Turmeric prices were trading up by 0.80 percent to Rs 7,538/quintal in futures trade today on uptick in domestic and export demand. At the NCDEX, turmeric for delivery in the October month was trading higher by Rs 60, or 0.80% to Rs 7,538/quintal with an open interest of 10,145 lots. Simultaneously, prices of Coriander rose 1.93 percent to Rs 4,551/quintal in futures trade as members widened positions amid rising spot demand, while crude palm oil for delivery this month rose by Rs 1.80, or 0.33% to Rs 543.30/10 kg, in a business turnover of 169 lots. Likewise, the oil for delivery in October went up by Rs 1.20, or 0.22% to Rs 539.80 per 10 kg in 138 lots.
Key benchmark indices opened higher in early trade, Wednesday against the previous day’s closing. The Indian rupee made stronger marginally against the USD. The shares of M&M, Adani Ports and Reliance Industries rose, whereas the shares of Tata Motors and Bharti Airtel fell in the morning hours.
The US Fed Reserve’s 2-day policy meeting will conclude later today. The US central bank is supposed to announce details of its plan to start shrinking the USD 4.5 trillion balance sheet.
Tata Steel has inked MoU for a 50-50 European steel Joint Venture. Its stock rose 1 percent in the morning. Tata Sons has raised stakes in its group firms such as Tata Motors, Tata Chemicals, and TGBL, buying shares worth over Rs 3,200 crore.
Shares of Infosys Ltd rose 0.11 percent at Rs 912.30 after the company announced that Infosys Finacle, a wholly-owned subsidiary of the company announced its partnership with Niki.AI commerce solutions.
The Initial Public Offering (IPO) of SBI Life Insurance Co. Ltd worth Rs 8,400 crore is set to hit the market today, with a price band of Rs 685-700 per share.
Price of Gold today took jump from a positive trend overseas by surging Rs 650 per 10 grams to reach Rs 31,000 level, supported by fresh local buying, whereas silver slipped sharply by Rs 350 to Rs 41,500 per kg, on account of softening demand by industrial units and coin makers.
Globally, gold rose by 0.08% to USD 1323.60 per ounce after hitting a 2-week low of USD 1,318.96. Silver also edged up 0.03% to USD 17.75 per ounce in Singapore. In New Delhi, gold of 99.9% purity surged Rs 650 to Rs 31,000 and 99.5% purity surged Rs 30,850 per 10 grams. Gold had lost Rs 650 in the last two days.
However, Sovereign price carried on to be traded at the previous level of Rs 24,700 per piece of 8 grams. But silver ready dropped Rs 350 to Rs 41,500/kg and weekly-based delivery cracked below the 41,000 mark by slipping Rs 370 to Rs 40,930 per kg.
MCX Gold extended Losses after breaking Rs.30,000. The metal slipped heavily yesterday due to global prices slipped following a rebound in US equities. US stocks rose following the modest pullback in last week. COMEX Gold has tanked all the more today as Asian equities edged up. The metal quotes at USD 1328.30 per ounce, down 0.62 percent on the day. MCX Gold ended down 1.10 % at Rs 29,930 per 10 grams yesterday and this break under Rs 30,000 levels should extend further today.
Meantime, the Indian rupee dropped further Versus the USD in early trades on Tuesday, 12 Sept 2017 as the dollar strengthened overseas. Gains in domestic equity markets capped some of the losses. The rupee opened lower at 63.98 /dollar against last close of 63.93 /dollar.
Sensex crosses 32,000 mark; Top stocks in focus
Domestic equity markets open on a positive note on Tuesday, against the previous session’s closing with firm global cues. At 10.40 am BSE Sensex gains 130 points, to 32,012, while the Nifty50 rises 39 points, to 10,045. The Indian rupee opened slightly weak against the USD. The shares of Sun Pharma, Tata Steel and Asian Paints climbed, whereas the shares of ONGC and Coal India fell in the morning hours.
A few top stocks that in focus today:
Godrej Industries gained 3% after its arm Godrej Agrovet got Sebi’s go-ahead to raise an estimated Rs 1,000-1,200 crore through an initial public offering.
Stocks of Tata Steel hit an over Six-year high of Rs 692, up 4.7 percent on BSE today morning after Tata Steel UK announced that the British Steel Pension Scheme has been separated from the company. Tata Steel stock was trading at its highest level since January 2011.
