Global markets at a glance

Japan's Nikkei share average edged down in choppy trade yesterday. The Nikkei dropped 0.1% to 14,732.61, moving away from a nine-week high of 14,816.65 hit last Friday. Hong Kong shares slid for a second day, hurt by Tuesday's weak mainland Chinese market and profit-taking from last week's strong gains after comments by U.S. Federal Re-serve officials deepened uncertainty on its stimulus reduc-tion plans. The Hang Seng Index ended down 0.8% at 23,179 points. The China Enterprises Index of the top Chi-nese listings in Hong Kong sank 1.1 %.

Wall Street Update

The S&P/Case Shiller composite index of 20 metropolitan areas rose 0.6 percent on a seasonally adjusted basis, a little slower than the 0.8 percent gain economists in a Reuters poll had expected and the 0.9 percent increase logged in June. Data from the U.S. Federal Housing Finance Agency showed U.S. home prices rose 1 percent in July from June.

MACRO NEWS

· India has objected to some of the clauses in the trade facilitation agreement and sought support for the de-veloping countries' food security proposal at the World Trade Organization (WTO).

· The boss of the $100-billion Tata conglomerate has ac-quired 105,000 shares of Indian Hotels, 64,000 shares of Tata Power, 33,000 shares of Tata Global Beverages and 14,500 shares of Tata Motors .

STOCKS IN NEWS

· Tatas say AirAsia kept in the loop on Singapore Airlines JV.

· Bank of Maharashtra opens 3 new rural branches in Hapur.

· Steel consumption to grow by around 5% in FY'14.

COMMODITY ROUNDUP

Copper prices in the global market continued their south-ward movement on Tuesday and were seen trading nega-tive. Comex copper futures on electronic trading was seen trading down by 1% at $3.265 per pound as of 15.37 IST. Copper on London Metal Exchange for delivery in three months was seen trading down by 0.96% at $7180 per metric ton as of 14.15 IST. Tracking a down trend on Comex India copper futures edged down and was seen trading down. MCX copper futures for November delivery was seen trading down by 1% at Rs.459.40 per kilogram as of 15.36 IST.

Gold futures continued their downward movement on Tuesday. Gold futures for December delivery on Globex platform of Comex was seen trading down by $7.5 at $1319.5 per troy ounce as of 14.36 IST. MCX gold futures for October delivery was seen trading down by 0.78% at Rs. 29641 per 10 grams as of 14.37 IST.

NCDEX ROUNDUP

India wheat futures recorded a negative trend on Tuesday as a result of selling pressure while maize (corn) futures technically recorded a slight up-tick on fresh buying sup-port. NCDEX wheat for October delivery was seen trading down by 0.58% at Rs.1546 per 100 kgs as of 12.29 IST on Tuesday.

Food grains production in India is estimated to rise margin-ally in the kharif (summer) season this year to 129.32 mn tons on good rain fall activities. Despite favorable forex prices, India exported only 1.31 lakh tons of wheat in Au-gust when compared to 4.79 lakh tons last year.

CURRENCY ROUNDUP

Rupee opened lower by 20 paisa or 0.32% against US dol-lar at Rs 62.80 compared to previous close of 62.20. The Indian rupee weakened for a third straight session on Tuesday as the surprise rate hike by the central bank last week tempered down the effect of the U.S. Federal Re-serve's decision to not taper its monetary stimulus just yet.

The rupee has continued to weaken since the Reserve Bank of India's decision to hike rates on Friday, but inter-mittent selling by exporters and corporate has ensured the unit does not fall very sharply.

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