Nifty futures on the Singapore Exchange rose 0.15 percent. The MSCI-Asia Pacific index excluding Japan was up 0.01 percent. Wall Street halted its two-day rally on Tuesday, after Federal Reserve Chairman Ben Bernanke said the central bank lacks tools to cushion the U.S. economy from the impact of the “fiscal cliff.”

Asian share markets steadied on Wednesday, after a two days of gains, as investors refocused on the risk of a U.S. Fiscal crisis following Bernanke’s remarks that the budget impasse was already damaging growth

FACTORS TO WATCH

The Reserve Bank of India’s Deputy Governor Subir Gokarn will address college students in Mumbai on ‘The Current Economic Scenario in India’ in the morning. In the evening, Gokarn will preside over the Exim Bank Commencement Day Annual Lecture on ‘Developments in the World Trading System: India’s Options’.

The Reserve Bank of India’s Deputy Governor Keshab Chandra Chakrabarty is scheduled to give a keynote address at ASSOCHAM’s 8th Annual Banking Summit in New Delhi.

STOCKS TO WATCH
India’s government aims to pass bills opening up the insurance and pension sectors to foreign investors in parliament’s forthcoming session, a minister said on Tuesday, the next step in a reform programme seen as key to reviving economic growth.

India received bids worth 150.69 billion rupees ($2.74 billion) in unused foreign debt limits for government and corporate bonds, more than the 106.16 billion rupees on offer, two market sources said on Tuesday.

Private equity firm Blackstone has made an offer to to buy prime office and retail real estate blocks from Vijay Mallya’s investment holding company UB Holdings, said two people familiar with the developments.

FINANCIAL/REGULATORY

Canadian Securities Administrators, the securities market regulator of Canada, has barred Indian asset management companies from selling investment products to local investors, dealing a blow to these fund houses.
India’s central bank has extended the relaxation of the period of realization and repatriation to the country of the full value of goods or software exported by six months. The relaxation will now be effective till March 31, 2013, the Reserve Bank of India said in a release.

ENERGY/COMMODITIES

Reliance Industries and the oil ministry have narrowed their differences over auditing of the controversial KG-D6 block and pricing of natural gas, raising hopes of quicker approvals and development of more fields in the gas-rich region, government and industry sources said.

Jindal Power & Steel has started producing coal at its mine in Mozambique this month, with first exports expected by January next year, the company’s country head for Mozambique said at an industry conference on Tuesday.
The cabinet committee on economic affairs will on Thursday consider a proposal to sell A 9.5 percent stake in NTPC It will also consider a proposal to allow state miner NMDC to acquire 50 percent stake in Legacy Iron Ore , a listed Australian entity.

Oil & Natural Gas Corp is planning to sell dollar bonds to fund the $1 billion acquisition of a stake in oilfields in Azerbaijan, Bloomberg reported on Wednesday.