesa Sterlite and TCS.

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Sensex Falls, Midcap Gains : Tata Motors Down, ACC Up

The market declined marginally on profit booking in healthcare, technology and telecom stocks. Index heavyweights Reliance Industries and HDFC also saw selling pressure. However, banks stocks bucked the trend. The Sensex dropped 60.98 points to 28983.46 and the Nifty fell 20.10 points to 8813.90 while the broader markets continued their outperformance, up half a percent. About 1260 shares have advanced, 727 shares declined, and 137 shares are unchanged on the BSE. Tata Motors slipped 1.8 percent post JLR retail sales growth of 6 percent in March, which was slightly than street estimates. Jaguar volumes were down 20 percent year-on-year while Land Rover volumes jumped 13 percent Y-o-Y. China volumes were the biggest disappointment, at 7000 units, down 34 percent Y-o-Y. ACC gained 1.5 percent as Q1 results positively surprised at the EBITDA level. Deutsche Bank said Q1 was off to a robust start and they raised CY15E EPS by 5 percent and increased target price to Rs 1630/share.

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Wall Street Ends Higher After Bounce In Oil Prices

The Dow and S&P 500 ended higher on Tuesday, helped by energy stocks and quarterly earnings reports that topped modest expectations following worries about a strong dollar. Shares of Exxon Mobil, Chevron and other energy companies followed crude higher after a forecast that US shale oil output in May would record its first monthly decline in more than four years. The S&P 500 energy index jumped 1.77 percent. Norfolk Southern Corp dropped 4.18 percent to USD 100.49 a day after it forecast a surprise drop in its first-quarter earnings and revenue. A strong dollar, cheap oil and poor weather in the eastern United States in recent months have investors bracing for a difficult March-quarter earnings season. First-quarter profits for S&P 500 companies are seen falling 2.9 percent, according to Thomson Reuters data. On Jan. 1, analysts had been looking for growth of 5.3 percent. 

The Dow Jones industrial average rose 59.66 points, or 0.33 percent, to end at 18,036.7. The S&P 500 gained 3.41 points, or 0.16 percent, to 2,095.84 and the Nasdaq Composite dropped 10.96 points, or 0.22 percent, to 4,977.29, with Apple down 0.43 percent. After the bell, Intel Corp forecast revenue broadly in line with Wall Street's low expectations and signaled a hefty cut in capital expenditures this year, sending its shares up 2.6 percent. U.S. railroad CSX Corp reported a higher quarterly net profit and announced a USD 2 billion share repurchase program, sending its shares 3.43 percent higher in extended trade. During the regular session, Chevron's shares gained 2.2 percent and Exxon rose 1.5 percent. Nokia Oyj is in talks to buy Alcatel-Lucent SA, a deal that would combine the telecommunications industry's two weakest players. US shares of Nokia fell 4.09 percent to USD 7.96 while Alcatel rose 13.33 percent to USD 4.93.

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SEBI Under Fire Over IPO Bottleneck

The Securities and Exchange Board of India (SEBI), under pressure to tighten scrutiny, is taking as long as a year to approve initial public offerings, prompting criticism from firms already grappling with unpredictable demand and a lack of alternative funding sources. India's stock market has soared, touching record highs last month. It was Asia's second-best performer last year, thanks largely to more than $16 billion of foreign investment. But the boom has failed to translate into many IPOs, a vital source of capital especially for small companies which make up the bulk of the economy yet often struggle to access keenly priced bank loans. Investor demand has been lukewarm, and India has seen lacklustre debuts in 2015. Private equity firms, key drivers of the market, have also struggled to exit through listings that would in many cases crystallise losses.

But some bankers and companies say delays in the review of listing documents by the SEBI are complicating the listing process, jeopardising billions of dollars of extra liquidity for Indian shares.

"Getting an approval takes a lot of time, and after that, unless you have four or five merchant bankers willing to underwrite the whole issue, it becomes very difficult to raise money," said Nevil Savjani, vice president at boutique merchant banker Corporate Strategic Allianz Limited. "SEBI's guideline is that they approve it within 30 days, after an in-principle nod from the stock exchanges. But generally, if you look at any of the IPOs it takes it at least one year."

The time regulators take to approve listing prospectuses can vary depending on everything from the quality of the document to the amount of IPOs in the pipeline. But Hong Kong, for example, typically takes a month or two, and no longer than six months. It also wants to prevent a repeat of cases like property developer DLF, penalised by SEBI last year for disclosure problems around its record 2007 listing. The penalty was overturned on appeal. Inox Wind Ltd (INWN.NS), an alternative energy firm which began trading this month, had to wait for a year before its listing plans were approved. Its bankers, awaiting a favourable moment, took another eight months to get the shares to market.

