New Delhi, Aug 29:Gold price in the national capital fell Rs 365 to Rs 51,385 per 10 grams on Monday reflecting a decline in international precious metal prices along with rupee depreciation, according to HDFC Securities.
The yellow metal had closed at Rs 51,750 per 10 grams in the previous trade.
Silver also plunged by Rs 1,027 to Rs 55,301 per kg from Rs 56,328 per kg in the previous trade.
The rupee depreciated 31 paise to an all-time low of 80.15 against the US dollar in early trade on Monday, tracking the strength of the American currency and firm crude oil prices.
In the international market, gold was quoting lower at USD 1,721 per ounce, while silver was flat at USD 18.62 per ounce.
“Gold prices extended fall pressured by stronger dollar and hawkish Fed,” said Tapan Patel, Senior Analyst (Commodities) at HDFC Securities. (AGENCIES)
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BIZ-STOCKS-CLOSE
Markets fall over 1 pc
on weak global cues
Mumbai, Aug 29:
Benchmark indices fell over 1 per cent each on Monday in sync with weak global markets and a sharp fall in IT stocks.
The BSE benchmark Sensex tanked 861.25 points or 1.46 per cent to settle at 57,972.62. During the day, it tumbled 1,466.4 points or 2.49 per cent to 57,367.47.
Similarly, the NSE Nifty fell 246 points or 1.4 per cent to 17,312.90.
Tech Mahindra was the biggest loser in the Sensex pack, shedding 4.57 per cent, followed by Infosys, Wipro, HCL Technologies, Tata Consultancy Services, Kotak Mahindra Bank, Tata Steel, Axis Bank, ICICI Bank and State Bank of India.
On the other hand, Maruti, Nestle, Asian Paints, ITC, M&M and Hindustan Unilever were among the gainers.
Elsewhere in Asia, markets in Seoul, Tokyo, and Hong Kong settled lower, while Shanghai ended marginally higher.
Stock markets in Europe were trading lower during mid-session deals. The US markets had ended significantly lower on Friday.
“Jerome Powell’s hawkish tone during the Jackson Hole symposium pointed towards a stricter rate hike while investors were expecting a milder policy action post the release of the softer July inflation reading. This has increased concern about an economic slowdown, which has caused a significant sell-off in the US market and spillover effects on markets around the world.
“The sell-off in emerging markets like India was exacerbated by concerns over the possible withdrawal of foreign funds, which was the backbone of the recent market rally,” said Vinod Nair, Head of Research at Geojit Financial Services.
Meanwhile, the international oil benchmark Brent crude climbed 0.79 per cent to 101.8 per barrel.
Foreign institutional investors (FIIs) offloaded shares worth Rs 51.12 crore on Friday, according to exchange data. (AGENCIES)
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BIZ-RUPEE-CLOSE
Rupee falls 10 paise to close at 79.94 against dollar
Mumbai, Aug 29:
After hitting all-time low, the rupee recovered some of its losses to settle 10 paise down at 79.94 (provisional) against the US dollar on Monday, tracking the strength of the American currency and firm crude oil prices.
At the interbank foreign exchange market, the local currency opened at 80.10 and fell to its all-time low of 80.15 against the US dollar in intra-day trade.
The local unit finally settled at 79.94 a dollar, down 10 paise over its previous close of 79.84.
On July 20, the rupee for the first time closed below the 80-mark at 80.05 against the American currency.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.28 per cent higher at 109.10, after Federal Reserve Chair Jerome Powell adopted a hawkish tone to battle inflation.
According to Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas, the rupee depreciated and touched an all-time low on a strong dollar and deteriorating global risk sentiments.
Global markets fell sharply by more than 2 per cent amid a hawkish speech by US Fed Chair Jerome Powell.
“We expect the Rupee to trade on a negative note on the strong Dollar and weak global market sentiments. Concerns over global economic slowdown and inflation worries may also put pressure on Rupee,” Choudhary said.
Choudhary further noted that markets may also remain cautious ahead of India’s GDP, manufacturing PMI and trade deficit data later this week.
Traders may also remain alert ahead of US consumer confidence, ISM Manufacturing PMI and non-farm payrolls data this week, Choudhary said.
“USD/INR spot price is expected to trade in a range of Rs 79.20 to Rs 80.80 in the next couple of sessions,” Choudhary added.
Brent crude futures, the global oil benchmark, rose by 0.64 per cent to USD 101.64 per barrel.
On the domestic equity market front, the BSE Sensex ended 861.25 points or 1.46 per cent lower at 57,972.62, while the broader NSE Nifty declined 246.00 points or 1.4 per cent to 17,312.90.
Foreign institutional investors were net sellers in the capital market on Friday as they offloaded shares worth Rs 51.12 crore, as per stock exchange data. (AGENCIES)
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