 "10 things you should know before the opening bell")
Global cues:
A few Federal Reserve officials thought last month it would soon be time to slow the pace of their bond buying “somewhat” but others counseled patience, according to meeting minutes that offered little hint on when the US central bank might reduce its support for the US economy.The minutes of the Fed’s July 30-31 meeting, released on Wednesday, showed that almost all of the 12 members of the policy-making Federal Open Market Committee agreed changing the stimulus was not yet appropriate.
Asian markets took a spill on Thursday after minutes from the Federal Reserve’s July policy meeting showed it was still on track to start tapering stimulus as early as next month, sending Treasury yields to two-year highs.In early trading MSCI’s index of Asia-Pacific shares outside Japan shed 0.9 percent to a six-week trough. Korean shares were down 1 percentfor a second straight session, while Japan’s Nikkeifell 1.1 percent.
[caption id=“attachment_1051971” align=“alignright” width=“380”]  Reuters[/caption]
The dollar edged higher versus the yen and euro on Thursday after minutes of the Federal Reserve’s meeting in July suggested that the U.S. central bank was still on track to start tapering its asset-buying programme as early as next month.
Activity in China’s vast manufacturing sector hit a four-month high in August as new orders rebounded, a preliminary private survey showed on Thursday, reinforcing signs of stabilization in the world’s second-largest economy.
Business/Stock news:
RelianceGroup ChairmanAnil Ambaniwill have to appear as a prosecution witness in a Delhi court today as the Supreme Court rejected a group company’s plea that no additional witnesses be allowed at this stage of the trial.
India’s largest passenger car makerMaruti Suzukion Wednesday launched its new hatchback Stingray in India, whichitfeels willgenerate some excitement in themarket, which has seen lacklusture demand over the last one year.The Stingray will be available in the introductory price range of Rs 4.10-4.67 lakh.
Economy news:
The Indian rupee plunged to a record low on Wednesday on heavy dollar demand from importers and as traders fretted over mixed signals from the central bank over its efforts to prop up the currency without choking off economic growth.
Foreign direct investment inflows into India rose an annual 16 percent in June to $1.44 billion, a government statement said on Wednesday, the lowest monthly inflow so far in 2013.
The Cabinet is all set to consider the revised Direct Tax Code (DTC) Bill on Thursday. It is likely that there will be no changes in the tax exemption limit. But the Bill proposes a new 35-percent tax slab for people with incomes exceedingRs 10 crore per annum.
Reserve Bank of India Governor Duvvuri Subbarao concurred with the majority of external members on its monetary policy committee in keeping the policy repo rate unchanged at the July30 policy review, minutes of the meeting showed.
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