10 things you need to know before the opening bell

OUTLOOK

The forex market is likely to remain in focus as policy makers huddle to find a way to lead the rupee out of the woods. As the dollar has receded marginally in the Asian trade today, the rupeeis likely to get a relief. However, chances of the rupee going back to 61 mark cannot be ruled out. Taking global cues, the Indian equities are also likely to snap the losing streak. The SGX Nifty futures are trading up 0.7 percent today morning.

Global cues

US stocks advanced on Monday heading into the start of earnings season, building on gains sparked by last week’s robust employment report and pushing the S&P 500 closer to its all-time high set in May. (Reuters)

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 Asian shares posted gains on Tuesday, tracking a rally in Wall Street shares spurred by strong U.S. job data last week, but investors were nervous over Beijing’s new drive to reform credit to restructure the economy. (Reuters)

Business/ Stock news:

Jet Airways, after fresh hurdles emerge in its stake deal with Etihad Airways. According to a CNBC-TV18 report ,Jet’s plan to relocate operations and core functions to Abu Dhabi has raised eyebrows as the proposed plan is not consistent with Indian norms.

The country’s largest carmakerMaruti Suzukiis understood to have asked 200 contract workers to go on indefinite leave following cut in diesel engine production at its Manesar plant due to low demand. The company has shut the third shift at its diesel engine plant at Manesar, which has an annual capacity of 3,00,000 units, according to sources.

Expecting an increase in funding requirement for its ambitious expansion plans,JSW Steelhas sought shareholders’ approval to enhance the borrowing limit by up to 60%, at Rs 40,000 crore.The Sajjan Jindal-led steel-maker, which currently has 14 million tonne per annum (mtpa) capacity, intends to raise the limit for variouscapex programmesincluding acquisition, JSW Steel said in its notice for annual meeting with shareholders, scheduled to be held on July 30.

Zambiahas begun criminal proceedings against all the three mobile phone operators in the country, accusing them of failing to meet minimum standards, its spokeswoman said on Monday. Ngabo Nankonde said the Zambia Information and Communication Technology Authority instituted criminal proceedings against the local units of India’sBharti Airtel, South Africa’s MTNand the state-owned Zamtel.

Economy news:

The Reserve Bank of India on Monday eased rules for non-bank asset finance companies to raise debt overseas by allowing the lenders to raise such funds through the automatic route as against the approval route earlier, in a step aimed at improving dollar supply amid a weakening rupee.

Prime MinisterManmohan Singhhas decided to meet industry leaders on 29 July to review steps to revive the economy and measures to correct current account deficit.

Withrupeehitting life-time low against USdollar, theRBIdiscussed with state-owned oil firms ways to manage dollar demand in a bid to curb volatility in the local currency but no decision was taken.