Sensex, Nifty end at record closing high; Infosys gains 3%
23 Jul 2014
03:35 pm Market closing
After a strong rally, supported by IT stocks the market made another record high at closing. The Sensex ended at record closing high of 26,147.33, up 121.53 points while the Nifty was at record closing high of 7795.75, up 27.90 points.
About 1300 shares have advanced, 1659 shares declined, and 106 shares are unchanged.
Infosys, Hindalco, TCS, Wipro and Hero were up 2-3 percent each. Among the losers were Tata Power, Tata Steel, GAIL, Maruti and ONGC.
03:20 pm Fund raising
Both Bhushan Steel and Ceat are planning to raise funds via qualified institutional placement (QIP).
Bhushan Steel plans to raise Rs 1500-3000 crore. The company would like to pare off their debt from this raised amount. Current debt for the company stands at Rs 28,000 crore.
Whereas Ceat plans to raise Rs 300-400 crore and they too will pare their debt from the raised funds. The current debt for the company stands at Rs 900 crore. QIP may lead to an equity dilution of 13 percent for Ceat.
03:10 pm Oil data
India's crude imports from Iran rose by a third in the first half of the year, data from trade sources showed, after the shipments were boosted following an interim deal to slow Tehran's nuclear activity and ease Western sanctions.
India, Iran's top oil client after China, raised the imports to some of the highest levels in nearly two years in the first quarter, partly to make up for deep cuts in 2013 due to the lack of insurance coverage for refineries processing Iranian oil.
Intake rates have eased off since but are still running significantly higher than last year. Indian refiners shipped in 281,000 barrels per day (bpd) of oil from Iran between January and June, up from 211,400 bpd in the same period a year ago, data on tanker arrivals from trade sources shows.
03:00pm MRF on buyers' radar
MRF's third quarter (April-June) net profit increased marginally to Rs 230.2 crore from Rs 227.3 crore compared to same quarter last year. Total income jumped to Rs 3,337 crore from Rs 3,051 crore during the same period.
Operating profit climbed to Rs 489 crore from Rs 483 crore but margin slipped 110 basis points year-on-year to 14.7 percent in the quarter gone by.
02:50pm Jet Airways in focus
Jet Airways, which suffered a loss of Rs 4,130 crore in 2013-14, today said it aims to turn profitable in the next three years and was planning a major overhaul of its fleet and products, months after Gulf carrier Etihad Airways picked up 24 percent stake in it.
"We plan to reduce losses in 2015, consolidate in 2016 and turn profitable in 2017.... We are already on track as our international business has turned profitable. We now have to take our business forward," Jet's CEO designate Cramer Ball told a press conference.
Ball is yet to get necessary clearances to formally take over his position. The press conference was the first jointly addressed by Jet Chairman Naresh Goyal and Etihad President and CEO James Hogan after the Abu Dhabi carrier bought 24 percent stake worth about Rs 2,060 crore in the Indian airline, marking the first FDI by a foreign carrier.
The stock gained 4 percent at Rs 266.70.
02:40pm Europe Update
European equities edged higher, extending gains from Tuesday after a batch of positive earnings and US economic data briefly calmed worries over stretched valuations and the pace of economic recovery.
However, the prospect of more sanctions against Russia over the Ukraine crisis and a downed Malaysian airliner kept risk aversion on the table in the bond market, where German 10-year yields nudged down to 1.16 percent, just shy of record lows.
The euro also hit an eight-month low against the dollar on concerns that tougher Russian penalties might hit fragile euro zone growth.
The pan-European FTSEurofirst 300 share index was 0.3 percent higher at 0742 GMT, buoyed by better-than-expected earnings from German automaker Daimler and Dutch paint-and-chemicals firm AkzoNobel, reports Reuters.
02:30pm ABB India under pressure
ABB India missed street expectations with the second quarter (April-June of CY14) net profit rising 20.5 percent on yearly basis to Rs 47.7 crore on total income of Rs 1,822.2 crore (up 4 percent compared to same quarter last fiscal).
According to CNBC-TV18 poll estimates, analysts had expected the company to report net profit of Rs 52.6 crore on revenue of Rs 1,804 crore for the quarter.
ABB India said order backlog was Rs 8,083 crore as on June 30. The stock lost over 1 percent.
02:20pm Earnings
Education services provider NIIT turned profitable in first quarter (April-June) with the consolidated net at Rs 60 lakh as against the loss of Rs 9.4 crore in the same quarter last fiscal.
