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.
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.
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 stock of Larsen and Toubro (L&T) was registering an upward momentum on the exchanges today’s’ trade since the stock surged over 4 percent amid high volume trading. The company is hopeful of bagging some six defence contracts amounting to Rs 40,000 crore. L&T stock gained 4.83% to Rs 1,181 in intraday trade on the BSE. The stock was the top gainer on both Sensex & Nifty.
The counter has witnessed huge trading activities with a combined 2.9 million shares exchanging hands on both Exchanges so far. On an average a combined 1.3 million shares were traded daily in the past fourteen days on BSE & NSE.
The stock attracted a volume of 30,20,232 shares and traded value of Rs. 35,190.23 lakh on the NSE. L&T had hit its 52-week high value of Rs 1,222.63 on May 30, 2017, and 52-week low of Rs 863.40 on Nov 9, 2016, on the NSE.
Elite Investment analyses the market in such a way that Sensex, Nifty rose on the back drop of a revival in the global markets, The intensity of rain havoc in the financial capital helped pick up risk appetite to a great extent. A low-spirited rollover numbers gives the concerning impression, but considerable short covering was observed in the IT and pharma sectors, keeping market optimistic. Speculators were covering up their short positions prior to the August derivatives contract being expired tomorrow added to the upward move.
A view at Stock Market: Domestic stocks witnessed a gap up opening triggered by mostly positive Asian stocks and held firm till early afternoon trade. Stocks cut gains in mid-afternoon trade, however, it hovered in positive zone in late trade.
At closing bell, the BSE Sensex was up 258.07 points at 31,646.46 and the NSE Nifty rose 88.35 points to 9,884.40.
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.