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Broader Market Outshines Sensex In April : Top 10 Midcap Stocks To Track This Earnings Season

The S&P BSE Midcap index has risen a little over 5 per cent as compared to a 3.8 per cent rally seen in the BSE Sensex so far in the month of April. According to experts, mid and small cap shares have outperformed large cap peers on hopes that these companies may spring earning surprises over the next couple of quarters. The BSE Mid Cap Index has rallied 7.5% in the past two weeks, while the BSE Small Cap Index has surged nearly 15%. The Sensex has gained 5.75% in the same period. 

The CMX Midcap, CNX Smallcap and Nifty Junior hit all-time high on Monday on the back of sustained buying activity. This is a classical bull-run effect. The Nifty Midcap 50 has given a breakout. That is where possibly action would be and as long as the Nifty starts breaking below levels of around 8720-8730. The midcap stocks have been on a tear in India. They have outperformed the large caps by 20% over the past year and the P/E multiple is at a 25% premium, the highest in at least ten years.

The BSE Mid Cap Index is currently at 30.28 times, while the Sensex is trading at 19.95 times its reported earnings. The BSE Small Cap Index closed at 11,942 on Monday, which is about 20% below its all-time high of 14,239 made in January 2008. Some of the midcap and small cap indices have actually bounced back in a very big way after falling to multi-year low in 2013. "If we look at the calendar year 2013, we had a huge depression in the midcap and small cap stocks. That is somewhat now easing. FY15 has been a story of the midcap and small cap stocks and that is where the confidence has come back from a lot of equity investors.

We have collated a list of top 10 midcap companies which investors should look at buying on dips as they declare results for the quarter ended March 31 in April.

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Sensex, Nifty Open Flat : HDFC, SBI, L&T Gainers

The market opened higher on first day of truncated week but immediately gave up gains to trade flat. The Sensex rose 5.03 points to 28884.41 while the Nifty fell 6.95 points to 8773.40. The broader markets continued to outperform benchmarks with the BSE Midcap and Smallcap indices rising 0.3-0.6 percent. About 704 shares have advanced, 253 shares declined, and 88 shares are unchanged on the BSE. L&T, BHEL, HDFC, SBI, Cipla, Tata Steel and NMDC gained 0.5-1 percent while GAIL dropped 2 percent. Dr Reddy's Labs, M&M, HDFC Bank, Sesa Sterlite and Coal India declined 0.5-1 percent. The Indian rupee opened flat at 62.33 per dollar today against Friday's closing value of 62.31 a dollar. We also expect the USD sellers to take advantage of any upticks to 62.45-62.50/dollar. 

The USD selling interest will come from exporters and capital inflows." "The CPI data after market hours will be closely watched as it will be the first significant data point after the Reserve Bank of India (RBI) monetary policy last week," In the US, stocks closed higher on Friday with the Dow topping 18,000 for the first time in April as investors looked ahead to start of earnings season.

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China Equities Stay At 7-Year Highs Despite Trade Data Miss

Chinese shares led gains among regional peers to touch fresh seven-year highs early Monday, while Japan's Nikkei 225 struggled to find momentum as it remained a whisker away from the key 20,000-point mark. On Friday, US stocks finished higher, with the blue-chip Dow breaching 18,000 for the first time this month, as investors looked ahead to the official start of earnings season. While some companies like Alcoa have already reported quarterly earnings, the earnings season will get into full swing with reports from Dow components like JPMorgan Chase and Intel.

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GE Sparks Broad Wall St Rally : Indexes Post Weekly Gains

US stocks ended a strong week with a broad rally on Friday as investors lauded GE's decision to divest most of its high-risk GE Capital business and repurchase up to USd 50 billion of its shares. All 10 primary S&P 500 sectors ended up on the day but the S&P Industrials index, driven by gains in GE shares, was by far the best performer and rose 1.5 percent. General Electric rose 10.8 percent to USD 28.51, hitting its highest level since September 2008 after it said there was potential to return more than USD 90 billion to investors through 2018. Friday marked the biggest one-day jump for the stock, as well as the most active session, since March 2009. More than 351 million shares changed hands, making GE the most active name on the New York Stock Exchange by far. It was also the S&P 500's biggest percentage gainer.

The Dow Jones industrial average rose 98.92 points, or 0.55 percent, to 18,057.65, the S&P 500 gained 10.88 points, or 0.52 percent, to 2,102.06 and the Nasdaq Composite added 21.41 points, or 0.43 percent, to 4,995.98. For the week, the Dow is up 1.6 percent, the S&P is up 1.7 percent and the Nasdaq is up 2.3 percent. Both the Dow and S&P notched their second straight week of gains, helped by a pickup in merger activity. Investors are looking ahead to the first-quarter earnings season. While some companies reported this week, next week will see results from a number major firms, including several banks. Advancing issues outnumbered declining ones on the NYSE by 1,782 to 1,232, for a 1.45-to-1 ratio on the upside; on the Nasdaq, 1,603 issues rose and 1,100 fell for a 1.46-to-1 ratio favoring advancers. The benchmark S&P 500 index was posting 26 new 52-week highs and no new lows; the Nasdaq Composite was recording 93 new highs and 21 new lows. About 5.47 billion shares traded on all U.S. platforms, according to BATS exchange data, down from the month-to-date average of 6.22 billion.