The company's consolidated revenue was up marginally at Rs 225.3 crore versus Rs 222.2 crore, Y-o-Y.
Operating profit (EBITDA) climbed 23 percent to Rs 12.8 crore from Rs 10.4 crore and margin improved by 100 basis points to 6 percent from 5 percent, Y-o-Y.
02:10pm FII View
Jeff Chowdhry, head of emerging market equities, F&C Investments is bullish on Indian equity market and sees India performing better over the next two-three years. In an interview to CNBC-TV18, he said that will continue to outperform other emerging markets going ahead.
With key event the Union Budget out of market's way, Chowdhry sees big-sized global funds to drive the Indian stock market from hereon. He added that huge global funds have started pumping funds into India.
02:00pm Equity benchmarks continued to consolidate in afternoon trade with the Sensex rising 39.92 points to 26065.72 and the Nifty advancing 3.10 points to 7770.95 but the broader markets slipped further. The BSE Midcap Index lost 0.3 percent and Smallcap declined 1 percent.
The market breadth was negative with the 1065 shares advanced and 1789 shares declined on the BSE.
Infosys extended gains to 2.66 percent followed by TCS, ICICI Bank, Wipro, Hindalco Industries, Mahindra & Mahindra and Bajaj Auto with 1-2 percent. However, Tata Motors, Tata Steel, Axis Bank, Gail and Tata Power fell more than a percent.
Index heavyweights ITC and HDFC slipped 0.5 percent each; Reliance Industries and HDFC Bank dropped 0.3 percent each.
Cement stocks topped the selling list in the Nifty with the Ambuja Cements, UltraTech Cement, Grasim and ACC falling 2-2.7 percent.
1:50 pm New DTH norms: Telecom Regulatory Authority of India (TRAI) has recommended renewal of DTH licence by 10 years to 20 years and has proposed one-time entry fee of Rs 10 crore for new DTH licenses. It has said that the cross-holding policy for DTH players will be restructured with an aim that one broadcaster will control only one DTH or cable company.
There is also an expectation that TRAI allow sharing of all kind of airwaves held by telecom operators for mobile services, including spectrum allocated at old price of Rs 1,658 crore At present, telecom operators are allowed to share passive infrastructure like mobile towers but not active infrastructure like spectrum. Government had earlier in-principle approved sharing of only those spectrum under new licencing regime which have been purchased through spectrum auction to increase interest of bidders and enhance revenue generation in the auction.
1:40 pm Results: Education services provider NIIT turned profitable in first quarter (April-June) with the consolidated net at Rs 60 lakh as against the loss of Rs 9.4 crore in the same quarter last fiscal.
The company's consolidated revenue was up marginally at Rs 225.3 crore versus Rs 222.2 crore, Y-o-Y.
Operating profit (EBITDA) climbed 23 percent to Rs 12.8 crore from Rs 10.4 crore and margin improved by 100 basis points to 6 percent from 5 percent, Y-o-Y.
1:30 pm Buzzing: Shares of ING Vysya Bank plunged 7 percent intraday as it posted dismal April-June quarter earnings. Credit Suisse has downgrade the stock to neutral with a reduced target price of Rs 573 from Rs 710 per share. It has cut earnings by 7-11 percent on higher credit costs and lower NIMs.
Credit Suisse is disappointed by ING Vysya's performance. It warns that net interest margin (NIM) may come under further pressure as the bank is raising share of large corporates in the loan book.
''Credit costs are likely to be elevated now for the next few quarters as non-performing loan (NPL) cover dropped and the bank sold Rs 140 crore of NPLs to asset reconstruction company (ARCS for security receipts,'' it says.
1:20 Results: Private sector lender YES Bank missed street expectations with the first quarter (April-June) net profit rising 9.7 percent on yearly basis to Rs 439.5 crore despite fall in provisions. Lower other income and higher operating expenses impacted bottomline.
According to CNBC-TV18 poll estimates, analysts had expected the bank to report net profit of Rs 460 crore and net interest income of Rs 791 crore for the quarter.
Net interest income, the difference between interest earned and interest expended, grew 13 percent to Rs 745.3 crore in April-June quarter of current financial year 2014-15 from Rs 659 crore in corresponding quarter of last fiscal.
The Nifty pulls back slightly after hitting an all time high of 7809 in morning trade. The 50-share index is up 19.10 points at 7786.95. The Sensex is up 90.92 points at 26116.72. About 1118 shares have advanced, 1592 shares declined, and 109 shares are unchanged.
