Indian stock markets experienced a significant sell-off, with the Sensex tumbling over 1,300 points, driven by escalating crude oil prices due to US-Iran tensions and Prime Minister Narendra Modi's call for austerity measures, which amplified investor concerns about India's economic outlook.
India should not stay on the margins of this initiative. There should be a serious debate about what would be in India's best interests asserts former foreign secretary Shyam Saran.
Gold and silver prices are poised to maintain their record-setting rally in the coming week as investors focus on global inflation data and key macroeconomic indicators that shape central bank policy paths, analysts said.
Market sentiment is likely to remain cautious as investors position themselves for the upcoming Union Budget and the US Fed's interest rate decision, where expectations are muted.
Gold prices are expected to maintain their upward momentum though some consolidation could set in ahead of the US Federal Reserve's policy decision on September 17, analysts said. Traders will focus on the trade inflation data to gauge the impact of tariffs, inflation numbers from major economies including UK and Euro zone, along with monetary policy meetings of Bank of England and Bank of Japan which will provide more guidance for bullion prices, they added.
Shanghai Gold Exchange plans to open a centre at GIFT City, in partnership with BSE or NSE
India Ratings has in its latest report has maintained a bearish outlook for gold prices for the current financial year.
Gold is often considered a 'hedge' against an economic uncertainty.
Sun Pharma was the top loser in the Sensex pack, shedding 2.37 per cent, followed by HCL Tech, Reliance Industries, IndusInd Bank and L&T.
'China could place the currency on a par with global biggies. But it has to wait to be a serious challenger.'
Sensex closed the day 416 points higher.
BSE Midcap index outperformed the benchmark indices to end with 0.4% gains.
Former FIFA official Jerome Champagne formally announced on Monday that he will stand against incumbent Sepp Blatter in next year's election for president of the world soccer body.
American swimmer Michael Phelps, the most decorated Olympian of all time, was suspended for six months by USA Swimming on Monday following his recent arrest on a drunken driving charge.
It was the RBI which destroyed our $-job economy. It is for the RBI to resurrect it by instituting news ways of managing the INR, says Sonali Ranade
Keep exit plans handy, D-day could be the second week of August, writes Sonali Ranade in Market Notes.
FIIs pump in Rs 2,075 crore in past three trading sessions.
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