Global markets at a glance

European shares lost ground on Tuesday, the broader
market was unable to gain traction from new signs of
corporate takeover activity. The broader FTSEurofirst
300, meanwhile, traded only around three-quarters of its
average volume - with the index down 0.1 % at 1,386.75
points, retreating from a 6-1/2 year high hit last week.
Asian shares were on the back foot early on Wednesday,
taking their cue from Wall Street as the deepening crisis
in Iraq and a report that the U.S. could be loosening restrictions on crude exports triggered a rally in oil prices.
MSCI's broadest index of Asia-Pacific shares outside Japan dipped about 0.1%, while Nikkei stock average skidded 0.4%.

Wall Street Update

U.S. stocks fell on Tuesday as early enthusiasm from economic data faded and concerns about the violence in Iraq
gave investors a reason to sell and book some profits,
driving the Dow to its biggest drop in over a month. The
DJI fell 119.13 pts or 0.7%, to end at 16,818.13. The S&P
500 lost 12.63 pts or 0.64%, to 1,949.98. The Nasdaq
Composite dropped 18.32 pts or 0.42%, to 4,350.36.

MACRO NEWS

Coal Ministry panel recommended that 8 regionally explored mines can be considered for allocation to power
producers. Suggestion comes at a time when power
plants across the country are facing acute fuel shortages.
RBI sets time frames for approvals for licences, fundraising.
After diesel, the govt is considering raising LPG and kerosene rates in small doses of Rs 5 per cylinder and Rs 0.501 a litre every month to wipe out Rs 80,000c subsidy on
the two fuels.
The govt plans to set up a finance corporation with a corpus of Rs 1 lakh cr, in partnership with Japanese investors,
to fund projects in the road sector.

STOCKS IN NEWS

United Bank of India moves to fix capital woes, raise Rs
1600 cr.
RCOM to raise Rs 3,000 crore via qualified institutional
placement.
REC Shareholders approve raising borrowing limit to Rs
2 lakh crore.
HDFC Bank seeks to raise upto Rs 10000 crore.
Notification on hike in sugar import duty likely on June
25 today.


COMMODITY ROUNDUP

Gold prices moved down by 0.25% to Rs 27,610 per 10
gram as participants offloaded positions partially, taking
weak cues from the global market on slowing physical de-
mand. Besides, profit-booking also influenced the sentiment. At MCX gold for delivery in August contracts declined
by Rs 68, or 0.25 per cent, to Rs 27,610 per 10 gram in busi-
ness turnover of 370 lots. October gold shed Rs 70, or
0.25%, to Rs 27,717 per 10 gram in three lots. A weak trend
in the overseas markets on assessment of the US economic
recovery by investors and the impact on borrowing costs
amid signs of slowing physical demand weighed on gold
prices in futures trade here. Globally, gold lost 0.3 per cent
to $ 1,313.98 an ounce in early trade in Singapore today.

CURRENCY ROUNDUP

The Indian currency was trading at 60.10/11 versus Monday's close of 60.20/21, with more than 1% gains in the domestic share market aiding sentiment but month-end dollar
demand for the greenback from importers is expected to
limit sharper gains in the Indian unit.
The rupee is seen holding in a 60.00 to 60.30 range during
the session and a broad 59.50 to 60.50 range until the
budget due on July 10. The Indian rupee gained on Tuesday,
snapping a two-session falling streak as gains in the domestic share market prompted good dollar selling by custodian
banks, but month-end demand from importers limited a
further rise.

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