 "10 things you need to know before the opening bell")
Global cues:
Asian markets crept higher on Tuesday as Japanese stocks rebounded and Chinese money rates eased, while the U.S. dollar got a fillip from a report the Federal Reserve would again trim its bond buying next week.The drop in the yen helped Japan’s Nikkeibounce 1.1 percent, and dragged up markets from South Korea to Taiwan. MSCI’s broadest index of Asia-Pacific shares outside Japan swung round to be 0.36 percent firmer.
The euro recovered slightly from a two-month low against the dollar on Monday, helped by higher short-term market interest rates, although speculation the European Central Bank may step in capped gains.The dollar index .DXY was 0.2 percent lower at 81.069 and the U.S. currency was down 0.25 percent at 104.05 yen after U.S. Treasury yields fell on Friday.
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Reuters[/caption]
Overnight US markets were shut on account of Martin Luther King Jr holiday.
Business/Stock news:
Hindustan Zinc, after the government said it will sell the residual stake in the company through an auction. The Cabinet Committee on Economic Affairs’ approval is likely to fetch the government about Rs 16,000 crore for a 29 percent stake.
Sasken Communications, after the company declared a special dividend of Rs 22.50 per equity share of Rs 10 each.
Kotak Mahindra Bank, Tata Coffee and Torrent Pharma as the companies are announcing their October-December earnings today.
Tata Motors, after the company unveiled its first indigenously developed petrol engine for passenger vehicles, which the company hoped will help in cornering a sizeable market share.
Economy news:
The hegovernment has decided to sellits residual stake inHindustan Zinc LtdandBharat Aluminium Co. Ltd(Balco) in an open market auction which is expected to fetch it aroundRs.21,000 crore. The government holds 29.5% stake in Hindustan Zinc and 49% in Balco, an unlisted company.
The Maharashtra cabinet approved a20% cut in power tariffsin the state except Mumbai, which will cost the exchequer aroundRs.7,272 crore.