Top car maker Maruti Suzuki MRTI

Top car maker Maruti Suzuki (MRTI.BO) fell 0.1 percent to1,087.25 rupees and leading utility vehicle maker Mahindra &Mahindra (MAHM.BO) also slid 0.1 percent to 703.85 rupees. In the broader market, gainers led losers by almost 3 to 1on relatively light volume of 105.2 million shares The 50-share NSE indexwas up 0.9 percent at4,148.85. Asian shares were higher, with Japan’s Nikkei .N225 up0.1 percent, while MSCI’s measure of other Asian markets.MSCIAPJ rose 2 percent. MAIN TOP 3 BY VOLUME * Reliance Natural Resources (RENR.BO) on 66 million shares * Suzlon Energy (SUZL.BO) on 44 million shares * Unitech (UNTE.BO) on 34.1 million shares STOCKS ON THE MOVE * Jammu & Kashmir Bank (JKBK.BO) rose 2 percent to 456.25rupees after the lender posted a 24 percent rise in net profitin the June quarter. * Metals firms Hindalco Industries (HALC.BO) and Tata Steel(TISC.BO) were up about 4 percent each on firmer metal prices.

FACTORS TO WATCH * For technical analysis double click on * Indian rupee gains for 2nd day on inflows hopes[INR/] * Indian bond yields edge up on supplies, U.S. cues [IN/] * Yen keeps soft tone after Goldman, Intel results [FRX/] * Oil rises on bullish API report, increased riskappetite[O/R]* Shares cheered on by Intel, yen steps back [MKTS/GLOB]* Wall St up as earnings offset retail data;Intel soars [.N]* For closing rates of Indian ADRs INADR(Reporting by Pratish Narayanan; Editingby Ranjit Gangadharan). * Market erases earlier gains made on Goldman, Intel results Stocks  |  Japan * Investors cautious ahead of earnings season * BOJ decision as expected, little impact -analysts By Aiko Hayashi TOKYO, July 15 (Reuters) – Japan’s Nikkei average was flat,erasing earlier gains, as investors became cautious ahead ofearnings in the United States and Japan, with some blue-chipheavyweights such as Toyota Motor (7203.T) losing steam inafternoon trade. The Bank of Japan voted unanimously to extend its corporatefunding support measures beyond their planned expiry inSeptember, and it kept interest rates on hold The impact waslimited as the moves were within expectations. [ID:nTKF106472][ID:nT75063] Some analysts also said big blocks of both buy and sellorders in futures were creating volatility in a thin cash market. The market earlier eked out gains after upbeat results fromGoldman Sachs (GS.N) and Intel (INTC.O) lifted hopes of arecovery for the global economy and helped weaken the yen. “There are hopes for corporate earnings, but it’s still hardto imagine many companies will come out and revise up theirearnings prospects,” said Junichi Misawa, senior fund manager atSTB Asset Management.

“With somewhat overly optimistic views on the economicrecovery receding, the market now wants to take a look atcorporate earnings.” The benchmark Nikkei .N225 dipped 3.69 points to 9,258.12,after ending morning trade up 0.5 percent. It fell to an eight-week low of 9,050.33 on Monday afterclimbing to a six-month high of 10,170.82 in mid-June The broader Topixfell 0.4 percent to 864.88. “The BOJ’s decision to maintain policy and to extendcorporate finance support steps are all within expectations, andI see little direct impact on the stock market,” said TsuyoshiSegawa, equity strategist at Mizuho Securities. “Having said that, however, the fact that economic conditionswarrant an extension of the central bank’s extraordinary supportmeasures for companies cannot be a plus for the market.” Shares of Toyota slipped 1.4 percent to 3,450 yen andindustrial robot maker Fanuc Ltd (6954.T) fell 1.1 percent to7,280 yen.

But chip-related stocks rose after Intel’s results, withTokyo Electron (8035.T) gaining 0.9 percent to 4,280 yen andAdvantest Corp (6857.T) adding 1.7 percent to 1,744 yen. Goldman Sachs trounced forecasts with a 33 percent surge inquarterly earnings, while chipmaker Intel reported results afterthe bell that surpassed expectations, sending its stock 7.4percent higher in extended trade. [ID:nN14260734] [ID:nN14289399] Shares of Toko Electric (6921.T) were bid higher by theirdaily limit after the company and Toshiba (6502.T) said they planto set up a joint venture to make electronic gauges to measureelectricity, gas and water use. Toko Electric was bid up by its daily limit of 80 yen to 380yen, up 26.7 percent from Tuesday’s close, while Toshiba added1.5 percent to 338 yen. (Additional reporting by Kiyoshi Takenaka; Editing by EdwinaGibbs) Stocks Japan. (Reuters) – Bank of America Corp (BAC.N) is mounting a campaign to rehire several of the more than three dozen senior Merrill Lynch & Co investment bankers who quit after the firms merged, Bloomberg reported, citing people familiar with the efforts.Those approached in recent weeks include Samuel Chapin, a Merrill vice chairman who left in April and who was part of a group of senior bankers who focused on maintaining relationships with large corporate clients, the news agency said.Bank of America could not be immediately reached for comment by Reuters.(Reporting by Hezron Selvi in Bangalore; editing by John Stonestreet).