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Sensex Under Pressure : Pharma Stocks Slip, Idea Gains 3%

Nuziveedu Seeds, in which the Blackstone Group holds a 25 percent stake, is set to file for a market listing to raise up to USD 200 million, report media quoting unnamed sources. Nuziveedu, which could file as early as next week, has hired JPMorgan, JM Financial Services and Axis Capital as lead managers, the sources said. They declined to be named as the information is not yet public. Blackstone, which invested USD 54 million in the company in 2008, will make a part-exit with a near four times return on a seven-year-old investment. One other source said the filing could be completed within a week.

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Opening Bell : Nifty Likely To Open In Red : Eyes On IIP Data

The Indian market is expected to open in red today with the SGX Nifty, an indicator of pre-market opening, trading around 8805, down 5 points at 7:50 hrs. In important macro data, Index of Industrial Production (IIP) for February will be released today. Bulls, however, remained in power on Thursday as the market cheered the India outlook upgrade by Moody’s. The Nifty ended above 8750 level supported by banks stocks and index heavyweight Reliance Industries. However, healthcare and telecom stocks were under pressure. Among global markets, in US, stocks closed higher after trading in a narrow range as investors digested a rebound in oil prices and looked for more signals on the timing of an interest rate hike.

Jobless claims rose by 14,000 last week, indicating that more Americans are seeking unemployment benefits. The increase follows a fifteen-year low reported in the previous week. The less volatile four-week average of claims, though, fell by 3,000. In Europe, equities closed higher as investors reacted to fresh economic data and auto stocks posted strong gains. Bank of England's monetary policy committee has left interest rates on hold at 0.5 percent and quantitative easing unchanged at 375 billion pounds. Greece makes 450 million euro loan payment to the International Monetary Fund. The payment to the IMF secured extra emergency lending for Greek banks and helped improve global risk sentiment. And in Asia, stocks are mixed ahead of China's inflation data; Nikkei trades just shy of 20,000 mark. And in Asia, stocks are mixed ahead of China's inflation data; Nikkei trades just shy of 20,000 mark. In the currency space, the dollar hovers at three week highs against a basket of major currencies as the hapless euro extended its decline. Among commodities, crude prices gain on strong German economic data and uncertainty about negotiations on Iran's nuclear programme. From precious metals space, gold slips below USD 1200 an ounce on a stronger dollar after Federal Reserve officials kept alive expectations for an interest rate rise some time this year despite recent weak economic data.

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Sensex, Nifty Trim Losses : European Markets Gain 1%

The market trimmed losses supported by Reliance Industries. The Sensex dropped 86.94 points to 28417.52 and the Nifty declined 38.55 points to 8621.35. About 1404 shares have advanced, 1204 shares declined, and 162 shares are unchanged on the BSE. The Reserve Bank of India left key policy rates unchanged today. It expects inflation to cool down to 4 percent by August but firm up again to 5.8 percent by year-end. The central bank says they will look through seasonal and base effect for inflation. The Reserve Bank has estimated FY16 GDP at 7.8 percent, 30 basis points more than the CSO expectation.

RBI Governor, Raghuram Rajan says there is more room to cut interest rates but will watch out for data, adding that banks over time will be forced to match markets and bring down rates. The governor also says that US Fed's policy changes will not constrain RBI's move on rates. The rupee weakened marginally to 62.37 a dollar against a close of 62.18 in previous session on account of fresh demand for the dollar from importers and weakness in the equity markets. Global markets like Shanghai and Nikkei closed with handsome gains today, up 1-2.5 percent while European markets gained more than 1 percent. In positive macro data, UK Services PMI jumped to 58.9 in March against 56.7 in February.

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Sensex Volatile, Midcap Outperforms; Bharti, DRL Up 1.5%

Clariant Chemicals (India) has acquired the carbon black business from Lanxess India Private Limited, comprising of the carbon black dispersion plant located at Nagda, India together with its respective assets, liabilities and employees as going concern on a slump sale basis for a lump sum consideration of Rs. 13.5 crores, effective from April 1, 2015.

The market remained in a consolidation mode for the second consecutive session today. The Sensex declined 11.71 points to 27945.78 and the Nifty slipped 9.20 points to 8481.80 while the broader markets outperformed benchmarks.

The BSE Midcap and Smallcap indices gained more than 0.6 percent. More than two shares advanced for every share declining on the Bombay Stock Exchange.

Infosys lost 2 percent following weak Q3 forecast announced by its rival HCL Technologies. Country's fourth largest software services firm HCL yesterday said its dollar revenue for the March quarter will see an "adverse impact" of 2.8 percent on strengthening of the greenback against global rivals.

Shares of HDFC Bank, TCS, Reliance Industries, HDFC, Wipro, Coal India and Cipla were marginally lower. GAIL dropped 2 percent. However, Bharti Airtel, Dr Reddy's Labs, Maruti and NTPC topped the buying list, up 1-1.5 percent.

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