Mid and small caps underperform the benchmark indices. IT stocks support the upmove. Infosys, Hindalco, TCS, Wipro and ICICI Bank are top gainers in the Sensex. Among the losers are Tata Steel, Axis Bank, Tata Power, Tata Motors and Sun Pharma.
Asian markets trade mixed on profit booking. Chinese markets rise to a new one-month high for the second day while australian markets rise to new six-year highs..europe markets are cautious in opening trade.
01:00pm YES Bank Q1 expectations
Private sector lender YES Bank will announce its first quarter (April-June) earnings today. Analysts expect profit after tax of the bank to jump 15 percent to Rs 460 crore in June quarter from Rs 401 crore in corresponding quarter of last fiscal.
Net interest income, the difference between interest earned and interest expended, is expected to rise by 20 percent on yearly basis to Rs 791 crore in the quarter ended June 2014, which is better than the 13 percent growth clocked in Q4FY14 and 14 percent in Q3.
12:50pm Sun TV in News
Sun TV Network tanked 9 percent as promoter Kalanithi Maran is falling into the CBI net for Aircel-Maxis deal case.
Attorney-General Mukul Rohtagi has said that there was enough evidence with the agency to file charge sheet against former Telecom Minister Dayanidhi Maran and his brother Kalanithi in the Aircel-Maxis deal case.
The CBI sources said the agency is yet to receive the opinion of the Attorney-General and it will go ahead with whatever his suggestions are in the matter.
Highly-placed sources in the government said that Rohtagi dispatched his opinion saying the available material with the CBI is enough to prosecute Dayanidhi and Kalanithi in the Aircel Maxis case.
12:40pm TRAI on DTH
Telecom Regulatory Authority of India released recommendation on issues w.r.t new DTH licences. It recommends extension of DTH licence from 10 years to 20 years.
"Cross-holding policy for DTH players will be restructured. New regulations will be placed on broadcasters owning DTH and 1 broadcaster will be allowed to control only 1 DTH or cable company," said TRAI.
12:30pm ING Vysya Bank falls 4%
ING Vysya Bank continued to be under pressure after April-June net profit declined 18 percent compared to a year-ago period.
Credit Suisse downgraded the stock to neutral from outperform and cut price target to Rs 573 from Rs 710.
"We expect NIMs (net interest margins) may come under further pressure as the bank is raising share of large corporates in the loan book," said Credit Suisse.
12:20pm Interview
Orient Paper & Indsutries reported a total loss of Rs 22 crore for April-June quarter after spending Rs 25 crore on promotion of brand in the quarter. MD ML Pachisia told CNBC-TV18 that both the divisions of the company have done well operationally.
''There is a growth of about 30 percent in the electric division and about 10 percent in paper division. So, I would not say the performance is disappointing, performance has been reasonably good,'' he added
Meanwhile, Pachisia said the company has no plans of selling any part of its business or any part of the assets despite slightly higher interest cost.
12:10pm Market Expert
Discussing the market action, Girish Pai, director, Claritas Research, said he has been surprised by the market upmove since Budget Day and feels it is largely on the back of positive macro cues both in the domestic as well as in the global front.
''In the domestic macro front, IIP numbers have been better than expected, the inflation numbers have been better in a sense that CPI and WPI came lower than expected. Exports is growing at a good pace and there has been a pick up in non-oil imports,'' Pai said.
In the near term, next 6 months, Pai feels the market will tend to see a 10-15 percent downside first, but over the next 2-3 years, he thinks it has the potential to deliver a 15-20 percent return, ''driven largely by earnings growth may be to some extent PE multiple expansion''.
12:00pm Equity benchmarks continued to be in positive terrain supported by technology and banks stocks but broader markets lost ground in noon trade with the BSE Smallcap index falling 0.7 percent.
The Sensex rose 91.85 points to 26117.65 and the Nifty advanced 21.25 points to 7789.10. About 1067 shares have advanced, 1526 shares declined, and 120 shares are unchanged.
Shares of Infosys, ICICI Bank, TCS, State Bank of India, M&M, Wipro and Hindalco Industries rallied 1-2 percent while Reliance Industries, ITC, Tata Motors, Axis Bank, Sun Pharma, Tata Steel, ONGC and NTPC fell 0.4-1 percent.
