Peninsula Land jumped 2.4% to 533 rupees on the news that it has sold 5,75,000 square feet of land to Alok Infrastructure for 1,050 crore rupees.

Buying in sugar companies lifted the sector but pharmaceuticals and banks faced selling. Record oil price lifted local sugar companies stocks to a new high. Bajaj Hindustan led the sector with a rise of 4.3% to 141 rupees followed by gains in Dwarikesh Sugar of 3.6% to 56 rupees, Balrampur Chini Mills of 3.2% to 65 rupees, and in Shree Renuka of 3.1% to 65 rupees.

3i Infotech added 0.9% to 143 rupees after the company agreed to acquire 26% stake in Taxsmile.com. The internet based provides tax filing and advisory services.

Modern Dairies soared 5% for the second day in a row to 158 rupees ahead of expected stock bonus of one share for every share held.

Nitco Tiles added 2.3% after increasing 4% in the previous session to 245 rupees after the news that the company is venturing to distribute cement from Pakistan via MMTC. The government sole import agency Minerals and Materials Trading Company acts as national conduit for import and export for most commodities import in India.


8:00AM Texas Instruments lifted its Q3 earnings forecast.

Texas Instruments Inc. (TXN: chart), the world''s biggest producer of chips for cellular phones, lifted its Q3 earnings forecast to the higher end of a range it had previously projected. The company said after the closing bell Tuesday that earnings would be in the range of 49 cents to 53 cents per share on revenue between $3.56 billion and $3.72 billion.

The upward revision of the forecast included a gain of 2 cents per share from the July sale of a semiconductor product line associated with DSL equipment. When Texas Instruments reported its Q2 earnings in July, it predicted earnings range of 46 cents to 52 cents per share on revenue between $3.49 billion and $3.79 billion. Analysts expected earnings of 49 cents per share on revenue of $3.66 billion for the quarter ending Sept. 30.

The company said that the biggest growth area for the quarter has been in high performance analog chips used in cell phones and various other electronic devices. The revenue of the company''s semiconductor business is expected to be between $3.36 billion and $3.50 billion, compared with the previous range of $3.29 billion to $3.57 billion. The stock fell 0.7% in pre-market trading.


7:00AM New York, 8:00PM Tokyo - Tokyo shares fell after Prime Minister Shinzo Abe resigned. Japan’s current account surplus rose 4.5% in July, as wholesale price gain 1.9% in August.

Shares in Japan marginally following a surprise resignation by Prime Minister Shinzo Abe. Tokyo closed down 0.5% in mixed trading submerging yesterday’s 2.4% gain. Of the 225 Nikkei stocks 139 shares dropped, 76 gained and 10 traded unchanged. Of the index shares 47 stocks dropped between 2% and 5% while only 11 shares rose above 2%.

In Tokyo trading Nikkei 225 lost 0.5% 0r 80.07 to 15,797.60 in volatile trade. Investors and businesses alike were concerned by the imminent departure of Prime Minister Abe. Mr Abe announced on Japan television Wednesday he was stepping down to pave way for a new leader that would “fight against terrorism.” The Prime Minister assumed office a year ago and at 52, he was Japan''s youngest post-war head of government. His support had dwindled, however, following a row over pensions and a series of financial scandals involving cabinet ministers. On September 19, the ruling Liberal Democrats will meet to elect a new leader who is also likely to be the next leader of the country.

The Finance Ministry said today Japan’s current account surplus increased 4.5% in July to 1.9 trillion yen from a year ago, expanding for the seventh straight month. The balance of trade in goods and services reported a surplus of 458.8 billion yen, down 30% on prior month while the surplus in merchandise trade dropped 18% to 784.3 billion yen. The Ministry said imports climbed at a pace of 17% to 5.9 trillion against exports that rose 11.1% to 6.7 trillion yen.

Japan''s wholesale prices rose 1.9% in August from 12 months back, surging for the 4th successive year in a row, the Bank of Japan reported today. The wholesale inflation numbers were fuelled by increases in crude oil, steel, chemical and metal prices, gaining for the fourth month in a row. Meanwhile, A private research firm, Tokyo Shoko Research said that the number of corporate failures rose 3% to 1,203 in August, leaving over 870 billion yen in debts. The company said the rise was partly attributed to the failure of major real estate firm Azabu Buildings Co, which alone left debts of 564.8 billion yen.

Of the Nikkei 225 stocks Hitachi Zosen led decliners falling 4.7% followed by Daiwa Securities Corp down 4.4% Mitsui Sumitomo fell 4.33%, Chugai Pharmacy lost 3.9% while home decorator Toto Ltd closed lower 3.6%. Financial stocks dropped as well. Mizuho Trust and Banking Co dragged 3.2%, Sumitomo Mitsui down 2.9%. Resona Holdings and Mizuho Financial lost 2.9% and 2.4%.

Of the Nikkei 225 index shares, property stocks continued with their recovery for second day running. Inpex Holdings paced gainers rising 5.6% followed by land developer Tokyu Land Corp rising 5.1%. Mitsubishi Electric Corp gained 3.6%, Daiichi Sankyo rose 3% and Nippon Sheet Glass closed up 2.8%. Real estate shares surged. Mistubishi Estate Co added 2.3%, Mitsui Fudosan up 2.3% and Sumitomo Realty climbed 1.8%. Motor shares, Hino Motors Ltd and Nissan Motor Co gained 2.4% and 2.2% respectively. Nippon Oil Corp rose 1.8% on rising oil prices that touched $78 yesterday.

The Social Insurance Agency said this week about 5.24 million of the 50 million public pension accounts in chaos have had no entries of the names of their holders. The finding resulted from the agency''s checking of the unidentified accounts, begun last month, and was reported to the Internal Affairs and Communications Ministry''s panel overseeing the public pension operations and the agency''s activities over the pension record-keeping mess.