Latest News Today – Gold, Silver Prices Decline Marginally On MCX

Gold futures for delivery on August 5 fell as much as 0.25 per cent.

Gold, Silver Price Today: Gold futures for delivery on August 5 fell as much as 0.25 per cent to hit an intraday low of Rs 48,162 on the Multi Commodity Exchange (MCX). In the spot market, 24 carat gold also known as fine gold was retailed at Rs 48,358 per 10 grams, according to India Bullion & Jewellers Association. 22 carat gold was priced at Rs 48,164, 18 carat gold was being sold at Rs 44,289 per 10 grams, gold with purity of 16 carat was retailed at Rs 36,269 per 10 grams and gold with 14 carat purity was priced at Rs 28,289 per 10 grams.

In international markets, Gold was set on Friday for its best week in more than two months on renewed signs that the US Federal Reserve might not taper economic support and hike interest rates in the near term.

Spot gold was steady at $1,827.20 per ounce by 10:06 am, having hit its highest since July 15 at $1,832.40 on Thursday. It was on track for its biggest weekly gain since May 21, having risen 1.4 per cent so far.

US gold futures eased 0.2 per cent to $1,831.80 per ounce.

Gold jumped as much as 1.4 per cent on Thursday following Fed chief Jerome Powell’s remarks that the US job market still had “some ground to cover” and that it was “ways away” from considering interest rate hikes.

Back home, silver was also witnessing a mild selling pressure as silver futures for delivery in September fell as much as 0.48 per cent to hit an intraday low of Rs 67,875 per kilogram on the MCX. In spot market silver was priced at Rs 67,881 per kilogram.

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Latest News Today – Congress On The Decline, But Still Concerned About Us

PM Modi remarked that a pandemic like the coronavirus had emerged after 100 years.

New Delhi:

Prime Minister Narendra Modi today said the Congress was unable to digest the BJP in power and had not come out of its coma even after its defeat in Assam, Bengal and Kerala, as he tackled opposition attacks on his government’s Covid handling at a party meeting.

Addressing a weekly meeting of BJP MPs, PM Modi called the Congress’s conduct “irresponsible and unfortunate” and urged his party to take facts about the government’s work to the people, so that “the opposition’s lies didn’t fill the vacuum.”

The Prime Minister “expressed concern” that the Congress’s “sense of entitlement” was preventing the party from doing their job as opposition, according to a leader who attended the meeting.

“Congress still has sense of entitlement that it has ruled the country for 60 years and it is because of this that they haven’t been able to digest the fact that people have chosen us. As an opposition, they should take up issues of people’s welfare strongly which they aren’t doing,” the Prime Minister was quoted as saying.

The Congress, he said, was deliberately creating a negative atmosphere in the country, when in reality there is no shortage of vaccines.

“The Congress thinks it is entitled to power. It does not care about its sliding mandate. It is declining everywhere but still it is more concerned about us than itself,” PM Modi said on the opposition party.

The PM was speaking on the sidelines of parliament, which has hardly functioned since the start of the monsoon session yesterday, with the Congress and other opposition parties protesting over issues ranging from the Covid crisis to price rise and a scandal involving politicians, journalists and others targeted by Pegasus spyware that is only available to the government. On Monday, PM Modi was interrupted repeatedly by slogan-shouting as he tried to introduce his new ministers.

PM Modi said the Covid crisis was not a political but a humanitarian issue and the government had ensured no one was hungry during the pandemic.

It was a matter of concern that even today in Delhi, 20 per cent frontline warriors were not vaccinated, he said.

PM Modi remarked that a pandemic like the coronavirus had emerged after 100 years. BJP MPs should be prepared, given the warnings of a third wave, he added.

He urged BJP leaders to go to fair price shops on July 24 and 25, when free ration would be distributed, to counter opposition propaganda on the Covid fight.

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Latest News Today – Sensex, Nifty Decline For Second Straight Session

The Indian equity benchmarks extended losses to second straight session on Friday dragged by losses in index heavyweights like Reliance Industries, HDFC Bank, Tata Consultancy Services and Axis Bank. The benchmarks opened lower and traded with a negative bias on the back of weak global markets. Asian shares stumbled to two-month lows on Friday as confidence took a battering over the global spread of the Delta virus variant and worries it could stall a worldwide economic revival. The Sensex fell as much as 341 points and Nifty 50 index briefly fell below its important psychological level of 15,650.

The Sensex ended 183 points lower at 52,386 and Nifty 50 index fell 38 points to close at 15,690.

Six of 11 sector gauges compiled by the National Stock Exchange ended lower led by the Nifty Private Bank index’s 0.7 per cent fall.

On the other, metal shares witnessed strong buying interest as the index of metal companies on the NSE jumped 2 per cent. Pharma, Realty, Media and select FMCG shares also witnessed buying interest.

