11:30AM U.S. stocks traded in a lackluster fashion.

U.S. stocks continued to trade in a lackluster fashion, as traders remained somewhat concerned about the outlook for the markets after the heavy sell-off last week. However, deal news and strong financial results at HSBC Holdings (HBC: chart) helped limit the downward trend.

Dow component Boeing (BA: chart) supported the blue-chip average with a gain of 1.7%, followed by Home Depot Inc. (HD: chart), rising 1.6%. At the same time General Motors Corp. (GM: chart) weighed with a decline of 1.8%.

Verizon Communications (VZ: chart) was another drag on ythe Dow. The wireless communications provider posted an in-line-with-forecast 6% rise in profit, as well as a plan to buy Rural Cellular (RCCC: chart) for $2.7 billion. Verizon lost 1.9%, while Rural soared 33%.

Computer hardware sector posted a notable decline, with Lexmark (LXK: chart) falling 4% and Apple (AAPL: chart) losing 2.5%. Oil service, airline, and biotech stocks also came under pressure.

By late morning, the Dow fell 22.11, or 0.17%, to 13,243.36, after rising in earlier trading. The Standard & Poor's 500 index fell 1.36, or 0.09%, to 1,457.59, and the Nasdaq composite index fell 4.01, or 0.16%, to 2,558.23. Bonds fell modestly, and the 10-year Treasury note's yield edged up to 4.78% from 4.77% late Friday.


10:00AM New York, 8:30PM Mumbai – Tata Steel, Reliance Energy, Mahindra, and State Bank of India earnings dominate trading sentiment.

Sensex increased 26.34 or 0.17% to 15,260.91 participating in a rebound in market averages in Asia.

Of the stocks traded on the Bombay Stock Exchange 1,360 advanced, 1,267 declined and 67 were unchanged. The daily turnover of stocks on the exchange declined to 5,031 crore rupees from 6,622 crore rupees.

Gainers

Reliance Energy jumped 2% to 778.25 rupees on the news that the company is awarded the Sasan Ultra Mega Power project. The power plant is rated at a capacity of 4,000 MW.

L&T increased 1% to 2,449 today after losing 9% in the last week trading.

Earnings

Tata Steel, largest private sector steel company in India, reported first quarter net profit increase of 28% to 1,222 crore rupees on revenue increase of 7.6% to 4,198 crore rupees. The stock declined 0.7% after the news.

Hindustan Lever reported second quarter profit of 493.08 crore rupees, an increase of 29.6% from a year ago on revenue increase in the same period 13% to 3,481.40 crore rupees. The board also authorized the 14.5 lakh or 1.45 million shares buyback at a price lower than 230 rupees. After the news the stock surged 6.1% to 208.40 rupees.

State Bank of India reported net first quarter profit of 1,4251.81 crore rupees, rise of 78.6% from a year ago on net interest income increase of 15% to 4,497 crore rupees. The stock advanced at the opening and closed 5.4% higher to 1,581 rupees.

State Bank of India increased 1.5% to 1,581 rupees. Ahead of the RBI credit committee meeting bank stocks rallied. UTI Bank jumped 3%, ICICI Bank increased 1.2%, Bank of India and Indian Bank added 2%. Andhra Bank and Vijaya Bank jumped on solid earnings reports.

Mahindra & Mahindra dropped 2.8% to 754 rupees after reporting first quarter revenue increase of 16% to 2,644 crore rupees and profit decline of 6.7% to 191 crore rupees. The company guided for the rest of the year earnings

Decliners