 "Tata-Radia link under CBI scanner: 10 things to know before opening bell")
Global cues:
U.S. stocks fell on Wednesday as shares of heavy-equipment maker Caterpillar and semiconductor companies tumbled after they reported earnings, ending the S&P 500’s four-session streak of record high finishes. The Dow Jones industrial average.DJIwas down 54.40 points, or 0.35 percent, at 15,413.26. The Standard & Poor’s 500 Index.SPXwas down 8.31 points, or 0.47 percent, at 1,746.36. The Nasdaq Composite Index.IXICwas down 22.49 points, or 0.57 percent, at 3,907.07.
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Representational image. Reuters.[/caption]
Asian marketswere trading lower. Japan’s Nikkei Stock Average was down 0.3%, Hong Kong’s Hang slipped 0.1% while China’s Shanghai Composite was flat.
Activity in China’s giant manufacturing sector picked up in October, a preliminary survey showed, buoyed by strong new orders and suggesting the economy may have stabilized even though a strong rebound remains elusive. The flash Markit-HSBC Purchasing Managers Index (PMI) stood at 50.9 in October, above September’s final reading of 50.2 and marking a seven-month high.
Business/Stock news:
Jet Airways: The Naresh Goyal-run Jet Airways today reported a consolidated loss at Rs 998.5 crorein the September quarter due to the fall in rupee and poor market conditions coupled with grounding of some of its aircraft.
RIL, Tata Steel and Tata Motor face CBI probe in the Radia case.The Central Bureau of Investigation (CBI) will soon question lobbyistNiira Radiaas part of its investigation into possible criminal actions that are mentioned in the so-called Radia tapes, conversations between Radia and various industrialists, bureaucrats, journalists and others.
Telecom stocks will be in focus too. The indomitable Rahul Khullar has refused to bow to telecom lobbies. In a hard hitting response to the Telecom Commission’s reference to TRAI, he has refused to make any alteration to either the base price for upcoming spectrum auctions for 2G airwaves or to any of the methodologies used in arriving at the price.
Public sector banks’ shares will be in the limelight after the government said it would shore up their capital base. The government will investRs.2,000 crore in State Bank of India (SBI),Rs.1,800 crore inIDBI Bank Ltd, while Punjab and Sind Bank and Indian Overseas Bank will get betweenRs.100 toRs.1,200 crore as part of equity funding to offer PSU banks cushion against rising bad loans.
Economy news:
India’s third biggest gold fund will begin accepting fresh investments again after shutting off new buy-ins three months ago to support government efforts to curb bullion demand and control a rising trade deficit.