Mid- and small-cap shares outperformed their larger peers as Nifty Midcap 100 index rose 0.7 per cent and Nifty Smallcap 100 index advanced 0.5 per cent.

On the primary market front, GR Infraprojects and Clean Science shares in the ongoing IPO were in high demand as the issues were subscribed 92 times and 87 times respectively till 3:35 pm on the final day of the issue.

Bajaj Auto was top Nifty loser, the stock fell nearly 2 per cent to close at Rs 3,999. TCS, HDFC Bank, Reliance Industries, Axis Bank, Tech Mahindra, Eicher Motors, IndusInd Bank, Kotak Mahindra Bank, Asian Paints and HDFC also fell between 0.5-1.4 per cent.

On the flipside, Tata Steel, Bajaj Finserv, Adani Ports, Bharti Airtel, Divis Labs, Hindalco, JSW Steel and Grasim Industries were among the gainers.

The overall market breadth was positive as 1,900 shares ended higher while 1,293 closed lower on the BSE.

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Latest News Today – Sensex, Nifty Decline Led By Losses In Reliance

The Indian equity benchmarks extended losses ahead of weekly expiry of index futures and option contracts due later in the day. The Sensex fell as much as 575 points and Nifty 50 index dropped below its important psychological level of 15,700. Reliance Industries, ICICI Bank, HDFC Bank, Hindustan Unilever and Infosys were among the top drags on the Sensex.

As of 2:34 pm, the Sensex was down 569 points at 52,485 and Nifty 50 index declined 176 points to 15,702.

“With earnings season kicking in, markets might get a sense of direction since most positive triggers had already been factored in,” said Gaurav Garg, head of research at CapitalVia Global Research in Indore told Reuters.

“IT companies are expected to announce robust earnings but we might see some correction if there are any shortfalls in their results as expectations from the sector are very high.”

Selling pressure was visible across the board as all the 11 sector gauges, barring the index of real estate shares, were trading lower led by the Nifty Metal index’s 1.4 per cent decline. Nifty FMCG, Pharma, PSU Bank, Auto, Financial Services and Bank indices dropped 0.5-0.9 per cent.

Mid- and small-cap shares were trading mixed as Nifty Midcap 100 index was trading flat and Nifty Smallcap 100 index advanced 0.3 per cent.

Hindalco, JSW Steel, Tata Motors, Sun Pharma, Tata Steel, ONGC, Hindustan Unilever, Cipla, Britannia Industries, Bajaj Finance and Grasim Industries were among the top Nifty losers.

On the flipside, Bajaj Auto, Shree Cements, NTPC, IndusInd Bank, Titan and Tech Mahindra were among the gainers.

The overall market breadth was positive as 1,667 shares were advancing while 1,400 were declining on the BSE.

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Latest News Today – Foreign Exchange Reserves Decline To $604 Billion On

Sliding from a lifetime high, India’s forex reserves declined by $4.148 billion to reach $603.933 billion for the week ended June 18 due to a fall in gold and currency assets, RBI data showed on Friday.

The forex kitty had surged by $3.074 billion to a record high of $608.081 billion in the previous reporting week.

The foreign currency assets (FCA), a major component of the overall reserves, declined by $1.918 billion to $561.540 billion for the reporting week, as per data by the Reserve Bank of India (RBI).

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

After a $490 million rise in the previous week, the gold reserves declined by $2.170 billion to $35.931 billion, the data showed.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) dipped by $14 million to $1.499 billion.

The country’s reserve position with the IMF also decreased by $46 million to $4.965 billion in the reporting week, the data showed.

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Latest News Today – Gold, Silver Prices Decline Marginally On Akshaya

Akshaya Tritiya 2021: 24 carat or fine gold was priced at Rs 47,760 per 10 grams.

Prices of precious metals (gold and silver) declined marginally on Multi Commodity Exchange on Akshaya Tritiya day, the day considered by many as an auspicious to make purchases of precious metals like gold and silver believing that it will bring good luck. Price of gold futures for delivery in June on the Multi Commodity Exchange declined as much as 0.2 per cent to Rs 47,343 per 10 grams. In the spot market, 24 carat or fine gold was priced at Rs 47,760 per 10 grams, 22 carat gold was sold at Rs 46,140, 18 carat gold was priced at Rs 38,210 and 14 carat gold was sold at Rs 31,760, according to India Bullion and Jewellers Association (IBJA).

“COMEX gold trades little changed near $1820/oz after a 0.1 per cent gain yesterday. Gold stabilized as US bond yields eased back after testing the highest level in more than a month. Also supporting price is increased tensions between Israel and Gaza. However, weighing on price is ETF outflows, concerns about consumer demand in India and increasing debate that inflation pressure may cause monetary tightening. Gold may remain choppy reflecting volatility in the US dollar however we expect buying interest to emerge at lower levels as Fed is likely to maintain a dovish stance,” said Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities. 

