The US Federal Reserve has promised a rate hike which is likely to be announced today, with more rate hikes in the coming months. This means that the advantages that India, China and other Asian markets have may be pared down as money leaves Asian shores for the US to take advantage of higher interest rates. While the immediate rate hike in March is likely priced in by the markets, investors will be waiting to hear what Fed Chief Janet Yellen says about future hikes. The Federal Reserve has previously hinted that more hikes may be forthcoming. 

The income tax department has launched criminal prosecutions against alleged tax evaders by initiating 570 cases, 3x more than the previous year. An estimated 1,200 applications from people accused of evading taxes have also been filed, "seeking mercy" from authorities. One such case according to the department is from a Telangana MLA with approximately Rs. 500 crore in unaccounted income. 

Stock in spotlight: JSW Steel, which announced its February production numbers today, marking a production growth of 25% compared to February 2016 in crude steel, and growth of 23% and 8% in flat and long rolled steel products. 

Photo of the day: Students in Thailand feed elephants with pineapple during National Elephant Day celebrations. Chalwat Subprasom/Reuters