Midcap IT company Polaris Financial Technology fell more than 5 percent after reporting a consolidated net profit at Rs 38.3 crore in April-June quarter, down 15.6 percent compared to Rs 45.4 crore in previous quarter due to fall in revenues and higher tax cost.
12:00 pm Market outlook: Most capital goods companies are likely to report weak first quarter earnings, and Thermax's disappointing numbers should not be seen as an aberration, feels Rajat Rajgarhia, managing director, institutional equities. In an interview with CNBC-TV18, he says growth rates of private sector banks are picking up and their stocks will continue to outperform. He says Reliance Industries earnings are better than expected, and that Axis Bank's first quarter numbers are good.
Within the consumer goods space, his favourite stock is ITC as he feels valuations are attractive. In the IT sector, he is more bullish on Infosys than TCS . He is advising investors to shift from FMCG to consumer discretionary stocks like Titan , Jubilant Foodworks and Asian Paints .
11:50 am Poll: Private sector lender YES Bank will announce its first quarter (April-June) earnings today. Analysts expect profit after tax of the bank to jump 15 percent to Rs 460 crore in June quarter from Rs 401 crore in corresponding quarter of last fiscal. Net interest income, the difference between interest earned and interest expended, is expected to rise by 20 percent on yearly basis to Rs 791 crore in the quarter ended June 2014, which is better than the 13 percent growth clocked in Q4FY14 and 14 percent in Q3.
11:40 am Big blow: Shares of Sun TV tanked 11 percent intraday as promoter Kalanithi Maran is falling into the CBI net for Aircel-Maxis deal case. SpiceJet, wherein Maran holds 24.24 percent, also was down over 1 percent in early trade.
Attorney-General Mukul Rohtagi has said that there was enough evidence with the agency to file charge sheet against former Telecom Minister Dayanidhi Maran and his brother Kalanithi in the Aircel-Maxis deal case.
The CBI sources said the agency is yet to receive the opinion of the Attorney-General and it will go ahead with whatever his suggestions are in the matter.
Highly-placed sources in the government said that Rohtagi today dispatched his opinion saying the available material with the CBI is enough to prosecute Dayanidhi and Kalanithi in the Aircel Maxis case.
11:30 am Buzzing: Shares of Tata Consultancy Services (TCS), the top software services exporter, touched a record high of Rs 2,579.65, up nearly 2 percent and crossed the market capitalisation mark of Rs 5 lakh crore on Wednesday, the highest among listed Indian companies.
Currently it is the only company that has market cap of more than Rs 5 lakh crore-mark followed by ONGC (Rs 348,251.23 crore), Reliance Industries (Rs 331,225.60 crore), ITC (Rs 278,291.27 crore) and Coal India (Rs 242,706.30 crore). Moreover, its current market capitalisation of Rs 504,666.26 crore is higher than the combined market cap of Infosys (Rs 190,215.73 crore), HCL Technologies (Rs 108,230.21 crore), Wipro (Rs 139,470.18 crore) and Tech Mahindra (Rs 50,485.91 crore).
11:20 pm Result analysis: Credit Suisse maintains neutral rating on Asian Paints but increased target price to Rs 610. It continues to be positive on the business which delivered double-digit volume growth during the slowdown, and is now seeing a further uptick as urban sentiment improves. However, it feels that valuations leave limited room for upside.
JP Morgan is also neutral on it with a target of Rs 600. While performance of domestic decorative business was broadly in line, improved profitability for industrial and overseas operations coupled with higher other income contributed to the beat, it says. The management is expecting domestic demand conditions to be better and is seeing signs of a turnaround in the industrial segment but according to JP Morgan weak monsoons still holds risk.
After the pacing race by the Nifty to hit record high, the market has cooled off a bit. The Nifty is up 13.25 points at 7781.10 while the Sensex is up 77.62 points at 26103.42. About 1088 shares have advanced, 1254 shares declined, and 100 shares are unchanged.
Infosys, Hindalco, TCS, ICICI Bank and SBI are top gainers in the Sensex. Tata Power, NTPC, Tata Steel, Sun Pharma and Coal India are among majr losers. Jet Airways is up 5 percent.
Goldman Sachs is "strategically bullish" on Indian equities, with a 12-month Nifty target of 8,600 points. Goldman, however, adds further gains will be "less sharp, more earnings driven and contingent upon reform execution." It is worried that average stock valuations are highest across Asia, suggesting limited room for further expansion.