In international markets, gold was Gold prices fell on Friday and were on track for a weekly loss, as firmer dollar and rising U.S. Treasury yields dampened the metal’s safe-haven appeal.

Spot gold was down 0.3 per cent at $1,821.89 per ounce by 0401 GMT. For the week, bullion has lost nearly 0.5 per cent.

U.S. gold futures eased 0.1 per cent at $1,822.10.

Benchmark U.S. 10-year Treasury yields were trading above the key 1.6 per cent level and were on track for a strong weekly rise. Higher bond yields raise the opportunity cost of holding non-interest bearing gold.

Back home, silver prices were also trading marginally lower on Akshaya Tritiya day. Silver futures for delivery in July declined as much as 0.19 per cent to hit an intraday low of Rs 70,337. In spot market silver was priced at Rs 70,948 per kilogram.

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Latest News Today – Retail Inflation Eases To 4.29% In April On Decline In

Retail Inflation: The food inflation dropped from 4.87 per cent in March to 2.02 per cent in April.

Retail inflation eased to 4.29 per cent in April 2021, owing to a drop in food prices, government data showed on Friday. The inflation rate was slightly higher than a poll conducted by news agency Reuters last week, which estimated that the retail inflation eased to 4.20 per cent in April from March’s four-month high of 5.52 per cent. The food inflation – or the inflation in the prices of food items dropped from 4.87 per cent in March to 2.02 per cent in April. The Reuters poll conducted with more than 50 economists, predicted the retail inflation in April just above the Reserve Bank of India’s four per cent mid-point target. (Also Read: Benign Food Prices Likely Dragged Retail Inflation To 3-Month Low In April: Poll )

The retail inflation easing to a three-month low of 4.29 per cent in April is well within the Reserve Bank of India’s comfort zone of two per cent – six per cent, for the fifth straight month. The central bank tracks the retail inflation – or the rate of increase in consumer prices as determined by the Consumer Price Index or CPI. The retail inflation moderated to 4.29 per cent last month, mostly driven by deflation in vegetable prices of 14.18 per cent on a year-on-year basis, which pulled down the food inflation.

According to data by the National Statistical Office (NSO), the inflation in the ‘fuel and light’ category remained elevated at 7.91 per cent during the month, while the tobacco, pan, and intoxicants category registered an inflation rate of 9.01 per cent. 

Meanwhile, separate government data today showed that the factory output measured by the Index of Industrial Production (IIP) annually rose 22.4 per cent in March 2021, mostly led by the growth in the manufacturing sector. (Also Read: Industrial Production Grows 22.4% In March: All You Need To Know)

The minutes of the RBI’s Monetary Policy Committee’s April meeting showed that the members raised concerns about the upside risks to inflation, and raised the inflation projection for the first half of this fiscal year to 5.2 per cent. However, the central bank kept the repo rate at a record low of four per cent, saying it would ensure ample liquidity.

The Monetary Policy Committee led by the RBI Governor Shaktikanta Das, expected the gross domestic product (GDP) growth to be at 10.5 per cent for the current fiscal year 2021-22. (Also Read: RBI Monetary Policy Highlights: Repo Rate Steady, Growth Projection Retained At 10.5% )

What analysts say

“After hitting a four-month high in March, the CPI inflation for the month of April eased to 4.29 per cent, near the central point of the RBI target. The inflation figure is a result of the low base recorded last year, coupled with softening of food prices and stable fuel prices. The softening of inflation is a positive development for RBI, though the risk of inflation spike remains on the back of rising global commodity prices,” said Mr. Nish Bhatt, Founder & CEO, Millwood Kane International.

Aditi Nayar, Chief Economist, ICRA stated that given the high base related to the supply disruptions seen during the nationwide lockdown in April 2020, the CPI inflation dipped to a three-month low in April 2021, while printing somewhat higher than the expectations. Overall, the prevailing localised restrictions appear to have had a limited impact on prices in April 2021, she added.

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Latest News Today – UltraTech Cement Sheds Over 1% On Decline In March

At 12:05 pm, UltraTech Cement shares were trading lower by 1.31 per cent on BSE

UltraTech Cement shares shed more than 1 per cent on the BSE in early-noon trading after the Aditya Birla group company reported a decline in net profit in the fourth quarter ended March 2021. At 12:05 pm, the shares of UltraTech Cement were trading at Rs 6,400, lower by Rs 84 or 1.31 per cent, on the BSE.

UltraTech Cement reported a net profit of Rs 1.775 crore in the January-March quarter of financial year 2020-21, compared to Rs 3,236.85 crore in corresponding quarter of the previous fiscal, marking a 45 per cent decline on a year-on-year basis.

