Gold prices today jumped sharply by Rs. 680 to Rs. 27,050 per ten grams in the bullion market in Delhi on heavy buying by stockists and retail customers amid a sharp rebound on the global front.
The rupee on Tuesday strengthened by 16 paise to trade at 54.95 against the dollar at the Interbank Foreign Exchange on selling of the US currency by exporters.
Falling for the second day, the Sensex today slid by over 112 points to close at one-week low of 20,111.61, mainly due to profit booking in interest rate sensitive sectors including realty, auto and banking.
Despite concerns over the payment dues from power utilities including NTPC and resistance from employees within the company, the department of disinvestment (DoD) may go firm with its plans to disinvest another 10% in state-owned Coal India Limited (CIL) in the next few months. Anupama Airy reports.
Standard Chartered India today said it has agreed to acquire the private wealth management business of Morgan Stanley India for an undisclosed amount, subject to regulatory approvals.
Gold futures in India are likely to fall past their lowest level in a month, weighed by expectations of a strong dollar, dimming the yellow metal's appeal as an alternative investment.
The rupee weakened by 10 paise to 54.98 against the dollar on the Interbank Foreign Exchange market in early trade today.
Falling for first time in five sessions, Sensex today retreated from 30-month high levels by losing 62 points to close at 20,223.98 on profit booking in blue-chips like Bharti Airtel, ONGC, ICICI Bank and Cipla.
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.