Global markets at a glance

Global shares slipped to a one-month low as markets braced
for a Federal Reserve meeting, when investors will be looking for clues on whether the US central bank could raise interest rates sooner than previously expected. The MSCI
which tracks shares in 45 countries, was down 0.2 % after
hitting its lowest level since mid-August earlier in session.
In Europe, the benchmark FTSEurofirst 300 was down 0.4%.
Speculation that the Fed could raise interest rates sooner
and faster than previously expected has rattled share markets around the globe and supported US dollar. Nikkei share
average edged up early on Wednesday after U.S. shares rebounded on expectations the Federal Reserve will keep
rates low after its two-day policy meeting ends later in the
day. Nikkei share average rose 0.1 % to 15,925.68 in mid-morning trade, after shedding 0.2 % the previous day.

Wall Street

US stocks rose on Tuesday and the S&P notched its best performance in a month after a report shifted investor expectations for the Federal Reserve's policy statement due on
Wednesday. After a sluggish start to trading, major indexes
rallied. The Dow Jones industrial average gained 100.83
points, or 0.59%, to 17,131.97, the S&P 500 rose 14.85pts,
or 0.75 %, to 1,998.98 and the Nasdaq Composite added
33.86 points, or 0.75 %, to 4,552.76.

MACRO NEWS

BJP suffered a jolt in Rajasthan winning just one of the
four seats and ceded ground to SP in UP in the bypolls
results announced today. In UP, SP won seven of the 11
Assembly seats and was leading in another, while the saffron party bagged one seat in the bypolls.
Rates of iron ore went up sharply in a price discovery auction conducted by Odisha Mining Corporation (OMC) earlier this month . The quoted price is nearly 45 per cent
more than the highest selling price of Rs 3,526 per tonne
in the previous quarter (July-September) and 62 per cent
higher than the benchmark price in the quarter before
that (April-June). The auction participants have demanded
that since the price quoted by Electrosteel is invalid, the
second highest bid price of Rs 3,800 per tonne should be
considered as the benchmark price for October-December
quarter.

STOCKS IN NEWS

GMR to raise Rs 1,500 crore through Rights Issue.
The Jharkhand government has shut five bauxite mines
of Hindalco Industries, flagship company of the Aditya
Birla Group.
JSW Steel submits binding bid for rolling mills of Piombino Plant.
Gail India -Board to mull borrowing limit up to Rs 2000
crore today.
IDFC says to allot 7.30 crore shares at Rs 137/share to
QIBs.

COMMODITY ROUNDUP

Gold futures traded a shade higher at Rs 27,030 per ten
gram yesterday as speculators indulged in building up fresh
positions amid a firming trend overseas before the US Fed-
eral Reserve begins a two-day policy meeting today. At the
MCX, metal prices for delivery in October moved up by Rs
31, or 0.11%, to trade higher at Rs 27,030 per ten gram, in a
turnover of 77 lots. December gold gained Rs 16, or 0.06%,
to Rs 27,231 per 10 gm, in a business volume of one lot.
Gains in the precious metal at futures trade to a firm trend
in the overseas markets as investors assessed the health of
the US economy before the Federal Reserve begins a two-
day policy meeting yesterday. Globally, gold rose 0.40%, to
$1,238.58 an ounce in Singapore yesterday.

CURRENCY ROUNDUP

The U.S. dollar nursed modest losses early on Wednesday,
having suffered an unexpected setback as jitters mounted
hours before the Federal Reserve offers its latest guidance
on interest rates. Sellers emerged after the Wall Street Journal's Fed watcher said the U.S. central bank may keep the
words "considerable time" in its policy statement following
the Sept 16-17 meeting. Markets have been bracing for a
more hawkish tone and many were looking for the Fed to
drop its promise to keep rates near zero for a "considerable
time" after ending its bond-buying program.

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