Peter Oppenheimer’s global research team at Goldman Sachs have come out with what they are calling two new BRIC Nifty 50 stock baskets. One of these so-called baskets covers companies in developed markets that have heavy BRIC exposure; the other consists of dependable emerging market firms.

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Source: FT Alphaville

If you travel to Mumbai and you will understand that the word NIFTY is also the name that Indian markets uses for its index.

The Federal Reserve on Wednesday signalled that it still expected to keep interest rates near zero for at least six months, but for the first time identified factors that could lead to earlier rate rises. Policymakers kept the “extended period” phrase but for the first time set out the conditions on which this guidance is based: “low rates of resource utilisation, subdued inflation trends and stable inflation expectations”. Ted Wieseman, an economist at Morgan Stanley, said investors were ”concerned that the FOMC is insufficiently vigilant about inflation risks.”

On Wednesday, the expected 10-year inflation rate rose to 2.13 per cent, its highest level since August 2008, having risen from 1.70 per cent in the past month. The yield on the 10-year Treasury note rose 5 basis points to 3.52 per cent, with dealers also wary of next week’s record $25bn sale of new 10-year notes.

After a knee-jerk bounce higher, the S&P 500 closed 0.1 per cent higher, after being up 0.9 per cent prior to the decision. With the FOMC maintaining its easy policy stance, the yield on the 10-year note briefly rose to 3.56 per cent from 3.51 per cent as investors sold longer-dated bonds.