IndiGo’s parent arm Inter-Globe Aviation has announced some of its promoter organisations will offload shares under an IPP (institutional placement) programme in which it is expected fresh issuance of shares.
Share holders of Religare Enterprises have approved a proposal to invest up to Rs 500.00 crore in its arm Religare Capital Markets for repaying debt for Mauritius business, and capital needs of India business.
Tata Motors would invest Rs 1,500 crore across various segments of freight-haulers to secure its leadership credentials to help recover some of the lost market-share in the past couple of months.
Shares of auto firms were trading higher in early trade, Monday, due to Indian car companies sounded relieved after the GST Council has raised the vehicle cess on Saturday, by less than the maximum possible, though luxury auto companies were more cautious in their assessment of the new rates.
In the early hours today, the Nifty Auto index was trading 0.62% up at 10,846 while Tata Motors DVR was up 1.24%, Mahindra & Mahindra (M&M) was up 0.86% and Maruti Suzuki BSE 1.03 % rose 0.72%.
The GST Council meet held on Saturday left untouched the rates on small cars and hybrid vehicles. But mid-sized cars attract a cess i.e, 2% points higher.
Meantime, M&M, Motor India Ltd, Toyota Kirloskar Audi India, Jaguar Land Rover and Mercedes-Benz are planning to pass on the increased cess to buyers,
At 10.20 am, the BSE Sensex is trading at 31,846 up 158 points, while Nifty is trading at 9,983 up 48 points. A total of 55 stocks clocked a fresh 52-week high in trade today, while 11 stocks registered a new 52-week low on the NSE.
On account of in demand at domestic spot market, prices of crude palm oil edged up by 0.42% to Rs 528.80 /10 kg in futures trade Friday. At the MCX, crude palm oil for delivery in October month edged higher by 0.42% to Rs 528.80 /10 kg in business turnover of 38 lots. In the same manner, the oil for delivery in Sept contracts has been trading higher by 0.32 % to Rs 530.20 / 10 kg in 109 lots.
Mentha oil prices softened by 0.21% to Rs 1,218 / kg in futures market today as speculators trimmed their exposure under negative cues from spot market. Moreover, abundant stock positions on higher supplies from producing regions kept the momentum downtrend. At the MCX, mentha oil for delivery in October was trading lower by 0.21% to Rs 1,218 per kg in business turnover of 140 lots. Likewise, the oil for delivery in Sept contracts was down by Rs 2, or 0.17% to Rs 1,203.50 / kg in 442 lots.
The Indian rupee today, 28 August 2017, strengthened past 63 marks to hit near three-week high against the US dollar, tracking gains in its Asian peers and local equity markets. The rupee gained 6.25% so far this year, while FII inflows hit USD 7.12 billion in equity markets and USD 19.50 billion in debt markets.
Crude oil futures were on higher side last day on extended buying support following an extremely weak undertone in the US dollar and steady cues from equities. The crude oil production recorded a gain of 0.3percen on the week at 9.53 mn bpd and there was an increase of 11.5 percent over the year.
Gold & Silver were trading higher in early trading on Monday due to buying in precious metals by jewelers. COMEX Gold rose Friday, 0.5%, to settle at USD 1,297.90 per ounce, the highest in two months extending weekly gains after downbeat economic data. MCX Gold closed around Rs 29160 per 10 grams, up 0.22% on the day.
Oil prices slipped early on Wednesday, pressed between concerns of oversupply, on account of rising Libya output, and worries of reduced future investment in the industry. Brent crude oil futures, were at USD 51.61 per barrel at down 0.5%, from their previous close.
Gold: Price of Gold inches on a strong dollar today with investors looking for direction from geopolitical significance and the central banking conference this week in U.S.
The MCX Gold futures closed down 0.62 percent at Rs, 29,100 per 10 grams on Tuesday close after testing a low near Rs 29,000.
Agri-commodity: The Agri-commodity such as Chana, crude palm oil falls on sustaining its spiraling streak for the second day. Chana prices shot up by 1.59 percent to Rs 5,759/ quintal in futures trade Wednesday, since participants engaged in adding their positions, with a strong trend at spot market on rising demand.