9 things the market will take note of today

• All indications are that the Chinese currency, the renminbi, is poised to appreciate at a faster pace - and that’s good for the global economy.

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• The Asian markets opened firm with oil prices also showing some signs of weakness. The Hang Seng was up by over 185 points, while the Nikkei was holding on to its early gains of 135 points.

• Good news for the economy. The Indian Meteorological Department (IMD) has predicted normal monsoon, though it’s early days yet. If the prediction holds, this should ease pressure on food inflation in 2011-12**.** IMD said rainfall in the southwest monsoon will be 98% of the long period average.

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• Vodafone may list Indian arm if it wins tax suit. The world’s largest mobile phone company by revenues is likely to start taking the legal and regulatory steps needed to list its Indian operations by the year-end if it gets the better of India’s tax authorities in a long-running legal dispute over a $2.6-billion tax claim.

• The US markets appear to have shrugged off the S&P downgrade warning. The Dow posted modest gains of 65 points to close at 12,267 while the Nasdaq rose 10 points to end the day at 2,745. Indian ADRs largely ruled weak, the exception being HDFC Bank (on results) and Infosys.

• The Directorate General of Hydrocarbon refuses to approve RIL spending on KG-D6 unless RIL agrees to drill more wells on the prolific gas well. The DGH has been holding back approval of RIL’s 2010-11 budget for several months.

• Vedanta buys 10.4% from Petronas, becoming the second largest shareholder in Cairn. Sesa Goa, the Indian subsidiary of London-based Vedanta Resources, bought the 200 million shares of Cairn at a price of Rs 331 per share.