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Market Review

US: U.S. stocks ended lower on Thursday after news that the Bank of Japan will allow long-term interest rates to rise sent U.S. yields higher, snapping the longest winning streak for the Dow since 1987.

Asia: Asian stocks were off five-month highs and the yen extended a sharp rally on Friday with speculation that the Bank of Japan could take another small step toward dismantling its super-easy stimulus policies.

India: Equity benchmark indices Sensex and Nifty continued their upward movement in early trade on Thursday, aided by sustained buying by foreign institutional investors and valuebuying in bellwether stocks. The 30-share BSE Sensex climbed 188.56 points or 0.28 %to 66,895.76. The broader NSE Nifty advanced 69.35 points or 0.35 % to 19,847.65.. Market is expected to open gap down and likely to witness profit booking during the day.

Global Economy: The U.S. economy grew faster than expected in the second quarter as a resilient labor market supported consumer spending, while businesses boosted investment in equipment and built more factories, potentially keeping a muchfeared recession at bay. GDP increased at a 2.4% annualized rate last quarter, the government said in its advance estimate of second-quarter GDP. The economy grew at a 2.0% pace in the January-March quarter. South Korea's factory production fell more than expected in June, as automobile and petroleum production dropped. The industrial output index fell 1.0% in June on a seasonally adjusted monthly basis, after a 3.0% jump in May

Commodities: Gold prices held near two-week lows on Friday after strong U.S. economic data spurred the dollar and bond yields in a high interest rate environment that dragged the noninterest bearing metal towards its biggest weekly decline in five. Oil prices fell in early Asian trade on Friday as demand concerns weighed against strong economic data.

Currency: The yen strengthened on Friday as speculation mounts that the Bank of Japan could tweak its yield curve control policy later in the day, while the dollar held on to its overnight gains after better-than-expected U.S. economic data.

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