New Delhi, Dec 14: Gold prices rose by Rs 318 to Rs 54,913 per 10 grams in the national capital on Wednesday amid strong global trends, according to HDFC Securities.
In the previous trade, the precious metal closed at Rs 54,595 per 10 grams.
Silver also climbed Rs 682 to Rs 69,176 per kg.
“The gold price was steady in the Asian trading session after prices surged to a more than five-month high in the previous session on the back of softer-than-expected US consumer inflation,” said Dilip Parmar, Research Analyst at HDFC Securities.
In the international market, gold was trading in green at USD 1,808.2 per ounce while silver was up at USD 23.70 per ounce.
“After the release of the CPI data, the dollar index dropped more than 1 per cent to a nearly six-month low; whereas benchmark U.S. Treasury 10Y yield also slipped. The market’s focus now shifts to Fed’s rate hike decision, which is scheduled to be announced later today,” Navneet Damani, Senior VP – Commodity Research at Motilal Oswal Financial Services said. (AGENCIES)
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BIZ-RUPEE-CLOSE
Rupee rises 15 paise to close at
82.45 against US dollar
Mumbai, Dec 14:
The rupee gained 15 paise to settle at 82.45 (provisional) against the US dollar on Wednesday, as a positive trend in domestic equities and easing inflationary pressures strengthened investor sentiment.
Besides, a weak greenback against its major rivals overseas and softening crude oil prices supported the domestic unit, forex traders said.
At the interbank forex market, the local unit opened flat at 82.60 against the greenback and witnessed an intra-day high of 82.40 and a low of 82.71.
It finally ended at 82.45 against the American currency, registering a rise of 15 paise over its previous close of 82.60.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, declined 0.28 per cent to 103.69.
On the domestic equity market front, the BSE Sensex ended 144.61 points or 0.23 per cent higher at 62,677.91, while the broader NSE Nifty advanced 52.30 points or 0.28 per cent to 18,660.30.
Brent crude futures, the global oil benchmark, slipped 0.26 per cent to USD 80.47 per barrel.
The US inflation for November was recorded at 7.1 per cent annually against an annual gain of 7.7 per cent in October, triggering hopes that the US Federal Reserve might be less hawkish in raising interest rates.
The Fed is widely expected to raise its benchmark rate by 0.50 percentage points on Wednesday.
Meanwhile, retail inflation in India dipped below the RBI’s upper tolerance level of 6 per cent for the first time in 11 months in November as softening prices of food items brought relief, but the central bank may wait for more data before pausing hikes in interest rates.
Foreign institutional investors (FIIs) turned net buyers in capital markets on Tuesday as they bought shares worth Rs 619.92 crore, according to exchange data. (AGENCIES)
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BIZ-STOCKS-CLOSE
Markets settle higher for 2nd day
Mumbai, Dec 14:
Benchmark indices Sensex and Nifty ended with gains on Wednesday, extending the previous day rally amid lower level of inflation on domestic front and better-than-expected inflation readings from the US.
The 30-share BSE Sensex climbed 144.61 points or 0.23 per cent to settle at 62,677.91. During the day, it jumped 301.81 points or 0.48 per cent to 62,835.11.
The broader NSE Nifty advanced 52.30 points or 0.28 per cent to end at 18,660.30.
From the Sensex pack, Tech Mahindra, Tata Steel, NTPC, IndusInd Bank, State Bank of India, Power Grid, HCL Technologies, Tata Consultancy Services and Larsen & Toubro were the major winners.
Nestle, Bharti Airtel, ICICI Bank, Asian Paints, Hindustan Unilever and UltraTech Cement were among the laggards.
“Better-than-expected inflation readings from major global economies, combined with increased appetite for IT stocks, aided the domestic market’s bullishness. US CPI inflation easing to 7.1 per cent in November will lower the chances of the Fed being hawkish. Though the Fed is largely expected to raise rates by 50 basis points, their comments on future inflation and rate actions would dominate market movements,” said Vinod Nair, Head of Research at Geojit Financial Services.
Elsewhere in Asia, equity markets in Seoul, Tokyo, Shanghai and Hong Kong ended in the positive territory.
Equity exchanges in Europe were trading lower in mid-session deals. The US markets had ended higher on Tuesday.
The wholesale price-based inflation fell to a 21-month low of 5.85 per cent in November as prices of food, fuel and manufactured items softened.
“All eyes will be on the US Federal Open Market Committee (FOMC) meeting on interest rate later in the day, as the outcome would set the tone for the rest of the equity markets across the globe,” said Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities Ltd.
International oil benchmark Brent crude dipped 0.06 per cent to USD 80.63 per barrel.
Foreign Institutional Investors (FIIs) turned buyers as they bought shares worth Rs 619.92 crore on Tuesday, according to exchange data. (AGENCIES)
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