Markets

The rupee weakened by 10 paise to 54.98 against the dollar on the Interbank Foreign Exchange market in early trade today.

Stock markets may witness some consolidation this week after key indices closed at fresh multi-year highs and corporate earnings from SBI, Tata Steel and Larsen & Toubro will decide the course, experts said.

The rupee today lost 21 paise to 54.98 against the dollar in early trade on the Interbank Foreign Exchange due to appreciation of the US currency against euro overseas.

Gold futures prices today fell by 0.31% to Rs. 26,050 per 10 grams as participants indulged in reducing exposures, largely in tandem with a global trend where the metal dipped to one-month low.

Shares in JM Financial Ltd rose as much as 10% at the pre-open today after the company said on Thursday former Citigroup chief executive Vikram Pandit is buying a stake in the Indian financial services company.

The BSE Sensex snapped a four-day winning streak today, retreating from near 2-1/2-year highs as investors booked profits in rate-sensitive stocks such as ICICI Bank, while drugmakers were hit by worries about the country's new drug pricing policy.

Many Indians have rushed to buy gold following the fall in prices. But they may have to wait a long time for anticipated returns to materialise. Analysts said the yellow metal is unlikely to rise any more. Sachin Kumar reports.

Gold prices fell to a one-month low today, confirming a downward journey of the yellow metal being weighed as an inflation hedge. The metal lost Rs. 500 to Rs. 26,800 per 10 grams as stockists sold their inventories amid weak global trends.

The rupee today rose by 10 paise to 54.68 against the dollar in early trade at the Interbank Foreign Exchange today on increased selling of the US currency by exporters and banks.

Rising for the third straight session, the BSE benchmark Sensex today rose by over 34 points to 20,247.33 to hit a fresh 28-month high on buying mainly in realty, oil & gas, healthcare and banking stocks, amid strong foreign capital inflows.

Gold today witnessed its second biggest loss this year of Rs. 600 to Rs. 27,300 per 10 grams due to reduced offtake amid weak global trend.

Market regulator Sebi has found that Ford Brothers had executed manipulative trades in shares of Nandan Exim on behalf of one of its clients, thereby violating norms related to fraudulent trade practices.

The rupee today rose by five paise to 54.76 against the dollar in early trade at the Interbank Foreign Exchange on selling of the US currency by exporters. The rupee had lost eight paise to close at an over 1-month low of 54.81 against the dollar yesterday.

Leading stock indices jumped 2.5% on Wednesday to take shares to 28-month highs after RBI governor D Subbarao gave a clear indication that interest rates might dip further, strengthening a spirit already buoyed by a global rally in stocks.