9:00AM U.S. stock futures pointed higher, helped by Boeing and Amazon.
U.S. stock futures rebounded Wednesday from steep losses posted in the previous session. Stronger-than-expected results at Amazon.com and an improved earnings guidance at Boeing generated positive sentiment, helping to offset expectations of another decline in existing home sales.
Amazon (
AMZN: chart) soared 23% in pre-open trading after the online retailer said its Q2 earnings tripled on 35% revenue growth. Boeing (
BA: chart) rose 3% after posting a $1.05 billion profit on strong jets sales.
Among other stocks in focus, NutriSystem (
NTRI: chart) dropped 12% in the pre-open, despite 70% profit increase in Q2. The company's Q3 outlook fell below analyst expectations. S&P 500 futures climbed 7 points at 1,529.50 and Nasdaq 100 futures improved 7.5 points at 2,033.00. Dow industrial futures climbed 67 points.
8:45AM New York, 6:15 PM Mumbai – Sensex in India close lower led by cement, real estate, and infrastructure stocks.
Sensex 30 on Bombay Stock Exchange fell 95.59 to close at 15,699.33 on weakness in trading in cement, technology and auto stocks. Of the 30 stocks in Sensex 23 fell and the rest advanced. The turnover on the exchange was reported at 5,605 crore rupees, a decline from 6,464 crore rupees in the previous session.
Earnings News
ONGC, government controlled oil and natural gas leader, jumped 2.4% to 937 rupees after reporting first quarter earnings growth of 11% to 4,610 crore rupees. Revenue fell to 13,688 crore rupees from 14,600 crore rupees and subsidy from the government declined 29% on the higher value of rupee. The company produced 6.88 million tons of crude oil, a decline from 6.93 million tons a year ago. The company generated a gross profit of $50.21 per barrel oil arise of nearly 10% from $45 a year ago.
Decliners
The strength in rupee dragged down the technology and business services exporters. TCS fell 2% followed by 1.3% loss in Wipro but Infosys jumped 0.7%. After the close in Mumbai the company reported that it was awarded $250 million project from Philips Electronics.
Bajaj Auto fell 3.6% to 2,360 rupees after the company scheduled a meeting settle the dispute between the holding company, minority shareholders, and creditors. The meeting is scheduled on August 18th
Real Estate stocks fell sharply a day after rallying. DLF fell 3%, Parsvnath declined 3.8%, and Unitech dropped 3.6%. Stocks in the infrastructure developers fell sharply led by Suzlon energy with a loss of 6.7%. Praj Industry fell 3.5% and L&T declined 3.2%.
Cement stocks fell after the government agency ordered an investigation into the business practices of the largest eighteen cement companies. India cement plunged 9% to 204 rupees followed by 5% decline in Ambuja Cements, 3.8% loss to 1,075 rupees in ACC, and 1% to 2, 990 decreases in Grasim.
Gainers
Indian Tobacco Corporation known as ITC jumped 8.6% to 165.30 rupees on the news that the company is planning to sell consumer products through a network of kiosks and supermarket to stem the impact of higher taxes on cigarettes. The company is scheduled to report earnings on July 27th. Target price revision by CLSA brokerage group to 185 rupees contributed the firmness in the stock.
Hindustan Unilever edged 1% higher to 203 rupees on the speculation that the company may sell its vast real estate holdings in Mumbai or develop its property in Bangalore.
Ballarpur Industries, largest paper company in India, jumped 3.6% on the news that the company is looking to restructure and may buyback up to 40% of its holding.
8:00AM New York, 8:00PM Hong Kong – Shanghai index climbs to a record and Hong Kong closed a fraction lower. 
