 "10 things you need to know before the opening bell")
Global cues:
Asian shares inched higher on Wednesday, while the dollar held a three-week low on expectations Federal Reserve Chairman Ben Bernanke will reiterate later in the day that US monetary policy is to stay accommodative. Bernanke is set to testify to Congress on Wednesday and Thursday, which could provide further clarity on when the U.S. central bank will roll back its $85 billion a month bond-buying program.
The dollar stayed on the defensive in early Asian trade on Wednesday as investors suffered a case of cold feet ahead of Federal Reserve Ben Bernanke’s semi-annual testimony in Congress later in the day.The dollar index .DXY, which tracks the greenback’s performance against a basket of major currencies, held near a three-week trough, having slid around 0.6 percent overnight.
[caption id=“attachment_961925” align=“alignleft” width=“380”]  Reuters[/caption]
Gold held close to a three-week high on Wednesday after a near 1 percent rise in the previous session as investors awaited clear direction from the Federal Reserve regarding its stimulus measures.
Business/Stocks news:
India’s second largest private sector lenderHDFC Bank is going to announce their first quarter (April June) earnings today. According toan average poll estimate by CNBC TV18, the bankis unlikely to spring any ugly surprise, and its net profit is expected to grow 30 percent year-on-year to Rs 1,890 crore.
Ashok Leylandmissed street estimates by a wide margin on Tuesday, reporting a first quarter net loss of Rs 142 crore, compared with a profit of Rs 67 crore in the year ago quarter.It will launch the Stile MPV, which will be the company’s first passenger car today.
Coal IndiaLtd will on sign new supply agreements withNTPCLtd today, its top customer and the country’s largest power producer, officials at the two companies said, ending months of disputes over fuel quality and payments.The move lifts the spectre of mass blackouts as well as a possible shelving of mine expansion and follows the signing of supply pacts to two power plants in eastern India, which were at the heart of the dispute.
Economy news:
The government of India decided to allow more foreign investment into 13 sectors of the economy including critical ones such as including telecom and defence.In case of the Indian telecom sector the foreign investment cap has been raised to 100 percent, while investment in the defence sector will require FIPB (Foreign Investment Promotion Board) clearance for up to 26 percent and for 49 and higher percent, cabinet nod is required.
Finance minister P Chidambaram listed out a series of steps taken by his government in the last few months to boost the sagging economy. He reiterated that the economy is likely to grow at 6 percent or slightly more for the current fiscal year to March 2014. He also said thatRBI’s steps to curb rupee liquidity are aimed at quelling excessive speculation and volatility in the forex market and should not be read as a prelude to policy rate changes.
On Tuesday, the RBI’s boldest attempt yet to prevent a rout in the rupee delivered only a modest lift in the currency but shares slumped and bond yields jumped as investors worried that policymakers might overplay their hand and damage economic growth.
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