Global markets at a glance

Asian stocks rose, headed for their highest close in four months. Shanghai Composite Index jumped 0.8 % after it resumed trading following a two-day holiday. Japan's Nik-kei share average fell 0.2 % on Friday, stepping back from two-month highs. The benchmark Nikkei shed 23.76 points to 14,742.42, after rising to as high as 14,816.65, its high-est intra-day level since July 23. The euro zone's blue-chip Euro STOXX 50, which on Thursday rose to a level not seen since mid-2011, slipped 0.3%, while Germany's DAX, off 0.2%, fell back from fresh all-time highs.

Wall Street Update

The Dow declined 1.19 %, the S&P inching lowered 0.72 % and the Nasdaq declined 0.39 %. A lacklustre trading activ-ity was observed in Wall Street post positive impact cre-ated by Fed. The indices ended the day on a mixed note while Dow Jones Industrial Average declined. Wall St slips as Fed officials weigh in; Dow drops 185 pts.

STOCKS IN NEWS

· Ranbaxy seeks to assuage shareholders' worries after USFDA ban.

· Tata Docomo's SME business growth at 20% in 2012-13

· Tata-Singapore Airlines tie-up seen reaffirming India aviation potential Nifty Future as expected closed in the green in the last trading session. We advice buying on dips around 5980-6000 with strict stop loss of 5940 for the targets of 6025-6050 levels.

COMMODITY ROUNDUP

All the base metals closed lower as nickel led the complex higher. The US Fed “no tapering” decision and encouraging data out of the US are positive for the complex. However, in short-term the complex is likely to consolidate its gains. Traders would be looking forward to China’s return Mon-day and the nation’s manufacturing data.

Copper prices recorded a jump than any other base metal last week after a statement from the US Federal Reserve The benchmark copper on London Metal Exchange (LME) touched a high of $7,368 per ton, the highest since August 27 last week. LME bench mark copper contract closed at $7,295 per ton on Friday while copper for December deliv-ery on Globex platform of Comex closed slightly down at $ 3.3205 per pound on Friday.

NCDEX ROUNDUP

Cooking oil refiners in India are seeking higher tariffs to curb cheaper imports that have eroded margins of compa-nies in the world’s second-largest consumer of the com-modity. India must increase the levy to 12.5 percent from 7.5 percent. Demands for higher levies may increase as international prices slump further. Palm, the world’s most-used cooking oil, may drop to the lowest level since 2009 by January as global supplies of edible oils expand and crude oil weakens, India will decide on the import tariff in 10 days, Food Minister K.V. Thomas said on Sept. 20.

CURRENCY ROUNDUP

Goldman Sachs now expects QE tapering process to start at December 2013 FOMC meeting and to conclude in Sep-tember 2014, three months later than before; GS’s base-line is that first step will consist of $10b cut in Treasury purchases.

Impact of FOMC announcement has started to come down as greenback stabilized and rebounded across the board. The market will now shift its focus on debt ceiling since they will run out of cash from first week of October. DXY index recovered by 0.43 % against basket of six major cur-rencies. DXY index traded within tight rage of 37 points after sharp selloff was seen in previous session. The price managed to stay above 80.00 mark for now but yet pres-sure on the price will be maintained.

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