 "10 things you should know before the opening bell")
Global cues:
US markets closed at a record high before Christmas, following gains for many markets across Europe as economic data continue to suggest a steady recovery for the world’s largest economy.US stocks scored modest gains on Tuesday as investors exercised restraint from making big bets in a short session ahead of the Christmas holiday, with the Dow and S&P 500 once again ending at record highs.The Dow Jones industrial averagerose 62.94 points or 0.39 percent, to close at a record 16,357.55. The S&P 500gained 5.33 points or 0.29 percent, to hit a record 1,833.32.
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Reuters[/caption]
Asian markets were trading on mixed note on Thursday morning with Japan’s Nikkei Stock Average up 1% and China’s Shanghai Composite down 0.2%. Hong Kong’s Hang Seng was shut on account of Christmas holidays.
The dollar hit a five-year high against the yen on Thursday and held firm against other currencies on expectations the US economy will continue a solid recovery, allowing the Federal Reserve to gradually withdraw its stimulus next year.
Business/Stock news:
To ensure greater efficacy in exercise of its new powers, market regulator Sebi’s board today cleared new norms for its search and seizure operations, settlement proceedings, refund to investors and crackdown on illicit money-pooling schemes.The new norms also seek to ensure that sufficient safeguards are put in place to avoid any misuse of its new powers and the required privacy of individuals is granted while conducting search and seizure operations.
Telecom regulator TRAI has imposed cumulative penalty of Rs 50 lakh on nine mobile operators for failing to meet quality of service benchmarks in the second quarter ended June 2013, official sources said.The regulator imposed a penalty of Rs 3 lakh on Idea Cellular , Rs 2 lakh each Bharti Airtel and Vodafone, Rs 1.5 lakh each on Uninor and Vodafone, sources said.
Bharti Retail LtdandWalmart Stores Inc.are preparing to shutter some unviable Easyday stores as they restructure their operations following a split two months ago.
Economy news:
UK’s largest retailer Tesco, Singapore Airlines and Etihad queued up to invest in India as a persistent UPA threw open more sectors to foreign investments with indications of more big ticket deals to be announced in the new year.
Despite the country showing good economic growth in the last ten years, Congress has become politically isolated at the all-India level and party leaders should find ways to overcome this, Union Finance Minister P Chidambaram said on Tuesday.
The Reserve Bank of India (RBI) could soon unveil a major change in monetary policy as part of a deep review of monetary policy ordered by Reserve Bank of India Governor Raghuram Rajan after his appointment in September.