The US Federal Reserve is set to increase rates faster than expected, with Fed Chair Janet Yellen saying that interest rates would be raised in the Fed's meeting in March if "conditions stay favorable". This has heightened worries among Asian and Indian investors that money will move back to the US to take advantage of higher interest rates. China in the meantime has lowered its growth target to "around 6.5%" in the midst of an economy struggling with industrial overcapacity and rising debt. 

Subscription for the Music Broadcast Limited IPO starts today, with analysts bullish on the prospective IPO. The IPO for MBL (which owns RadioCity), analysts say, is discounted compared to the larger listed peer Entertainment Network India Limited (ENIL) which operates radio stations under Radio Mirchi name. The IPO shares are in the price band of Rs. 324-333 per share.

Stock in spotlight: NALCO hits a new 52 week high today on a wave of good company news, including strong production numbers and an interim dividend announcement. 

Photo of the day: Jack Mckendrick, carrying his partner, Kirsty Jones, wins the 10th UK Wife Carrying Race in the UK. Gareth Fuller/PA