Silver also recovered by Rs 500 to Rs 37,300 per kg.
Silver also saw a hefty rise of Rs 900 to Rs 42,100 per kg on increased offtake by industrial units and coin makers.
Traders said reduced offtake by retailers and stockists at prevailing higher levels mainly kept pressure on gold and silver prices.
Bullion traders said besides increased buying by jewellers and retailers to meet festive season demand, a firming global trend amid escalating tensions over Ukraine has raised demand for a safe-haven, resulting into influence on gold prices here too.
While gold fell by Rs 250 to Rs 30,250 per ten grams, silver lost Rs 475 to Rs 49,025 per kg on reduced offtake by jewellers and industrial units.
Gold prices plunged by Rs 200 to trade at Rs 27,000 per 10 grams at the bullion market on Thursday.
Morgan Stanley has increased the target prices of certain information technology (IT) stocks by as much as 29 per cent, anticipating an improvement in earnings in the near future. Within the IT and engineering research and development (ER&D) services sector, it is now more optimistic about growth and margin estimates for 2024-25 (FY25).
Indian markets rose 19 per cent in the first half of this financial year, the best performance by any market during this period, globally.
Silver also recorded a sharp fall of Rs 1,000 to Rs 37,400 per kg.
Silver, however, held steady at Rs 44,900 per kg in restricted buying activity from industrial units and coin makers.
Indices across Indian equity markets have edged towards new record highs before undergoing a small correction in the past few sessions. The National Stock Exchange Nifty has gained 20 per cent in the past year; mid-caps (up 33 per cent), small-caps (up 31 per cent), and micro-caps (up 44 per cent) have done better. Several factors have precipitated this rally.
Traders said profit selling by stockists emerged after a rally in the previous session mainly pulled down gold and silver prices.
With the Nifty50 just about 3 per cent away from its all-time closing high of 18,812 points, analysts at BofA Securities suggest investors book profit. Their reasons for the advice include risks like the possibility of a cut in corporate earnings growth forecasts, high valuation (one-year forward P/E of 19.5x), interest rates staying elevated for longer-than-expected and credit tightening. Going ahead, they expect the Nifty50 index to drop to 16,000 levels - down nearly 12 per cent from the current level of 18,255 points, which they believe would be a good time to buy.
Silver recovered by Rs 100 to Rs 36,950 per kg.
Marketmen said increased buying by jewellers and retailers to meet the festive season demand amidst a firming global trend mainly kept precious metals higher.
President Biden has been forced to turn his attention to domestic politics, as he works to hash out a deal with Republicans to prevent the US from defaulting on its debts at the end of this month.
'If individual stocks start falling 25% to 30% or more, then I doubt how many of them will be able to withstand that (kind of selloff). That is when you'll see panic coming in.'
Silver regained the Rs 35,000 per kg mark by gaining Rs 660.
The 55 basis point (bps) spike in the US 10-year bond yield, triggered by a combination of FOMC's hawkish commentary and BOJ's relaxation of the yield control curve (YCC) has made analysts cautious on Asian equities and expect them to trade sideways in the short-to-medium term.
Macroeconomic data announcement, Omicron situation and global trends will be the major driving factors for the equity market in the first week of the new year 2022, according to analysts. In what turned out to be a historic year, the Indian stock indices went past multiple milestones and the 30-share Sensex made an annual gain of 10,502.49 points or 21.99 per cent in 2021. Religare Broking Vice-President (Research) Ajit Mishra said, "This week marks the beginning of a new month and participants will be closely eyeing some crucial high-frequency data like monthly auto sales, India manufacturing PMI and India services PMI. "Besides, updates on the COVID-19 situation and performance of global markets will also be critical."
Diana Edulji becomes the first Indian female inducted into the ICC Hall of Fame.
'We suggest investors with suitable risk appetite to consider allocating 40-50 per cent in large-caps, 25-30 per cent of funds in quality mid and small-caps and the rest in debt and high yield products.'
An improvement in political relations, anchored in a restoration of peace and tranquillity at the border, could open up opportunities for expanded economic and commercial relations between them, suggests former foreign secretary Ambassador Shyam Saran.
'The biggest risk to the Indian markets from a 12-18-month view is that the current government does not get re-elected, or loses in a way that is not represented at all in the next central government.'
Traders said rebound in gold prices was mostly in tandem with a firming global trend on speculation that prices near a two-month low will spur purchases.
Rebalance your portfolio in case it has become overweight on equities vis-a-vis your strategic asset allocation.
Technically speaking, US equities have seen net losses since January. India is strongly influenced by US trends.
The demand for gold is expected to take a hit if the price of the yellow metal - which has been hovering around Rs 60,000, a level never seen before - remains elevated. Due to a sharp increase in price in a very short time and the flow of smuggled gold continuing, gold price in Mumbai is quoted at around Rs 59,000 per 10 gram. Typically, overall demand in the January-March and July-September quarters is moderate-to-dull, which is the case in the ongoing period.
Silver also fell by Rs 400 to Rs 41,000 per kg on poor offtake by industrial units and coin makers.
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.
Gold gained Rs 220 on Tuesday.
On the domestic front, gold of 99.9 and 99.5 per cent purity slipped by Rs 35 each to Rs 28,330 and Rs 28,130 per 10 grams, respectively. Sovereigns also fell by Rs 100 to Rs 24,300 per piece of eight grams.
From the seas to the stars, this partnership will now be deepened by the defining role of technology, the statement said.
'The world is watching carefully. The choices India makes today have consequences beyond its borders.'
Muraleedharan said that terrorist groups such as Al-Shabaab have put in place elaborate revenue collection networks, to support their terrorist activities.
Bank of Baroda Q4 results: Key brokerages have raised their target prices on Bank of Baroda after the state-owned lender posted better-than-expected March quarter (Q4FY23) results. Analysts now see up to 29 per cent upside in the stock from a one-year perspective as they believe BoB is well-placed among the large public banks with nearly all key business metrics moving closer to the top-tier banks. Valuations, too, remain attractive despite steady strong quarterly performances.
These stocks offer the best combination of maximum 'buy' recommendations from brokerages and share price upside over the next 12 months.
Every country is a free trader when it sees advantage, and a trade warrior when it does not, says T N Ninan.
10 non-bank and non-finance stocks from the BSE500 Index universe that offer an optimal blend of low valuation, reasonably robust revenue and earnings growth in recent quarters, a strong balance sheet, and most importantly, positive cash flow from their operations.
Gold plunged by Rs 120 to Rs 30,810 per ten gram, while silver lost Rs 280 to Rs 49,670 per kg on falling demand among industrial units and coin makers.