Foreign investors bought Indian shares worth Rs 412 crore on Tuesday, marking inflows of USD 620.86 million over five consecutive days of buying, exchange and regulatory data showed.
Asian stocks edged up on Wednesday as risk aversion triggered by recent geopolitical tensions continued to ebb, while the Australian dollar spiked on stronger-than-expected inflation data.
10:55am Asian stocks positive
Asian stocks edged up today as risk aversion triggered by recent geopolitical tensions continued to ebb, while the Australian dollar spiked on stronger-than-expected inflation data.
Violence continued in Gaza, but hopes rose for an easing of tension in Ukraine after pro-Russian rebels handed the flight recorders and victims' remains from a downed Malaysian airliner to international authorities.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.7 percent, lifted after the S&P 500 hit a new high overnight as risk markets turned their attention to positive corporate earnings and economic data.
In contrast the Nikkei was effectively flat as the Tokyo markets chose to keep their focus on tensions in Gaza and the Middle East, reports Reuters.
10:45am ING Vysya Bank falls 4%
Private sector lender ING Vysya Bank's Q1FY15 earnings were below estimates and the asset quality worsened significantly. Its net profit slipped 18 percent to Rs 143.4 crore versus Rs 175.1 crore in same quarter last year on account of higher provisions.
Addressing the media on the bank's financial performance in the quarter gone by, MD & CEO Shailendra Bhandari said higher provisions had an impact on its bottomline. Provisions increased by 48 percent on yearly basis (up 148.3 percent Q-o-Q) to Rs 101 crore from Rs 68.1 crore.
Net interest income (NII), the difference between interest earned and interest expended, rose by 9 percent to Rs 463 crore from Rs 425 crore in corresponding quarter of last fiscal. Its adjusted net interest margin stood at 3.52 percent.
10:35am TCS rallies
The market capitalisation of top software services exporter Tata Consultancy Services (TCS) surpassed the Rs 5 lakh crore mark today, which is higher than combined market cap of Infosys, HCL Technologies, Wipro and Tech Mahindra.
The stock gained 1.6 percent, continuing upmove for the fourth consecutive session after stellar performance in Q1FY15 earnings.
10:30am Max India in focus
Life Healthcare will invest upto an additional Rs 794 crore in Max Healthcare (MHC). The South African healthcare major will pay Rs 67.50 per share to equalise its stake with Max India in MHC, in an all cash transaction which puts the enterprise value of MHC at Rs 3,650 crore and its equity value at Rs 2,884 crore.
LHC will invest upto Rs 397 crore directly in MHC by subscribing to fresh equity at Rs 67.50 per share. It will also acquire upto 13.3 percent of existing stake in the Company from Max India at Rs 67.50 per share for upto Rs 383 crore, to achieve an equal shareholding as that of its JV partner Max India.
Post transaction, both JV partners will have equal representation on the MHC Board.
10:20am Cairn India Q1 expectations
Private oil & gas explorer Cairn India will announce its first quarter (April-June) earnings today. According to CNBC-TV18 poll estimates, analysts expect consolidated net profit of the Vedanta Resources group company to fall 13 percent to Rs 2,630 crore in June quarter from Rs 3,040 crore in previous quarter on lower revenue and weak operating profit.
Total income is likely to decline by 9 percent to Rs 4,600 crore in the quarter ended June 2014 from Rs 5,049 crore in March quarter.
Operating profit is expected to slip 10 percent sequentially to Rs 3,300 crore. Operating profit margin may remain unchanged at 72 percent on quarter-on-quarter basis but there is a possibility of decline due to increased share of government's profit. Analysts feel the share in profit to government is expected to be higher by around 10 percent.
10:10am FII View
Timothy Moe, Goldman Sachs says the brokerage house remains strategically overweight on India with a Nifty 12-month target of 8600. ''We remain overweight on banks, industrials and upgrade technology to overweight as well,'' he adds.
10:00am The 50-share NSE Nifty crossed its earlier record high of 7808 hit on July 8. The index touched an all-time high of 7,809.20, up 35.60 points to 7803.45 while the Sensex rose 144.71 points to 26170.51 after hitting day's high of 26188.64 (few points away from record high of 26190.44 on July 8).
The broader markets are too in upbeat mode with the BSE Midcap and Smallcap indices rising over 0.5 percent. About 1212 shares have advanced, 642 shares declined, and 80 shares are unchanged.
