Global markets at a glance

Asian shares got off to a tentative start on Friday after a
weak performance on Wall Street, and global bond yields
dropped on creeping doubts on the strength of the U.S.
economic recovery. Japan's Nikkei .N225 dipped 0.3 percent in early trade while South Korean shares fell 0.5 percent .KS11. MSCI's broadest index of Asia-Pacific shares
outside Japan .MIAPJ0000PUS was flat.

Wall Street Update

US stocks ended slightly lower on Thursday after the
president of the Federal Reserve Bank of St. Louis said
interest-rate increases should come sooner rather than
later. Six of the 10 S&P 500 sectors were in negative territory. The S&P financial index slipped 0.3 percent and
ranked among those leading the market's decline. The
Dow Jones industrial average fell 21.38 points or 0.13
percent, to end at 16,846.13. The S&P 500 slipped 2.31
points or 0.12 percent, to 1,957.22. The Nasdaq Composite dipped 0.71 of a point or 0.02 percent, to 4,379.05.

MACRO NEWS

Comments from a U.S. Federal Reserve official that raising
interest rates by the end of the first quarter in 2015 will
be appropriate also pressured investor sentiment in
global markets.
Government may undertake defense FDI in calibrated
manner, it may increase defense FDI cap to 51 percent
initially. Currently defense FDI allowed over 26 percent on
case to case basis.
India pays Iran USD 550 mn to partly clear oils import
dues. Oil ministry grants Oil India shale gas, oil rights for 5
acreages.
RComm and Reliance Jio may function as one, commpany
may consider roaming and spectrum sharing pacts once
rule permits.

STOCKS IN NEWS

ONGC thinks it unfair to expect gas price decision by
new govt so soon.
The rating agency have upgraded the credit rating of
DHFL.
The subsidiary L&T, L&T Technology Services purchased 74% equity stake in Thales Software India.
Ranbaxy gets USFDA nod for Valsartan: Agencies.
Tata Communications plans to terminate registration
of its ADRs.

COMMODITY ROUNDUP

Silver futures fell 0.52% to Rs 44,419 per kg yesterday as
speculators reduced positions on weak cues from global
markets. At the MCX, silver for delivery in July eased by Rs
234, or 0.52%, to Rs 44,419 per kg in a business turnover of
464 lots. Similarly, the white metal for delivery in September lost Rs 227, or 0.50%, to Rs 44,925 per kg in 91 lots. A
weak trend overseas as stronger equities dented the precious metals' safe-haven appeal, mainly pulled down silver
prices at futures trade. Meanwhile, silver slipped 0.30% to
$20.97 an ounce in Singapore yesterday.

CURRENCY ROUNDUP

The Indian rupee ended weak on Thursday, dragged down
by month-end importer dollar demand and lower stocks,
while uncertainty over Iraq turmoil kept traders cautious.
However, good dollar inflows prevented the unit from sliding sharply despite domestic stocks falling by nearly 1%.

Foreign funds have bought shares worth $2.3 billion and
debt worth $2.90 billion so far in June, taking total inflows
in the year to $9.9 billion and $10.5 billion, respectively. The
Indian rupee ended at 60.14/60.15 to the dollar after trading in a narrow 60.08-60.20 band compared with Wednesday's close of 60.1250/1350.

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