Wall Street cedes ground after Mixed bag of Earnings

Wall Street suffered its first loss in four sessions on Thursday after a mixed bag of quarterly reports and a warning by Verizon Communications that a strike by workers would likely impact its bottom line.

The benchmark S&P 500 index in recent days had rallied to within 1 percent of its May record high, buoyed by a softer dollar and recovering crude prices. But investors had little patience for quarterly scorecards failing to meet already toned-down expectations.

"Earnings have been decent, outperforming, but outperforming expectations that have been dramatically lowered," said Charlie Johnson, a sales trader at Greentree Brokerage Services in Philadelphia. "So it's like a shell game."

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Sensex, Nifty end Flat

After a stellar rally, the market ended flat before turning into red. 

The Sensex closed up 36.20 points or 0.1 percent at 25880.38, 

and the Nifty slipped 2.70 points at 7912.05. 

About 1080 shares advanced, 1496 shares declined, and 151 shares were unchanged. 

ICICI Bank, SBI, Coal India, Axis Bank and ONGC were top gainers while Wipro, BHEL, Hero MotoCorp, ITC and Infosys were losers in the Sensex.

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RA Indian Market Open Update

The market has opened strong riding high on global markets. 

The Sensex is up 121.41 points or 0.5 percent at 25965.59, and 

the Nifty is up 41.60 points or 0.5 percent at 7956.35. 

The 50-share index is at 2016 high, crossing January 1 high 7972. 

About 401 shares have advanced, 77 shares declined, and 22 shares are unchanged.

ICICI Bank is up 6 percent while SBI, Tata Steel, Axis Bank and GAIL are top gainers. Wipro falls 5 percent.

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FIIs in F&O on April 20

FII net buy Rs 1328 crore in Index Futures

FII net sell Rs 1152 crore in Index Options

FII net sell Rs 577 crore in Stock Futures

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F&O cues: Nifty 7900 Put adds 13.6 lakh Shares in Open Interest

Nifty 8000 Call shed 6.3 lakh shares in Open Interest on April 20

Nifty 8100 Call added 10.3 lakh shares in Open Interest

Nifty 7600 Put shed 3.5 lakh shares in Open Interest

Nifty 7900 Put added 13.6 lakh shares in Open Interest

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Rupee opens lower at 66.32 per Dollar; Down 10 Paise

The Indian rupee opened lower by 10 paise at 66.32 per dollar Thursday against previous close of 66.22. 

Mohan Shenoi of Kotak Mahindra Bank said, "Sharp rise in oil prices has failed to trigger significant currency movements. 

Ahead of next week's FOMC rate setting meeting, currency markets are expected to be subdued." "USD-INR trading range for today 66.10-66.40/dollar," he said.

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Asia higher; ASX up 1.1%, Nikkei up 2%

Asia markets advanced in early trade on Thursday, following overnight gains in US equities. Australia's ASX 200 was up 1.08 percent, led by a gain of 3.48 percent in the energy subindex. 

Japan's Nikkei 225 added 1.99 percent, extending gains from the previous two sessions on the back of a relatively weaker yen. 

Across the Korean Strait, the Kospi climbed 0.52 percent. Overnight, an advance in oil prices sent US stocks higher, with the Dow Jones industrial average adding 0.24 percent, the S&P 500 higher by 0.08 percent and Nasdaq composite up 0.16 percent.

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Indian ADRs: Dr Reddy's down, ICICI Bank, Tata Motors Up

Indian ADRs ended mixed on Wednesday. In the IT space, Infosys was down 0.01 percent at USD 19.34 and Wipro was down 0.01 percent at USD 12.96.

In the banking space, ICICI Bank gained 0.01 percent at USD 7.36 and HDFC Bank shed 0.03 percent at USD 63.37. 

In the other sectors, Tata Motors rose 0.01 percent at USSD 30.80 and Dr Reddy's Laboratories declined 0.62 percent at USD 46.63.

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Wall Street flirts with Record high levels as Companies Report

Wall Street ended less than 2 percent short of a record-high close on Wednesday as a rebound in oil prices added to optimism sparked by a raft of earnings reports. 

Driven 15 percent higher since mid-February by a recovery in weak oil prices and helped by a softer dollar, the S&P 500 stood less than 30 points below last May's all-time peak. 

Investors fixated on a parade of first-quarter results, including an upbeat report from VMWare and a disappointing scorecard from Coca-Cola.

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TCS Slips 2% but analysts unperturbed by Q4 margin Decline

Shares of TCS slipped 2 percent intraday on Wednesday after it announced its March quarter results . 

What disappointed the street was its margin decline of 50 basis points even as revenue met estimates breaking six quarters jinx. TCS' operating profit grew by 1.9 percent sequentially to Rs 7412 crore and margin declined 50 basis points to 26.1 percent in Q4.

 However, most analysts are not much worried about TCS performance. With a buy rating, CLSA says that stronger revenue, receding headwinds and improved commentary drive revenue and earnings upgrades of 1 percent. 

The brokerage firm has also upgraded its target price by 7 percent. 

It feels that a decline in (recent drags (Diligenta, India, telecom), digital strength and client mining will drive growth acceleration over FY17.

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