Global markets at a glance

Europe's main stock indicator, the FTSEurofirst300 settled at 1,371.28, flat on the day, but down 1.7 percent for
its first weekly loss in 10 weeks. The MSCI world stocks
gauge was at 428.10, up 0.2 percent on the day but down
0.3 percent on the week.
Asian shares were mostly in the red on Friday, weighed
down by a weak performance on Wall Street and doubts
about the strength of the U.S. economy, which pushed
bonds higher.

Wall Street Update

US stocks erased early losses to close up on Friday but
still finished the week lower on mixed economic data,
while European equities had their first weekly drop since
April on worries over Iraq and Ukraine. US Treasuries
yields eased at the end of a week of steady price gains for
government bonds, fueled by increasing worries that
economic growth in the world's No. 1 economy may be
slower than policymakers believe. The Dow Jones industrial average rose 5.71 points, or 0.03 percent, to end at
16,851.84. The S&P 500 gained 3.74 points, or 0.19 percent, to finish at 1,960.96. The Nasdaq Composite ad-
vanced 18.88 points, or 0.43 percent, to close at
4,397.93.

MACRO NEWS

India's infrastructure output data for May, due on Monday, and manufacturing PMI on Tuesday would also be
watched.
Ranbaxy received approval from the U.S. Food and Drug
Administration to launch a cheaper copy of Novartis AG's
blood pressure pill Diovan, bolstering its outlook.
A company owned by high net worth individual Radhakishan Damani, bought a stake in Century Textile in a block
deal on Thursday.
Gail (India) Ltd ended lower after 14 people were killed
and 20 injured on Friday in a blast and fire at a gas pipeline in Andhra Pradesh, again raising safety concerns over
the country's energy projects.


STOCKS IN NEWS

Morgan Stanley upgraded the stock to "overweight"
from "equal-weight" and increased the price target to
400 rupees from 360 rupees.
Sun Pharma & Ranbaxy jumped on U.S. regulator's approval for a key drug & IT stocks gained after rival Accenture Plc reported robust quarterly revenues.
ONGC to invest Rs 5,700 crore in Mumbai High North
development.
L&T Finance Holdings to seek shareholder nod for Rs
1,000 crore NCD issue on July 24

COMMODITY ROUNDUP

The union government is expected to cut 2% import duty in
gold in the forthcoming budget, as local jewellers run out of
inventors. The current account deficit is to widen to 2.6% of
GDP in FY15 from 1.7% in FY14 especially as latent demand
could lead to a spike in gold import demand. The March
quarter current account deficit came in at $1.3 billion. The
net gold imports will increase to $40 billion or 2% of GDP in
FY15 from $28.8 billion or 1.5% this past fiscal year. On our
part, we never took the shrinkage in the current account
deficit from 4.7% of GDP that seriously as it was achieved
by these unsustainable curbs in gold imports. The RBI needs
to raise forex reserves to stabilize Indian rupee expectations. At the same time, sovereign wealth funds have not
used up their on-tap $10bn limit.

CURRENCY ROUNDUP

The Indian rupee snapped a four-week falling streak while
also gaining slightly on the day as continued foreign fund
inflows into debt and equity markets helped offset demand
for the greenback from importers.
The rupee has been trading in a tight range in recent sessions and is expected to continue to do so until the federal
budget on July 10. There was good demand from importers,
particularly oil firms, to meet month-end import commitments, preventing the rupee from rising sharply.

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