 "10 things you should know before the opening bell")
Global cues:
Asian stocks stumbled and the dollar stood tall on Thursday after minutes from the U.S. Federal Reserve’s October meeting hinted at stimulus tapering, while the euro was pressured by speculation of more easing by the European Central Bank. Stocks dropped on talk of the Fed’s stimulus withdrawal, with MSCI’s broadest index of Asia-Pacific shares outside Japan and Australia’s S&P/ASX 200 index both shedding about 0.3 percent.
US stocks fell on Wednesday after minutes from the Federal Reserve’s last meeting said the central bank could begin to scale back its stimulus program at one of its next few meetings. Wednesday marked the S&P 500’s third straight day of declines, with the day’s losses fairly broad-based. Nine of the 10 index sectors ended lower.
[caption id=“attachment_1230907” align=“alignright” width=“380”]
People look at a large screen displaying India’s benchmark share index on the facade of the Bombay Stock Exchange (BSE) building. Reuters[/caption]
The US dollar got off to a flying start in Asia on Thursday hitting its highest in nearly a week against a basket of major currencies after the euro was downed by talk of more European Central Bank policy easing.
Business/Stock news:
The Supreme Court on Wednesday expressed strong displeasure over Sahara’s non compliance of its earlier order of handing over all original title deeds of assets worth Rs 20,000 crore to the Securities and Exchange Board of India (Sebi).
Coal India Ltd’s imports are likely to be just a third of its estimates as demand from the power sector has fallen due to slowdown. The monopoly miner, which has to import coal to bridge the shortfall in its production and supply contracted, has now decided to import only about 5 million tonne (mt) of the resource.
Sistema Shyam Teleservices is hoping that the government holds another auction for 800 mhz spectrum band so that it can at least get 5 mhz of contiguous spectrum in each of its nine circles.
Jet Airways (India) Ltdshares will be in focus after it namedEtihad Airwayschief executive officerJames Hoganand chief financial officerJames Rigneyas additional directors of the Mumbai-based airline. The board of Jet also approved the stake sale through a preferential allotment to Etihad Airways.
Oil and Natural Gas Corp. Ltdshares will be in focus after its overseas armONGC Videsh Ltdalong with Petrovietnam signed a memorandum on joint exploration of crude oil in Vietnam
Economy news:
Diesel prices will be deregulated in six months with gradual price increases, Oil Minister M Veerappa Moily said today. “In six months, diesel sector will be deregulated,” he said at the KPMG Energy Conclave here. State-owned fuel retailers, who control 95 percent of the petrol pump sales, sell diesel at government-fixed rates, which are way lower than the cost of production.