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Friday, June 20, 2014

INDIAN BENCHMARKS slumped nearly 1.5 percent on Friday, posting their biggest single-day fall in nearly 4-1/2 months fell on risk aversion after crude oil scaled nine-month highs on rising violence in Iraq.

Bharti Airtel
fell 2.5 percent after Credit Suisse downgraded the stock to underperform from neutral, citing competition from rival Rel Jio, a unit of Reliance Industries. Tata Motors rose 0.54% after the company's British luxury car unit Jaguar Land Rover reported strong growth in retail sales for May 2014.

The INDIAN BENCHMARKS SENSEX ended 348 point down at 25228 and the 50-share NIFTY closed 107 point down at 7542.

ASIAN STOCKS lower, as concerns over growing instability in Iraq hit sentiment ahead of a flurry of Chinese economic data.

U.S. STOCKS rose after President Barack Obama ruled out sending troops into Iraq to help quell a rebellion there.

EUROPEAN STOCKS were lower, as concerns over escalating violence in Iraq weighed on global equities.

INDIAN INDICES worried that higher crude oil price, if sustained, would increase India's subsidy bill and trade deficit, while falls also tracked dampened global equity markets.

Further, Investors waiting for India's wholesale inflation data for May due on 16 th June and the U.S. Federal Reserve decision on further tapering its bond buyback-led stimulus and indications on interest rates on Wednesday.

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