Markets may open flat

Indian equities are likely to open flat on Tuesday, Jun. 29, 2010. SGX Nifty is trading at 5,340 (7.45 am), 1.50 points higher than Monday closing of 5,338.5.

Most Asian stocks rose, led by financial and phone companies. Japanese benchmark index Nikkei 225 rose 47.57 points, or 0.49%, to trade at 9,741.51.



US stocks ended slightly lower on Monday as gains in consumer-related stocks, including tobacco shares, were offset by losses in the energy sector. The Dow Jones industrial average dropped 5.29 points, or 0.05%, to 10,138.52.

Among Indian ADRs, Satyam Computer (1.56%), I C I C I Bank (1.14%), Sterlite Industries( 0.75%), Tata Communications (0.27%), were major gainers. On the other hand,HDFC Bank (0.11%), Tata Motors (0.17%), Infosys Technologies (0.35%), MTNL (0.72%), Dr Reddy`S Laboratories (0.87%), were major losers.

European stocks retreated, erasing earlier gains, as retailers and banks declined. UK`s benchmark index FTSE 100 advanced 25.21 points, or 0.50%, to end at 5,071.68.

Oil prices fell slightly after it appeared Tropical Storm Alex would strengthen but stay out of the Gulf region where most oil rigs and refineries are located, and where BP continues to try to stop a massive oil leak. Benchmark crude for July delivery fell 61 cents to settle at USD 78.25 a barrel on the New York Mercantile Exchange.

In the spot market, the Dollar Index dropped 0.035% to 85.65. It touched a high of 85.72 and a low of 85.63 after opening at 85.65. (22:10 ET)

World commodity prices fall on Monday with the increase in Reuters Jefferies CRB Index by 0.78%.