The crucial Fed meeting that concluded while you were sleeping disappointed the street yet again. There was no mention of a stimulus package, referred to as the QE3 and this triggered sharp currency moves across the globe.

The euro went down to 1.3 per dollar, its lowest since January, post the fed meet. The dollar index stayed above 80, and the Yen moved up to 78. The rupee too plunged to a fresh lifetime low, breaching the 53-per-dollar mark.

In equities, a late rally yesterday pushed the Nifty over 4800 after three days of losses. The US market closed down 1% and Europe closed about half a percent down.

Asian markets have today opened marginally in the red, HangSeng down 0.7% and Nikkei down 0.6%. Shanghai too opened down 0.4% today.

In the commodity space, Brent was last trading at USD 109.2 per barrel and gold is down 1.5% today at USD 1638 per ounce.
The focus of the market however is going to be mainly on the OPEC meet scheduled for today apart from the Italian 5-yr bond sale today. Spanish bonds are up for sale tomorrow.

Back home, the government cleared three major anti-corruption legislations including - the judicial accountability bill, the citizen's charter bill and the whistleblowers bill yesterday, but the most anticipated legislation - the food security bill has been deferred to next week.

The lock-in period for infra bonds may be cut to 1-year from the previous 5 years. This is an attempt by the government to attract foreign inflows.

RBI yesterday allowed MFIs to tap overseas markets for funds. Micro-lenders will soon be able to borrow up to USD 10 million from overseas. This sure is good news for listed player SKS Microfinance . Watch out for trades on the stock.
Also, the DGH has proposed a formula to restrict RIL 's cost recovery in the KG-D6 fields. Sources say 1.2 billion dollars will be disallowed for FY12 and FY13 as per the formula.

Not to forget Atul Rai of IFCI who was caught up in a whirlwind of trouble regarding his appointment as the chief of the independant corporation. Experts say that even a loyalist of IFCI is likely to desert ship now.
More bad times for aviation. Media reports claim that Air India owes over Rs 41.7 bn to public sector oil companies in unpaid jet fuel bills.

IOC has said that its borrowings have risen to over Rs 790 billion as it lost a record Rs 2.27 billion per day on selling diesel, domestic LPG and kerosene at controlled rates. Also, newspaper reports say that the oil ministry has denied domestic natural gas to ONGC 's USD four billion project.

However, in a repreive to power distributors, Indias cabinet approved a Rs 84.7 billion National Electricity Fund to provide interest subsidy on loans for electricity distribution projects. The fund is expected to start in six months to a year's period.

Arvind has signed a deal with Germany-based Preiss Daimler to form a JV to make glass fabrics.
Meanwhile, Apollo Tyres's unit in South Africa agreed to pay a penalty of 45 million rand and admitted it was involved in price-fixing conduct

Natco Pharma  has passed a resolution to allot equity shares to qualified institutions, according to a regulatory filing.