The Commerce Department said that the housing starts in June rose 2.3% at an annual rate of 1.467 million but building permits fell 7.5% to 1.406 million units. The May starts were revised lower to 1.434 million annual units. June housing starts data suggests a decline of 19% from a year ago. Housing starts declined in the Midwest and Northeast but rose 9% in the West.

J P Morgan & Chase reported second quarter earnings rose 20% to $4.23 billion from $3.54 billion a year ago or earnings per share increased to $1.20 from 99 cents.

Altria Group Inc reported second quarter earnings of $2.22 billion from $2.11 or earnings per share increased to $1.05 from $1.00 on a revenue climb of 9.7% to $18.8 billion.

Pfizer Inc second quarter net income fell 48% to $1.27 billion or 18 cents per share. The sales declined 5.6% to $11.1 billion.


7:30AM NY – 6:30 PM Mumbai Sensex finishes 11 points higher in volatile trading, Hindalco zooms

The Sensex on BSE ended Wednesday 11.35 points higher, or 0.07%, at 15,301.17.

The benchmark index opened almost flat, up only six points and plunged right from the start on profit-taking. Volatility increased in the final hour of trading when both intra-day high of 15,325.78 and intra-day low of 15,160.27 were struck.

The market-breadth was negative with 2,706 stocks traded on the market, 1,141 advanced, 1,490 declined and 75 were unchanged. Of the 30 stocks in the Sensex, 15 advanced, while all the rest declined.

The turnover on BSE was Rs 5,720 crore, lower than Rs 6,100 crore on Tuesday. On NSE, the turnover was Rs 11,318 crore, also lower than Rs 12,729 crore on Tuesday.

Economic and financial news

Ramesh Chandra, Chairman of Unitech Ltd., announced that the real-estate company intends to invest $720 million in four years building 28 hotels together with Marriott International Inc., the biggest hotelier in the world. Four hotels are being built and another 10 will be under construction by the end of the year, and Marriott will manage the properties.

Ericsson, the largest maker of wireless networks in the world, secured a $2 billion order from Bharti Airtel Ltd. Ericsson announced in a statement that the contract will run for two years. Ericsson manages Bharti networks in 15 of the 23 zones that make up India''s telecommunications market.

Trading highlights

DLF was the most-active stock with a turnover of Rs 370 crore followed by Indiabulls Real Estate and GMR Infra.

Advancers of the Day

Hindalco led the gainers, soaring 4.5% to Rs 187. The company was under intense volatility, swinging in the range of Rs 173 and Rs 187. Bharti Airtel surged 3.5% to Rs 893, boosted by its deal with Ericsson. Another telecom large-cap, Reliance Communications was also up 1.1% to Rs 567.

Bajaj Auto surged 2.9% to Rs 2,282. Reportedly the company is searching for a big acquisition in the European motorcycle market with bike companies Ducati Motor Holding of Italy and Triumph Motorcycles of the UK the most possible targets.

Cement stocks advanced in the last one hour of trade. ACC shot up 2.0% to Rs 1,133, Grasim gained 2.1% to Rs 2,915, and Birla Corporation soared 3.1% to Rs 303.

TCS advanced 1.3% to Rs 1,170 and ICICI Bank was up over 1% to Rs 985.