Rajan calms market fears: Things to know before the opening bell

Global cues:

The Dow and the S&P 500 ended at record highs on Wednesday as strong results from Macy’slifted consumer discretionary shares and investors bought stocks in anticipation of remarks by Janet Yellen, who is likely to become the first woman to lead the Federal Reserve.

[caption id=“attachment_1223637” align=“alignright” width=“380”]  Representational Image. Reuters.[/caption]

Investors made short shrift of the dollar early in Asia on Thursday after dovish comments from Fed Chairman-elect Janet Yellen suggested the U.S. central bank might not be near scaling back its stimulus, sending Treasury yields lower.

Asian share markets were set to bounce on Thursday after Federal Reserve Vice Chair Janet Yellen said the Fed has “more work to do” to help the economy, spurring U.S. stocks higher and putting the dollar on the defensive.

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Business/Stock news:

Tata Steel Ltdshareswill be in limelightafter results beat analyst estimates. The company posted consolidated net profit ofRs 917 crore in the second quarter of FY14 against a loss ofRs 364 crore in the same period a year ago.

Coal India Ltdshares is likely to beunder pressureafter profit after tax fell marginally toRs 3,052 crore compared to a year ago, while revenue increased 6% toRs 15,411 crore.

State Bank of Indiashares will remain in focus after net profit fell 35% toRs.2,375 crore in the three months ending September because of higher provisioning.

Economy news:

Reserve Bank of India governor Raghuram Rajan Wednesday sought to calm market fears over the rupee, at a hurriedly called press conference. Pointing to the latest trade data, Rajan said it suggested significant progress in curbing the size of the current account deficit for this year. The RBI now expects the current account deficit (CAD) for this fiscal at USD 56 billion, compared to an earlier estimate of USD 70 billion, and much lower than the USD 88 billion for FY13.