Global markets at a glance

Asian shares got off to a rocky start on Friday after a sharp
drop on Wall Street curbed enthusiasm for the dollar even
after it touched multi-year highs in the previous session.
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was down 0.3 percent in early trade,
poised for a weekly loss over 2 percent. Japan's Nikkei
stock average .N225 skidded 1.6 percent, on track to shed
more than 1 percent for the week, as a stronger yen exacerbated the risk-averse mood.

Wall Street

US stocks ended with sharp losses on Thursday, with the
S&P 500 suffering its biggest one-day decline since July, as
Apple tumbled and the dollar rose to a four-year high. The
day's decline was broad, with all ten primary S&P 500 sectors lower on the day and most down more than 1 percent.
About 80 percent of stocks traded on both the New York
Stock Exchange and Nasdaq ended lower. The DJI average
fell 264.26 pts, or 1.5%, to 16,945.80, the S&P 500 lost
32.31pts, or 1.6%, to 1,965.99 and the Nasdaq Composite
dropped 88.47 points, or 1.94%, to 4,466.75.

MACRO NEWS

Hindalco says -SC cancelling coal block allocation to have 1
-time impact on company of Rs 500 crore -Not expecting
the captive coal immediately.
Asian Development Bank (ADB) to sell 5.2 percent stake in
Petronet LNG via block deal today.
Steel companies have raised prices twice in the current
financial year but good days continue to elude them, with
the market showing reluctance to absorb any increase in
prices. In July and September, producers of flat steel, used
in white goods and consumer durables, had raised prices
by Rs 700 a tonne. On both occasions, the companies
could hardly pass on the increase, said a steel producer.
This is primarily because demand is yet to see any major
recovery.


STOCKS IN NEWS

JSW Energy to acquire 3 plants of JP Power.
Coal India must sign MoU on ‘best efforts basis’
where plants have power purchase agreements .
Cipla in sub-licensing agreement with MPP for Tenofovir Alafenamide
PFC to raise funds up to Rs 55000 crore.
India Cements Demerger proposal will be taken up for
the consideration of the board at its ensuing meeting
on September 26 (EGM)

COMMODITY ROUNDUP

In a setback to local producers, the prices of imported steel
have fallen about 20 per cent this month, as China has
dumped its produce here due to demand falling in that
country. By contrast, elevated iron ore prices have kept
steel on a firm footing in Indian markets. According to data
released by the Chinese customs showed that China's exports of stainless steel coils and sheets surged by 43.6 percent to 255268 tons in August compared to the same period a year ago. China's export key markets remained Taiwan and South Korea, which down by 19.4 percent and up
by 42.86 percent respectively compared to the previous
month. Exports to Italy rose by 13.6 percent to 22278 tons
on monthly basis. During the first eight months, China's
exports of stainless steel coils and sheets totaled 2.2 million tons, compared from 1.4 million tons in the corresponding period a year earlier.

CURRENCY ROUNDUP

The Indian rupee hit its lowest level in one-and-a-half
months on Thursday, weighed down by a sharp fall in the
domestic share market and demand for the greenback from
importers, but the central bank stepped in to limit further
losses. The central bank likely sold dollars via state-run
banks starting around 61.40 rupee levels to prevent a fur-
ther fall in the local currency.

The partially convertible rupee ended at 61.34/35 per dollar
compared with Wednesday's close of 60.96/97. The rupee
dropped to as low as 61.4150, its lowest level since Aug. 8.
It declined 0.6 percent on the day, its biggest single-day fall
since Sept. 15. Dollar demand from oil and other importers
to meet month-end import commitments also pressured

the rupee
.

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