 "Telecom stocks in focus: 10 things to know before the opening bell")
Global cues:
Asian shares stabilized on Tuesday after four straight days of losses, while the dollar rebounded from overnight weakness after disappointing U.S. services sector data raised concerns about stuttering growth in the world’s largest economy. MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was flat, and not far from a three-week low touched on Monday.
U.S. stocks slipped on Monday after a mixed batch of economic reports, which showed a slowdown in growth in the U.S. services sector and a rebound in new orders for factory goods. The S&P 500 closed out 2013 with a gain of 2.4 percent in December, its fourth straight month of gains.
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Reuters[/caption]
The yen firmed across the board early in Asia on Tuesday as investors took aim at the greenback in the wake of disappointing U.S. data, although many currencies remained in familiar ranges in still thin market conditions. The dollar traded at 104.18 yen, having fallen as far as 103.91, a low not seen since December 23. It continued to pull back from a five-year peak of 105.45 set last week.
Business activity in emerging markets expanded at a lower rate in December, hit particularly by a slowdown in service sector growth, a survey showed on Tuesday.
Business/Stock news:
Telecom stocks will be in focus today. Bharti Airtel Ltd , Idea Cellular Ltd, Tata Teleservices Ltd, and Reliance Communications Ltd will be in focus after the Delhi high court ruled in favour of the government conducting audits of these companies.
Jet Airways will be in news today. The Supreme Court is likely to hear a plea against the Jet-Etihad deal today.
The economic offences wing of the Mumbai police filed its first chargesheet in the Rs.5,574 crore payment crisis at the National Spot Exchange.
Oil and Natural Gas Corp. Ltd (ONGC) shares will be in the limelight as its overseas investment arm ONGC Videsh is considering an oil-for-debt deal to help fund the acquisition of a Mozambique gas field.
Economy news:
After all the speculations and conjectures, Indian Oil Corporation (IOC) offer for sale (OFS) is likely to be out this week. Sources say IOC divestment is likely to be carried out on Thursday (January 9)
Underlining the need for pump-priming the economy by intensifying reforms and trimming subsidies, Prime Minister’s Economic Advisory Council Chairman C Rangarajan today said if India grew at 8 to 9 per cent each year, per capita GDP would rise to USD 10,000 by 2025. He said that if this growth rate was achieved “then India will also transit from being a low income to a middle income country”.