Nifty futures on the Singapore Exchange fell 0.43 percent. The MSCI-Asia Pacific index excluding Japan was down 0.47 percent. U.S. stocks fell on Tuesday, led by losses in technology after brokerage downgrades of Intel and other major companies as worries increased about third-quarter U.S. earnings.

Asian shares fell on Wednesday, led by losses in technology and materials stocks.

FACTORS TO WATCH

* U..S Treasury Secretary Tim Geithner, Fed Chairman Ben Bernanke will visit Mumbai.

* Prime Minister Manmohan Singh to speak at International Energy ministers meeting in New Delhi

* World Steel Association’s 2-day annual conference in New Delhi

INDIAN STOCKS TO WATCH

India should scrap a law that taxes asset transfers retrospectively, a government panel recommended in a draft report that could save Britain’s Vodafone $2 billion. RETAIL Walmart is planning a series of partnerships with small and mid-level suppliers in India across product categories to create a big list of private label brands that will be priced as much as 10-15 percent below established products and brands, said Raj Jain, MD & CEO of Bharti Walmart.

Everstone Capital, India Value Fund and the Aditya Birla Group are set to compete with a clutch of international private equity mutual funds to acquire a controlling stake in Spykar Lifestyle, the biggest home-grown denim brand, persons familiar with the matter said on condition of anonymity.

FINANCIAL

A senior finance ministry official has disclosed his ministry has sought legal opinions on how the Reserve Bank of India (RBI) can be empowered to do issue new bank licences through executive action instead of awaiting legislative sanction.
Emkay Global Financial Services Ltd has met all of its financial obligations to the Indian Stock Exchange, arising from a set of erroneous trades that jolted domestic markets last week, an official at the brokerage said on Tuesday.

ENERGY/COMMODITIES

CRH Plc said it had terminated talks with Jaypee Cement announces termination of negotiations to buy a cement plant from Jaypee Cements, part of Jaiprakash Associates. ONGC and Oil India will give $56 per barrel discounts on crude oil they sell to Indian Oil, BPCL and HPCL this fiscal year to partially compensate their revenue losses on selling fuels at controlled rates, a senior oil ministry official said.

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