Street may be ignoring TCS headwinds as the stock's peak valuation doesn't seem justified by BFSI weakness, likely higher US tax rates and stronger rupee, reports Ram Prasad Sahu.
Gold prices on Monday drifted by Rs 105 to trade at a three-week low of Rs 27,225 per ten grams.
The metal sees 10% drop in a month; it is expected to fall to about Rs 25,000/10g in the near future.
Reliance was the top gainer in the Sensex pack, surging over 3 per cent, followed by ICICI Bank, Bharti Airtel, Dr Reddy, Maruti and ITC.
The fall would have been much more pronounced, had there not been sustained capital inflows worth of over $100 million in equities, forex dealers said.
The RBI opened a forex swap window in August to meet the entire daily dollar requirements of three oil marketing companies as the rupee depreciated to an all-time low of 68.85 against the US currency.
How should one billion Indians, for whom deprivation has become an inescapable way of life, join us in celebrating 75 years of Independence? And where do we go from here? asks Kalyan Singhal.
The value of the index, adjusted from its all-time high for the relative loss in the rupee's value, is close to sub-10,000 levels.
Silver fell by Rs 500 to Rs 44,800 per kg on poor offtake by industrial units and coin makers.
Bullion traders said subdued demand at current levels and a weak global trend mainly pulled down both gold and silver prices.
The Finance Ministry's Economic Survey had projected a growth rate of 7-7.75 per cent.
IT major nears $100 bn m-cap, accounts for 61% of the group's combined valuation.
Sensex hit a record high of 27,225.85 and Nifty hit a record high of 8,141.90 in the intra-day trades today.
'The most important thing is that the psychological signal it is giving to the markets and international markets,' says former finance secretary Arvind Mayaram.
But their trajectory and direction have been largely influenced by politics and the political leadership's understanding of how the economy needs to be managed, explains A K Bhattacharya.
Tata Steel was the top loser in the Sensex pack, sinking over 5 per cent, followed by SBI, IndusInd Bank, Bajaj Finance, HDFC Bank and NTPC. NSE Nifty tanked 371 points to 16,614.20.
The previous record of gold price was Rs 32,900, set on September 14.
Repo rate may well end 2013 at 8 per cent, where it had begun the year.
Effective Monday, August 7, 2006 the United States consular sections in India will adjust the consular exchange rate from Rs 46 to the dollar to Rs 48 to the dollar.
Could plumb to 57 against the US dollar if macro dynamics continue to weaken.
Silver also recorded a sharp fall of Rs 1,000 to Rs 37,400 per kg.
gold prices fell by Rs 210 to Rs 26,600 per 10 grams.
Bullion merchants said besides increased buying by jewellers and retailers to meet festive season demand, costlier imports due to weakening of the rupee, led to the rise in gold prices.
Silver also reclaimed the Rs 34,000 per kg mark.
The United States' consular sections in India on Friday announced a hike in their service fees following recent depreciation in rupee value against the dollar.
The fall was led by banking stocks, with IndusInd Bank, Kotak Bank, Federal Bank, Axis Bank, ICICI Bank, HDFC Bank and SBI declining up to 2.36 per cent.
The net worth of India's richest man, Mukesh Ambani, dropped 28 per cent, or USD 300 million a day for two months to USD 48 billion as on March 31 due to the massive correction in stock markets, a report said on Monday. The chairman and managing director of the diversified Reliance Industries saw his wealth decline by USD 19 billion (app Rs 144,400 crores) in the February-March period, taking his global ranking down eight places to 17th, the Hurun Global Rich List said.
Traders said low-level buying by stockists and shifting of funds from weakening equity to rising bullion mainly boosted the sentiment.
The move came as the country badly needs capital inflows as the rupee comes under pressure
Richest 10 account for 41% of promoter wealth, up from 33% in December 2018, says Krishna Kant.
Is India really one of the cheapest nations to live in?
Today, they can't meet even the piffling capital norm set by Mint Road - Rs 5 crore for partnerships and Rs 10 crore for public and private firms in this line of business. Bulk of the trades are put through e-platform offerings of Reuters, Bloomberg, JPMorgan, Barclays or Deutsche Bank. And they have the web-based FXall, FXconnect, Atriax, Hotspotfx and LavaFX for company.
Globally, gold fell by 1.32 per cent to $1,125.40 an ounce and silver by 3.98 per cent to $14.11 an ounce in New York in yesterday's trade.
Silver also lacked necessary follow-up support from industrial units and coin makers and lost Rs 300 to end at Rs 43,000 per kg.
The Union government has collected Rs 94,181 crore through levy of excise duty on petrol and diesel in the first three months of the current fiscal on the back of a record tax on fuel that yielded 88 per cent higher revenue the previous financial year, the Lok Sabha was informed on Monday. Excise duty on petrol was hiked from Rs 19.98 per litre to Rs 32.9 last year to recoup gain arising from international oil prices plunging to multi-year low as pandemic gulped demand. The same on diesel was raised to Rs 31.8 from Rs 15.83 a litre, according to a written reply by Minister of State for Petroleum and Natural Gas Rameswar Teli in the Lok Sabha. This led to excise collections on petrol and diesel jumping to Rs 3.35 lakh crore in 2020-21 (April 2020 to March 2021), from Rs 1.78 lakh crore a year back, he said.
Five people in the know narrate the sordid story that is fast exploding into a pornography scandal, allegedly involving businessman Raj Kundra.
Silver also extended its losing streak for the seventh straight session and declined by Rs 350 to Rs 44,200 per kg.
In Friday's market rally post the corporate tax cut, the country's top business promoters recouped more than two-thirds of the losses that they suffered in the post-Budget sell-off in equity markets.
Globally, gold was trading 0.35 per cent lower at $1,267.20 an ounce in Singapore.
Silver too advanced by Rs 100 to 38,700 per kg.
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