Equity benchmark index Sensex on Wednesday crashed over 900 points to sink below the 73,000 level due to widespread selling pressure amid a sharp fall in smallcap and midcap indices. Besides, deep losses in utility, energy and metal stocks and recent selling by foreign investors added to the gloom, analysts said. Benchmark indices started the session on a positive note, but the selling intensified during afternoon trade, with all sectoral indices ending in the red.
On the domestic front, gold of 99.9 and 99.5 per cent purity plunged further by Rs 375 each to Rs 28,350 and Rs 28,150 per 10 grams, respectively. Sovereigns continued to be asked around previous level of Rs 24,400 per piece of eight grams in scattered deals.
Traders said sentiment in gold remained bearish as the metal extended a decline from the highest level in more than three months in global markets amid expectations that Federal Reserve minutes will show policy makers backing further stimulus cuts.
Investors pumped Rs 491 crore in gold exchange traded funds (ETFs) in February as they seem be taking advantage of the lower domestic prices caused due to declining international rates, appreciating rupee and reduction in custom duty. This came following a net investment of Rs 625 crore in January and Rs 431 crore in December. Prior to this, gold ETFs had seen an outflow of Rs 141 crore in November, data available with Association of Mutual Funds in India showed.
The Netherlands won their fourth Olympics women's hockey title, beating Argentina 3-1 in the final at the Tokyo Games on Friday.
Commonwealth Games gold medallist Amit Panghal and national champion Sachin entered the semifinals of the 75th Strandja Memorial boxing event in Sofia, Bulgaria.
Smallcap mutual funds recorded net outflows for the first time in 30 months in March as investors pulled out money after the markets regulator, the Securities and Exchange Board of India (Sebi), warned against "froth" in the mid and smallcap space. Active equity mutual fund (MF) schemes raked in Rs 22,600 crore in March. The March inflow is 16 per cent lower than the two-year high inflow of Rs 26,860 crore in February, shows data from the Association of MFs in India (Amfi).
However, silver held steady at Rs 42,600 per kg on scattered enquiries from industrial units.
Gold jumps on good seasonal support; silver extends losses.
Silver, however, found some buying support.
A portfolio can be rebalanced by either selling a portion of the outperforming asset class or by buying more of the underperforming asset class.
Globally, gold lost 0.4 per cent to $1,274.19 an ounce in Singapore.
Satwik has been working with sport & performance psychologist Shree Advani
Silver also fell for the third day.
Sanjeet Kumar won a gold medal in the 91 kg weight category at the Asian Boxing Championships.
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.
rediffGURU Samkit Maniar answers readers' personal income tax queries.
Traders said slackened demand from jewellers and retailers and absence of cues from the global markets as US market are closed today on account of 'Labor Day', kept pressure on gold prices.
Traders said a weakening global trend as the outlook for improving economic growth and strengthening of the dollar curbed demand for the precious metal as a safe-haven mainly kept pressure on gold and silver prices.
The US team had been slow to start in previous matches, but they kept the heat on France consistently this time. But it was 18 turnovers that proved to be the killer for France.
Gold for August delivery jumped $8.70 to settle at $1,292.90 an ounce on the Comex division of the NYMEX late on Friday.
The Indians were undone by a horrendous stopwatch faux pas by technical officials in the shoot-out against Australia
Lovlina Borgohain is aware that fierce competition awaits her at the Paris Olympics but the ace Indian boxer is quietly confident of snaring a second successive Games medal, having found considerable success in her new category, which is also closer to her natural body weight.
In business too, losing finalists really get nowhere, get nothing. It is purely 'winner takes all', observes Sandeep Goyal, managing director, Rediffusion.
Traders said sentiment remained weak after gold dropped to a seven-month low and silver slumped to the lowest since June 2013 in global markets as speculation that US borrowing costs will rise sooner-than-expected strengthened the dollar, eroding demand for precious metals as alternative investment.
The gymnast, who captured four gold medals at the 2016 Rio Olympics, said she will alter her approach to Paris, if she indeed decides to go.
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In line with overall trends, silver ready traded lower by Rs 350 to Rs 36,950 per kg and weekly-based delivery by Rs 480 to Rs 36,945 per kg.
Gold prices fell by Rs 100 to Rs 28,300 per 10 grams at the bullion market on Tuesday.
Satwik said the losses had not dampened the pair's spirits but made them more hungry for success in Paris.
This is a good opportunity for long-term investors to pick quality small and midcap stocks at reasonable valuations.
Gold demand appears to be positive in India as the consumer sentiment is likely to recover in 2021, from its dismal performance due to the coronavirus pandemic-related disruptions and volatile price movement, according to a report by the World Gold Council (WGC). Initial data about the Dhanteras festival in November suggest that while jewellery demand was still below average, it had substantially recovered from the lows seen in the second quarter (April-June 2020) of last year, according to the report.
It was a "moment to cherish" for Pramod Bhagat who on Saturday clinched India's first badminton gold in Paralympics and he attributed his win against Great Britain's Daniel Bethell in the finals to a strategy that he devised after losing to the same opponent in the past.
I have not announced retirement: Mary Kom
Indian archer Jyothi Surekha Vennam lost a nerve-wracking final to Colombian world number three Sara Lopez to settle for a silver in the compound women's individual section at the World Championships in Yankton.
The third quarter (Q3) of 2023-24 (FY24) has proven to be pivotal, witnessing some startups turning profitable and others enhancing their performance as their businesses finally begin to deliver. Startups like Delhivery, Zomato, PolicyBazaar, Mamaearth, and Nykaa have either become profitable or improved their profit margins in Q3FY24. A renewed focus on profitability, supported by operational efficiencies, expense rein-in, and robust demand during the festival season, has empowered companies to strengthen their performance.
Manika Batra could not be more thrilled about bossing the World No. 2 from China earlier this week but to beat the top-10 players more often, the Indian table tennis trailblazer knows she needs to do more on the tactical and fitness front.
Sentiments remained subdued largely in tandem with a weak trend in global markets where gold traded at a four-year low as surging dollar waned demand for the precious metals, traders said.
Top seed Carlos Alcaraz dominated Gael Monfils 6-2 6-4 and fourth seed Alexander Zverev escaped a tight first set en route to a 7-6(4) 6-3 win over Christopher Eubanks to reach the last 16 at the Miami Open on Monday.
In cricket, we have something that we can share with our families, neighbours and indeed, the whole country. It is colour-blind, language-neutral, truly secular and transcends all regions, from Kashmir to Kerala and Mizoram to Maharashtra, explains Shreekant Sambrani.
In nearly 100 seats, the BJP stands almost no chance of winning. In 200 seats, it is a direct fight between the BJP and the Congress where the BJP has an upper hand. In 243 seats, the BJP is pitted against regional parties and it is not going to be easy. That is why 400 seats may end up as a pipe dream, states Ramesh Menon, author of Modi Demystified: The Making of a Prime Minister.
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