Does Raghuram Rajan have 'magic wand' to drive market?

The market is expected to pull back today after Tuesday's carnage on on Dalal Street. However, the momentum seems to be on the downside and market looks nervous ahead of anticipated RBI move to curb rupee volatility.

The Nifty fell to the lowest level since April 12 and the Sensex plunged 450 points to close at the lowest level seen since June 26. The financial sector was the worst hit with the Bank Nifty cracking more than 4 percent.  Many stocks hit fresh 52-week lows, as the broader markets also cracked 2.5 percent. 
 
Chief Economic Advisor Raghuram Rajan will replace D Subbarao as the Governor of the RBI. Subbarao's tenure ends on the September 4 after which Rajan will take over at the central bank for a period of three years. The former IMF chief economist called his appointment a great honour. Rajan said he does not have a 'magic wand' to cure the ills of the economy but promised to tackle the challenges by working closely with the government.
In important earnings today, according to a CNBC-TV18 poll Tata Motors' loss in standalone business to widen in April-June quarter. Meanwhile JLR's strong product pricing and margins could help improve profitability year on year.
Other results expected today are Ranbaxy, Lupin, NMDC, GlaxoSmithKline Pharma, Aban Offshore, Apollo Tyres, Cadila Health, Emami, Lanco Infra, Omaxe, Alembic Pharma, Apollo Hospital, Arvind Remedies, Cinemax, Dhampur Sugar, Eicher Motors, Essar Shipping, Gulf Oil, MOIL, MT Educare, NCC, PCJ, Unity Infra, Zee Learn, Welspun India and Zydus Wellness. Stock in news
Meanhile watch out for IT stocks as Cognizant continues to set the benchmark for IT companies. Dollar revenues rise 7 percent sequentially and the tech major raises its 2013 revenue forecast pegging a growth of 19 percent from 17 percent earlier.
Financial Technologies will be in focus, NSEL has said that investors can convert their e-series holdings into physical form. NSEL has also offered that clients can continue to hold e-series units in demat. NSEL yesterday indefinitely suspended e-series trade
In a major relief to Maruti Suzuki the income tax apellate tribunal has overturned a decision of the I-T dept which sought to tax the country's largest carmaker under transfer pricing rules.
Bajaj Auto will be in focus today, the company says that approximately 915 workers reported to work yesterday and that they will produce 2,100 vehicles at chakan and 1,200 pulsar at Waluj.
Reports indicate that SpiceJet is in active discussions with Singapore-based budget carrier TigerAir for a possible stake sale even as they are set to sign a code share agreement soon Global action
In US, markets closed near session lows, with major averages logging their biggest declines since June, after two Federal Reserve presidents said the central bank could begin tapering its easy-money program as early as september. The CBOE volatility index ended above 12.
The US trade deficit fell 22.4 percent to USD 34.2 billion in June, narrowing to its lowest level in more than 3 and a half years.
Asian stocks fell to their lowest since mid-July early on Wednesday following a second day of losses on Wall Street as uncertainty about when the Federal Reserve will start to reduce stimulus kept a leash on market bulls, reported Reuters.
Hong Kong's Hang Seng slipped 0.26 percent or 56.83 points at 21,866.87. 
Japan's Nikkei plunged 2.28 percent or 328.91 points at 14,072.15.   South Korea's Seoul Composite declined 0.88 percent or 16.70 points at 1,889.92. 
In Europe, major indices close in the red on renewed fears in the US that the fed may start tapering in September.
The euro rises to 1.33 to the dollar. The dollar index slips below 82 mark. The dollar-yen is at sub 98 levels.
In commodities, Brent crude slips towards USD 108 and Nymex is soft around USD 105 per barrel.  From precious metals space, gold slips over 1.5 percent to sub USD 1300 an ounce.