UltraTech Cement’s revenue from operations stood at Rs 14,405.61 crore in the March quarter, the company said in a regulatory filing to the stock exchanges. Profit before interest, depreciation, and tax stood at Rs 3,751 crore during the quarter, compared to Rs. 2,645 crore in the corresponding period of the previous fiscal year.

Meanwhile, UltraTech Cement’s board of directors has recommended a dividend of 370 per cent i.e. Rs 37 per share.

The BSE Sensex was trading at 49,538.95, higher by 333.17 points or 0.68 per cent and the NSE Nifty was at 14,938.70, up 115.70 points or 0.78 per cent.

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Latest News Today – Procter And Gamble Health Reports 66% Decline In Net

Procter And Gamble Health reported a net profit of Rs 15.8 crore in March quarter of fiscal 2020-21

Procter And Gamble Health Limited announced its January-March quarter results for the financial year 2020-21 on Thursday, May 6. According to a regulatory filing by the company to the stock exchanges today, Procter And Gamble Health reported a net profit of Rs 15.8 crore in the March quarter of the fiscal year 2020-21, compared to Rs 46.5 crore in the corresponding quarter last year, registering a 66 per cent decline in net profit. Procter and Gamble registered sales of Rs 214 crores in the fourth and last quarter of fiscal 2020-21, marking a decline of four per cent compared to the corresponding quarter last year.

According to the company, the sales in the quarter were affected due to stock challenges and a higher previous year’s base on account of exports sales phasing during the same quarter last year. Procter and Gamble reported sales for the nine months ending March 2021 at Rs 710 crores, up by five per cent on a year-on-year basis.

 The net profit in the March quarter was affected due to lower sales and lower expense base last year, supported by the provision true-ups as well as reversals, said the firm in its statement.

The profit after tax or PAT for the nine months ending March 2021 stood at Rs 142.9 crore, compared to Rs 120.4 crores, marking a 19 nine per cent growth on a year-on-year basis. On Thursday, shares of Procter and Gamble Health settled 0.67 per cent lower at Rs 6,270.50 apiece on the BSE.

Procter and Gamble Health opened on the BSE at Rs 6,398, registering an intra day high of Rs 6,398 and an intra day low of Rs 6,231 during the trading session.

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Latest News Today – Sensex, Nifty Resume Decline After A Day’s Breather

The Indian equity benchmarks resumed their downward journey after a day’s pause on the previous session dragged by losses in banking and financial services shares. The benchmarks opened lower and extended losses in noon deals on the back of intense selling pressure in banking heavyweights like HDFC Bank, ICICI Bank, IndusInd Bank and Axis Bank. The Sensex fell as much as 577 points at the day’s lowest level and Nifty touched an intraday low of 14,597.85. However, late buying in IT shares helped benchmarks recover from intraday lows.

The Sensex ended 87 points lower at 49,771 and Nifty 50 index declined 8 points to settle at 14,736.

“Nifty failed to show resilience to stay above the level of 14,750. As of now, the short-term technical condition of the market shows that the expected range of the Nifty is likely to be between 14,410 and 14,900. While it is subject to further price action evolution, the Nifty is expected to gain momentum above 14,900. Traders are advised to refrain from building a fresh buying position until further decisive movement is seen,” Ashis Biswas, Head of Technical Research at CapitalVia Global Research told NDTV.

Rising Covid-19 cases also dampened investor sentiment. India reported 46,951 fresh coronavirus cases in the last 24 hours – biggest single-day jump since November 7. Total cases rose to 1,16,46,081, the government data showed. Maharashtra, which has logged the highest number of cases in India since the start of the pandemic, yet again saw its biggest single-day jump in fresh cases. 30,535 new infections on Sunday took the tally to 24,79,682. With 3,775 new infections, Mumbai, the country’s financial capital, also saw the highest-single day cases.

Six of 11 sector gauges compiled by the National Stock Exchange ended lower led by the Nifty Bank index’s over 1.5 per cent decline. Nifty Financial Services, Media, PSU Bank and Private Bank indexes also fell over a per cent.

On the other hand, Nifty IT index was top gainer, the index ended 1.85 per cent decline. FMCG, pharma and metal shares also witnessed buying interest.

IndusInd Bank was top Nifty gainer, the stock fell 4.2 per cent to close at Rs 970. Power Grid, ICICI Bank, Tata Motors, HDFC Bank, Axis Bank, Bajaj Finance, HDFC Life, ONGC, Reliance Industries, State Bank of India, SBI Life and Larsen & Toubro also declined between 1-3 per cent.

On the flipside, Adani Ports, Britannia Industries, TCS, Tech Mahindra, Sun Pharma, Hindalco, Infosys, Dr Reddy’s Labs, Hindustan Unilever and HCL Technologies were among the top gainers.

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