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The two-wheeler sector has been underperforming its peers on the volumes front for over five quarters now. Even in the March quarter, Bajaj Auto and Hero MotoCorp posted a 17-24 per cent YoY decline in volumes, the sharpest in the listed auto universe. The ongoing impact of frequent price hikes, all-time high fuel prices, and muted rural sentiment has led to the lacklustre showing by two-wheeler makers. What has aggravated the situation for two-wheeler companies, which get almost all their sales from the internal combustion engine or ICE-based units, is the traction for electric two-wheelers (EV).
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By tying gold imports directly to export volumes, India is effectively trying to cap how much bullion can be brought into the country, tightening supplies and driving up local prices.
England's Test team coach Brendon McCullum feels the cricketing landscape is changing quickly and the time is not far when several players will choose big money in T20 leagues across the world over playing for their respective countries.
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Silver coins, however, continued to trade in a narrow range.
Automobile retail sales in India witnessed a double-digit year-on-year growth in February driven by robust sales across segments including passenger vehicles and two-wheelers, automobile dealers' body FADA said on Monday. Total registrations across segments rose 16 per cent year-on-year to 17,75,424 units last month, as compared to 15,31,196 vehicles in February 2022. Passenger vehicle retail sales rose 11 per cent to 287,182 units last month, against 258,736 units in the year-ago period.
Silver coins, however, held unchanged at Rs 70,000.
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Globally, gold added 0.4 per cent to $1,228.65 an ounce in Singapore.
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In the overseas markets, which normally sets price trend on the domestic front, gold traded a shade higher by 0.05 per cent to $1,319 an ounce and silver by 0.14 per cent to $20.93 an ounce in New York in Tuesday's trade.
Gold exchange traded funds (ETFs) witnessed a net outflow of Rs 199 crore in January, making it the third monthly withdrawal in a row, with investors preferring equities over other segments on buoyant record SIP flow. This was in comparison to a net outflow of Rs 273 crore registered in the segment in December and Rs 195 crore in November. Prior to that, Gold ETFs attracted Rs 147 crore in October, data with Association of Mutual Funds in India (Amfi) showed.
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Prices of milk and derivatives such as cheese, butter, curd and skimmed milk powder were subdued for two years, on a supply surplus.
Traders said sustained buying by stockists to meet the festive and marriage season demand mainly helped gold prices to extend gains for the second session.
Globally, gold advanced 0.3 per cent to USD 1,179.35 an ounce in Singapore.
The Supreme Court on Wednesday refused to interfere with the Delhi government's order putting a comprehensive ban on manufacturing, storage, sale and bursting of firecrackers in the city, saying people's health is important.
Although the RBI's open market operations have ensured sufficient system-level liquidity, some sectors are finding liquidity to be a challenge owing to their credit profile.
Most jewellery shops and establishments in the country are shut since March 2.
Traders said emergence of buying at prevailing lower levels by jewellers and retailers ahead of the festive and wedding season, a firm global trend mainly led the recovery in precious metals.
Dealers anticipated a sharp rise in jewellery demand this wedding season, but then came demonetisation.
Silver also eased by Rs 50 to Rs 38,800 per kg.
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Rajasthan Royals had released eight players, including star Australia batsman Steve Smith, after the team finished at the bottom of the table in the 2020 edition.
India's gold imports could pick up in the next few months after slumping 81 percent in June as falling prices spur buying, a government source said, adding to New Delhi's anxiety over a record-low rupee and a wide current account deficit.
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Silver also recovered by Rs 500 to Rs 37,300 per kg.
Master tailors, textile manufacturers and custom clothiers, however, say the upcoming festive season, reinvention in the form of new collections and digital outreach are salvaging the situation somewhat.
Bullion merchants said persistent rise in gold prices is mostly due to a firming trend in global markets as concerns over European economy mounted, spurring demand for safe-haven, and increased buying by jewellers to meet wedding season demand at domestic spot markets.
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The precious metal had gained Rs 325 in the previous two sessions.
Silver snapped its two-day losing trend and recovered by Rs 310 to Rs 44,310 per kg on increased offtake by industrial units and coin makers.
Gold and silver have been shining bright in terms of adding to the investors' wealth compared with the other asset class -- stocks -- so far this year.