Tag: gold updates

A bad day for Indian markets; Sensex down by 900 points while Nifty ends below 14k mark, BFSI News, ET BFSI

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At close, the Sensex was down 1.94% at 47,409.93, and the Nifty was down 1.91% at 13,967.50. About 1053 shares have advanced, 1809 shares declined, and 141 shares are unchanged. Nifty bank index traded red at Rs 30,284 down by 2.93%, while BSE Bankex ended at 34,334 down by the same percentage.

Amongst the top losers were- Axis Bank at Rs 632 down by 3.99%, followed by HDFC Bank at Rs 1,409 (-3.64%), Induslnd Bank at Rs 820 (-3.42%), ICICI Bank at Rs 522 (-2.92%), PNB at Rs 33 (-2.34%), SBI at Rs 275 (-1.89%),Bandhan Bank at Rs 303 (1.89%) and Kotak Mahindra Bank at Rs 1,765 (-1.66%). While all the major indices traded in the red, Bank of Baroda traded higher at Rs 74 adding 0.27%.

Nifty Financial Services ended at 14,723 down by 2.77%. Amongst the top losers were HDFC at Rs 2,467 down 3.31% followed by Cholamandalam at Rs 410 (-2.40%), Power Finance at Rs 111 (-2.36%), Indiabulls Hsg at Rs 197 (-1.76%),Bajaj Finance at Rs 9,126 (-0.79%).

Other key takeaways

India’s GDP to contract 8% in FY21: FICCI Survey
India’s gross domestic product (GDP) is expected to contract by 8 per cent in 2020-21, according to the latest round of FICCI’s Economic Outlook Survey.

The annual median growth forecast by the industry body is based on responses from leading economists representing industry, banking and financial services sector. The survey was conducted in January. The median growth forecast for agriculture and allied activities has been pegged at 3.5 per cent for 2020-21.


Expert views on the latest IMF‘s GDP projection

Gaurav Garg, Head Research, CapitalVia Global Research Limited – Investment Advisor:
“The IMF on Tuesday projected an impressive 11.5% growth rate for India in 2021, making the country the only major economy of the world to register double-digit growth this year amidst the coronavirus pandemic. This projection could help the Indian market attract more foreign investors which could eventually help the economy to recover even faster.”

V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services:
“IMF revising global GDP growth upwards to 5.5% and India’s growth to 11.5% in 2021 is good news. The sharp turnaround in growth will ensure that the current trend of impressive corporate results will sustain. On the negative side, we had two consecutive days of FII selling in the market. It appears that the market is a bit apprehensive of some budget tax proposals which may not be market-friendly.”

Gold Updates
COMEX gold trades 0.3% lower near $1845/oz after a 0.2% decline yesterday. Gold is pressurized by increasing debate about the US stimulus package and position squaring ahead of the Fed’s monetary policy meeting.

Technically, MCX Gold April is holding a resistance near 49500 levels where its immediate support is at 48900 levels. It could trade within these ranges. MCX Silver March is trading near 66500 level and above which will continue its bullish rally up to 67200-67900 levels. Support is at 65800-65000 levels.

Domestic gold and silver ended flat on Monday. Indian markets are shut on Tuesday on account of Republic Day holiday. Domestic bullion could trade flat-to-marginally lower this Wednesday morning, tracking the international prices.

Bank of Baroda Q3:
Company’s net profit was at Rs 1,061.1 crore in the quarter ended December 2020 against loss of Rs 1,407 crore in the same quarter last year. It net interest income (NII) was up 8.6% at Rs 7,749 crore versus Rs 7,132 crore, reported CNBC-TV18. Its gross NPA was at 8.48% versus 9.14% and net NPA was at 2.39% versus 2.51%, QoQ.

Rupee Updates
Indian rupee erased most of the intraday gains and ended near the day’s low level at 72.92 per dollar, amid profit booking saw in the domestic equity market.It opened flat at 72.94 per dollar against Monday’s close of 72.95 and traded between 72.78-72.94.



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Nifty ends above 14,500 aided by financials; Sensex jumps 800 points, BFSI News, ET BFSI

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At close, the Sensex was up 1.72% at 49,398.29, and the Nifty added 1.68% at 14,521.20. About 2077 shares have advanced, 861 shares declined, and 139 shares are unchanged. Nifty bank index traded green at Rs 32,424 adding 1.94%, while BSE Bankex ended at 36,730 up by 1.95%.

Amongst the top gainers were- IDFC First Bank at Rs 50 adding 7.50, followed by RBL Bank at Rs 254 (-4.03), Bank of Baroda at Rs 75 (3.70%), PNB at Rs 36 (2.96%), ICICI Bank at Rs 546 (2.49%), Kotak Mahindra Bank at Rs 1,887 (-2.17%), Bandhan Bank at Rs 362 (1.77%).

Nifty Financial Services ended at 15,614 adding 2.41%. Amongst the top gainers were Cholamandalam at Rs 437 adding 7.01% followed by Bajaj Finserv at Rs 8,924 (6.82%), Indiabulls hsg at Rs 240 (6.75%),Bajaj Finance at Rs 4959 (5.07%) and Power Finance at Rs 122 (4.17).

Other key takeaways

Indian Railway Finance Corporation IPO subscribed fully:
The public offer of Indian Railway Finance Corporation has been subscribed 1.01 times on January 19, the second day of bidding, largely supported by retail investors so far. The IPO has received bids for 126.7 crore equity shares against offer size of over 124.75 crore equity shares (excluding anchor book portion), the subscription data available on the exchanges showed.

The portion set aside for retail investors witnessed subscription of 1.95 times and that of employees 18.27 times, while the reserved portion of non-institutional investors was subscribed 17.4 percent and that of qualified institutional buyers 0.02 percent.

Gold Updates
Gold prices on the MCX in the futures market were weak by a tad and this is in line with international gold pricing. At around 11:38 am, gold on the MCX quoted down by Rs. 44 or 0.09% at Rs. 48850 per 10gm. Silver on the other hand was firm at Rs. 65507 per kg.

Internationally price of gold has gained as a larger US bail-out outweighs any firmness in the dollar. Furthermore, back in India the roll out of the coronavirus vaccine which began on January 16, 2021 is seen as a positive propelling risk sentiment and in turn taking the sheen out of safe haven assets such as gold.

Rupee Updates
Indian rupee erased some of the gain but still traded higher at 73.22 per dollar, amid buying seen in the domestic equity market. It opened 11 paise higher at 73.17 per dollar against previous close of 73.28. The dollar-rupee January contract on the NSE was at Rs 73.32 in the last session. The open interest increased almost 15% in the February series while marginal decline was seen in January series contracts.

Wall Street ends higher:
U.S. stock futures moved higher early Tuesday as Wall Street looked to bounce back from a rough week ahead of President-elect Joe Biden’s inauguration. Futures contracts tied to the Dow Jones Industrial Average rose 166 points. Those for the S&P 500 and the Nasdaq 100 also traded in positive territory.

The move in futures comes after a slump for equities last week. The Nasdaq Composite and S&P 500 lost 1.5%, while the Dow was off 0.9%, respectively. It was the worst week for the three major indexes since October.



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