 "10 things you need to know before the opening bell")
The Indian markets are headed for a choppy session as the weakness in the rupee is likely to continue today, pulling down all asset classes along.
According to CNBC-TV18, the currency is likely to hit a record low of 68.8 during the day and trade in the range of 68.0 to 68.8 against the dollar. Experts on the TV channel said there are no factors helping a major pull-back in the currency in the near term.
Morgan Stanley, meanwhile, has drastically cut the broad market earnings estimate for FY13 to -6 percent from 12 percent earlier.
Global cues:
Asian stocks faltered on Wednesday, while oil and gold held on to overnight gains after President Barack Obama clinched the backing of two key figures in Congress in his drive for limited US strikes on Syria. MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.2 percent, following four days of gains. Tokyo’s Nikkei slipped 0.6 percent.
US stocks rose on Tuesday but were far off session highs after top Republicans voiced support for US President Barack Obama’s call for military strikes against Syria. The S&P 500 rose more than 1 percent in early trading after Obama sought congressional authorization before taking military action, a move seen likely to shelve any strike for at least several days. The S&P fell 1.8 percent last week mainly on uncertainty over what appeared to be an imminent strike.
[caption id=“attachment_1083445” align=“alignright” width=“380”]  Reuters[/caption]
The dollar was on a firm footing in early Asian trading on Wednesday, with the dollar index not far from a six-week peak after U.S. data reinforced expectations that the U.S. Federal Reserve will begin reducing its stimulus soon.
Business/Stocks news:
Real estate companies, after the RBI restricts 80:20 schemes floated by builders.
Jewellers, after the CNBC-TV18 reported that the RBI is likely to come out with more restrictions on gold.
Jet Airways will be in focus as the government has recommended the over Rs 2000 crore Etihad deal to the cabinet committee for approval. The deal is likely to be completed by September 20 as all regulatory clearances are expected to be in place by then. Aviation shares, after news that companies are increasing ticket charges due to the increase in ATF prices
Economy news:
Prime Minister’s economic advisor C Rangarajan said on Tuesday that India’s economy is likely to grow at around 5.5 percent this fiscal on account of strong farm output. “Even if we assume that the non-farm sector will grow at the same rate as last year, the GDP growth rate would be closer to 5.5 percent,” Rangarajan said.
Standard and Poor’s (S&P) considers chances of a credit ratings downgrade for India higher than for Indonesia,_Bloomberg News_reported on Tuesday, citing comments made by an analyst of the credit rating agency at a briefing in Seoul.
The RBI yesterday came out with a notification curbing the 80:20 payment schemes floated by financially starved builders, the sharpest nail yet to prick the inflated real estate sector in the country.
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