 "10 things you should know before the opening bell")
Global cues:
Asian stocks edged up on Thursday following a positive lead from Wall Street, while fresh measures to shore up the rupee unveiled by India’s new central bank chief could set a positive tone for emerging markets throughout the region. MSCI’s broadest index of Asia-Pacific shares outside Japan advanced 0.2 percent, having closed up 0.1 percent on Wednesday after erasing early losses.Tokyo’s Nikkeiput on 0.3 percent, extending Wednesday’s 0.5 percent gain.
US stocks rose for a second day on Wednesday as a possible military action in Syria was seen as limited and strong auto sales lifted investor confidence in the U.S. economy.The U.S. Senate Foreign Relations Committee approved a resolution authorizing a limited U.S. military intervention in Syria, setting the stage for a debate in the full Senate next week on the use of military force.The S&P 500 is up 1.2 percent for the week so far after a loss of 1.8 percent last week, which was tied largely to worries over Syria.
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The dollar steadied just below a six-week high on Thursday after investors had booked profits on its recent gains ahead of key events, including monetary policy meetings in major economies and a crucial U.S. jobs report that could make or break the case for a reduction in US stimulus this month.
Business/Stock news:
Aviation stocks will be in news today. Following the massive increase in price of jet fuel, which is now at an all-time high, airlines have started raising air fares by anywhere up to 30 percent with immediate effect.Following its smaller rival SpiceJet, Jet Airways on Wednesday hiked fares by a steep 25 percent to mitigate the impact of the sharp fall in the rupee value and a near 15 per cent spike in oil prices of late.
Reliance Industriesis on track to invest USD 24.4 billion in key projects by 2017 as its oil and gas business is turning around with two new gas finds while US shale gas and retail segments are growing faster, Goldman Sachs said.
Economy news:
Raghuram Rajan takes over as the newRBI Governor today. On Wednesday, came out with a slew of measures, including more trade settlement in rupees to rescue the battered financial markets and hinted at a shift in focus from inflation control, doggedly pursued by his predecessor, to boosting growth.
The Lok Sabha on Wednesday passed the crucial Pension Fund Regulatory and Development Authority Bill even as vociferous protests over missing coal files and petrol price hike shadowed the proceeding in Parliament.The bill allows subscribers to invest in stock market with a cap. The Pension Bill also provides old age income security for government employees.
Rajya Sabha Wednesday passed the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Bill, 2013.