Infosys topped the buying list, up 2.4 percent followed by ICICI Bank, TCS, State Bank of India, L&T, Hindalco Industries, M&M and BHEL with 1-2 percent.
However, HDFC, ITC, Sun Pharma, Bharti Airtel, Tata Power and Tata Motors were under pressure.
9:55 am Poll: Private oil & gas explorer Cairn India will announce its first quarter (April-June) earnings today. According to CNBC-TV18 poll estimates, analysts expect consolidated net profit of the Vedanta Resources group company to fall 13 percent to Rs 2,630 crore in June quarter from Rs 3,040 crore in previous quarter on lower revenue and weak operating profit.
Total income is likely to decline by 9 percent to Rs 4,600 crore in the quarter ended June 2014 from Rs 5,049 crore in March quarter.
Operating profit is expected to slip 10 percent sequentially to Rs 3,300 crore. Operating profit margin may remain unchanged at 72 percent on quarter-on-quarter basis but there is a possibility of decline due to increased share of government's profit. Analysts feel the share in profit to government is expected to be higher by around 10 percent.
9:44 am Gainers & losers: Hindalco, ICICI Bank, SBI, Infosys, L&T are top gainers in the Sensex. Among the outperformers are Sun Pharma, HDFC, Tata Power, Bharti Airtel and Cipla.
9:40 am FII view: Timothy Moe, Goldman Sachs says the brokerage house remains strategically overweight on India with a Nifty 12-month target of 8600. ''We remain overweight on banks, industrials and upgrade technology to overweight as well,'' he adds.
He further says the brokerage house recommends stocks with strong earnings potential and better earnings visibility. ''Highlighted stocks include TCS, HCL Technologies, ICICI Bank, IndusInd Bank, Power Grid and L&T,'' he adds.
9:30 am Buzzing: Weak earning dragged shares of Ceat 6 percent intraday on Wednesday. The tyre manufacturer's April-June quarter consolidated net profit was down 21 percent at Rs 51.6 crore versus Rs 65.3 crore in the year-ago period on weak operational performance.
Operating profit or EBITDA was down by 14 percent to Rs 128 crore in April-June quarter compared to Rs 149 crore in same quarter last year and margin fell 250 basis points to 8.8 percent from 11.3 percent. The management said that margins were hit due to rise in employee cost, higher ad spends and adverse product mix.
There was also an increase in employee cost due to long term settlement of Nashik plant. Advertising costs have increased 10-15 percent over last year.
The market continues its rally on Wednesday, with Nifty hitting the 7800-mark. The Nifty is up 35.05 points at 7802.90 while the Sensex is up 135.82 points at 26161.62. About 603 shares have advanced, 156 shares declined, and 29 shares are unchanged.
Bajaj Auto, ICICI Bank, Coal India, ONGC and Dr Reddy's Labs are top gainers in the Sensex. Among the losers are Hero MotoCorp, Wipro and Axis Bank.
The Indian rupee gained in the early trade on Wednesday. It has opened higher by 10 paise at 60.14 per dollar versus 60.24 Tuesday.The euro languishes at multi-month lows against many of its peers, having moved decisively lower overnight.
Pramit Brahmbhatt of Veracity said that, "Constant flow of FIIs and positive sentiments in the market has helped local equities to grow. Taking cues from positive equities rupee is expected to gain as Asian markets have already started the day on a strong note. Range for the rupee is seen between 59.80-60.80/dollar.''
Asia appears to be consildating today after a good trading session yesterday. Taiwan closed because of Typhoon Matmo. Yen holds steady at the 101.5 mark. Japanese Investors will also be watching out for comments by central bank deputy governor Hiroshi Nakaso due later in the day. Kospi is holding at 8 month highs.
US stocks rose yesterday, lifting the S&P 500 to a record, as Wall Street considered quarterly earnings. Also weaker-than-expected CPI reading in the US supported the case for a dovish Fed. The consumer price index rose 0.3 percent last month after a 0.4 percent rise in May.
In Europe, shares closed higher on Tuesday, with investor concern over events in Ukraine waning.A breakthrough in developments over the downed Malaysia airlines helped to stabilize investor sentiment. Pro-russia rebel leaders handed over two of the so-called black boxes from the plane to experts in Ukraine, who confirmed they were in good condition.
Nymex crude slipped to USD 102 per barrel falling for a second consecutive session as oil supplies are unaffected by continuing violence in Iraq, Ukraine and Gaza. Brent is currently trading at around USD 107/ bbl.