Markets may open flat

Indian equities are likely to open flat on Thursday, Jul. 15, 2010. SGX Nifty is trading at 5,392 (7.37 am), 10 points higher than Wednesday closing of 5,382.



Asian stocks fell from a three-week high as concern resurfaced that an economic recovery may stall after reports showed U.S. retail sales declined and the Federal Reserve cut its growth forecast. Japanese benchmark index Nikkei 225 fell 109.70 points, or 1.12%, to trade at 9,685.54.

US stocks closed mixed Wednesday, with the Dow Jones industrial average rising almost 4 points for its seventh straight advance. The other major market indexes also had single-digit moves. Bond prices rose as investors, again uneasy about the strength of the economic recovery, went in search of safe investments. The Dow rose 3.70 points, or 0.04%, to 10,366.72.

Among Indian ADRs, Infosys Technologies (0.08%), Satyam Computer (0.58%), Dr Reddy`S Laboratories (0.73%), MTNL (1.06%), were major losers.

European stocks fluctuated between gains and losses as a decline by auto-industry shares offset a rally in technology companies. UK`s benchmark index FTSE 100 declined 17.50 points, or 0.33%, to end at 5,253.52.

Oil prices drifted lower Wednesday after the Federal Reserve lowered its forecast for U.S. economic growth this year. Benchmark oil fell 11 cents to settle at USD 77.04 on the New York Mercantile Exchange after rising as high as USD 78.15 earlier in the session.

In the spot market, the Dollar Index increased 0.008% to 83.43. It touched a high of 83.51 and a low of 83.36 after opening at 83.37. (21:54 ET)

World commodity prices rose on Wednesday with the increase in Reuters Jefferies CRB Index by 0.11%.