Market down more than 400 Points

Media reports that the government will have a disinvestment road
map in place in about three months to bridge the high fiscal
deficit, may cap the fall.

Asian stocks fell for a sixth day today, led by finance and mining
companies, as an unexpected drop in Japanese machinery orders
fanned concern a global economic recovery will falter. Key
benchmark indices in China, Hong Kong, South Korea, Singapore and
Taiwan were down by between 1.16% to 2.17%.

Japan's Nikkei fell 2.45% after the latest data showed Japanese
core machinery orders fell 3% from a month earlier in May 2009.

Trading in the US index futures indicated Dow could fall 20 points
at the opening bell today, 8 July 2009.

US markets closed deep in the red yesterday, 7 July 2009 as stocks
fell to their lowest level in 10 weeks amid growing doubts about an
economic recovery. The Dow slipped 161.27 points, or 1.9%, to
8,163.60. The S&P 500 index fell 17.69 points, or 2%, to 881.03.
The Nasdaq Composite Index lost 41.23 points, or 2.3%, to 1,746.17.


Back home, the Indian government is reportedly planning to sell
about 10-20% stake in listed blue chip companies. Among those
likely to be targeted are ONGC, Indian Oil Corporation (IOC), NTPC,
Bharat Heavy Electrical (Bhel) and Steel Authority of India (Sail).
Considering that these companies are profitable, selling stakes at
the opportune time could fetch the government a neat revenue that
could help bridge the fiscal deficit.

The government set an very small target of Rs 1120 crore from
divestment for the financial year ending March 2010 in the Union
Budget 2009-2010 which it unveiled on Monday, 6 July 2009.