New Delhi, Sept 19:Gold prices declined by Rs 303 to Rs 49,571 per 10 grams in the national capital on Monday amid weak global cues and rupee appreciation, according to HDFC Securities.
In the previous trade, the yellow metal had closed at Rs 49,874 per 10 grams.
Silver also dipped by Rs 197 to Rs 57,090 per kilogram from Rs 57,287 per kg in the previous trade.
The rupee appreciated 14 paise to 79.64 against the US dollar in early trade on Monday in line with its Asian peers and as the American currency retreated from its elevated levels.
In the international market, gold was quoting lower at USD 1,662 per ounce, while silver was flat at USD 19.28 per ounce.
“Gold prices extended loses as firm dollar and speculation ahead of US FOMC meet has pinned down investment sentiments on expectations of larger rate hike,” Tapan Patel, Senior Analyst (Commodities) at HDFC Securities, said. (AGENCIES)
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BIZ-RUPEE-CLOSE
Rupee falls 2 paise to close at 79.80 against US dollar
Mumbai, Sept 19:
The rupee pared its initial gains and settled 2 paise lower at 79.80 (provisional) against the US dollar on Monday, weighed down by the strength of the greenback in the overseas market.
At the interbank forex market, the local unit opened at 79.70 against the greenback. It witnessed an intra-day high of 79.59 and a low of 79.80 during the session.
It finally ended at 79.80, down 2 paise from its previous close of 79.78.
The dollar index, which measures the greenback’s strength against a basket of six currencies, rose 0.26 per cent to 110.05.
Brent crude futures, the global oil benchmark, declined 1.52 per cent to USD 89.96 per barrel.
“King Dollar has been on a rampage against the Chinese yuan and further weakening of the yuan will be a dangerous sign for risk markets and Asian currencies,” said Dilip Parmar, Research Analyst, HDFC Securities.
Along with the weak regional currencies, the rupee depreciated against the US dollar for the fourth day in a row. However, the momentum remained lacklustre in the rupee as the economy is better placed among Asian countries.
On the overseas front, risk assets extended their decline and the dollar rallied against major trading partners ahead of a busy week for global central banks, Parmar said, adding that in the near-term, spot USD-INR is expected to trade in the range of 79.05 to 79.90.
On the domestic equity market front, the BSE Sensex ended 300.44 points or 0.51 per cent higher at 59,141.23, while the broader NSE Nifty gained 91.40 points or 0.52 per cent to 17,622.25.
Foreign Institutional Investors (FIIs) were net sellers in the capital markets, as they offloaded shares worth Rs 3,260.05 crore on Friday, according to exchange data.
On the domestic macroeconomic front, gross direct tax collections grew 30 per cent to Rs 8.36 lakh crore till September 17 of current fiscal year on higher advance tax mop-up buoyed by the economic revival post pandemic, the finance ministry said on Sunday.
Meanwhile, the country’s foreign exchange reserves declined by USD 2.234 billion to USD 550.871 billion for the week ended September 9, the Reserve Bank of India (RBI) said on Friday. (AGENCIES)
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BIZ-STOCKS-CLOSE
Markets bounce back after 3-day fall; Sensex climbs 300 points
Mumbai, Sept 19:
Benchmark indices bounced back on Monday after a three-day fall, largely helped by buying in banking counters.
After a weak beginning, the 30-share BSE Sensex recovered the lost ground and ended 300.44 points or 0.51 per cent higher at 59,141.23.
During the day, it climbed 436.76 points or 0.74 per cent to 59,277.55.
The NSE Nifty went higher by 91.40 points or 0.52 per cent to close at 17,622.25.
From the Sensex pack, Mahindra & Mahindra, Bajaj Finance, State Bank of India, Hindustan Unilever, Nestle and Bajaj Finserv were among the major winners.
Tata Steel, ICICI Bank, Power Grid and ICICI Bank were among the laggards.
Elsewhere in Asia, markets in Seoul, Shanghai, Tokyo and Hong Kong ended lower.
European equity markets were also quoting in the negative territory. The US markets had ended lower on Friday.
Meanwhile, the international oil benchmark Brent crude declined 1.37 per cent to USD 90.10 per barrel.
Foreign institutional investors (FIIs) offloaded shares worth a net Rs 3,260.05 crore on Friday, according to data available with the BSE. (AGENCIES)
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