Latest News Today – IT services giant Infosys Trades At Yearly High Amid


At 12:10 pm, Infosys shares were trading at Rs 1,587.90, higher by 1.65 per cent, on the BSE

Infosys shares zoomed nearly 2 per cent to touch a 52-week high of Rs 1,591 as the IT services giant is in the midst of a Rs 9,200 crore share buyback. The buyback of shares started on June 25 and will end on December 24 (6 months from the date of the opening of the buyback). At 12:10 pm, Infosys shares were trading at Rs 1,587.90, higher by 1.65 per cent, on the BSE.

The IT major will buy back shares from the open market at a maximum price of Rs 1,750 per share.

The board of Infosys had approved the buyback on April 14, 2021 and shareholders gave their nod at the company’s 40th annual general meeting held on June 19, 2021.

This is the third buyback by Infosys in five years. Infosys had completed a Rs 13,000 crore buyback in December 2017 and a Rs 8,260 crore buyback in August 2019.

TCS and Wipro have completed their share buybacks in this calendar year.

Meanwhile, on July 14, 2021, Infosys will kick off the June quarter earnings season by declaring its financial results for the quarter ended June 30, 2021.



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Latest News Today – Gold Trades In Negative Territory Amid Weak Global Cues,


Gold Price Today: Domestic spot gold closed at Rs 48,578 per 10 grams on Friday

Gold Price In India: Gold futures were traded lower on Friday, June 4, as the yellow metal traded in negative territory amid weaker global markets. Gold prices in international markets traded sideways to a moderately bullish trend and are set to record their worst week in three months. On Multi Commodity Exchange (MCX), gold futures due for a June 4 delivery, were last seen trading lower by Rs 390 – or 0.8 per cent – at Rs 48,600, compared to their previous close of Rs 48,990. Silver futures for a July 5 delivery were last up 0.9 per cent at Rs 71,450 against a previous close of Rs 70,810.

Domestic spot gold closed at Rs 48,578 per 10 grams on Friday, and silver at Rs 70,167 per kilogram – both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).  
 

What analysts say:

Kshitij Purohit, Product Manager, Currency & Commodities, CapitalVia Global Research Limited:

”Technically, International Gold is trading in a sideways range during the Asian European session after initial loss, between $1867 – $1871, likely to continue in marginally upside momentum towards the resistance of $1876. MCX Gold future has sustained in the range of 48600 – 48680 today and if it breaks above the resistance of 48715, we may expect a move towards 48840 – 49040.

Like Gold, International Silver is also trading in narrow sideways range of $27.25 – $27.40 since morning. The resistance holds near $27.47 and if the price breaks above this resistance, we may anticipate a move towards $27.75. MCX Silver future has sustained around the level of 70700 and trading back & forth, tested the resistance of 70850. The price is likely to be marginally positive and may move towards the psychological level of 71000 – 71250.”

Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities:

“COMEX gold trades modestly lower near $1869/oz. Gold has fallen sharply as upbeat US economic data has pushed US dollar index and bond yields higher while adding to debate that Fed may tighten monetary policy. US equity markets have also stabilized on President Biden’s tax proposal. Gold’s sharp up move in last few weeks has made it vulnerable to profit taking which may extend further if US dollar strengthens further.”





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Latest News Today – Nifty Trades Above 15,350, Sensex Up Over 150 Points Led


Banking shares which were witnessing selling pressure in morning deals bounced back.

The Indian equity benchmarks moved higher in noon deals led by gains in information technology and auto heavyweights. However, the upside was capped for the benchmarks owing to weakness in HDFC Bank, HDFC, Bajaj Finance and Hindustan Unilever. The Sensex rose as much as 200 points and Nifty 50 index moved above its important psychological level of 15,350. Reliance Industries, Tata Consultancy Services, Infosys, Kotak Mahindra Bank and ITC were among the top movers in the Sensex.

As of 12:09 pm, the Sensex was up 175 points at 51,193 and Nifty 50 index climbed 56 points to 15,357.

Banking shares which were witnessing selling pressure in morning deals bounced back from intraday low levels wherein the nifty Bank index advanced over 300 points from day’s lowest level.

Seven of 11 sector gauges compiled by the National Stock Exchange were trading higher led by the Nifty IT index’s 1.5 per cent gain. Auto, Metal, PSU Bank and energy shares were also witnessing buying interest.

On the other hand, financial services, media, pharma and realty indexes were witnessing selling pressure.

Mid- and small-cap shares were also witnessing uying interest as Nifty Midcap 100 index rose 0.5 per cent and Nifty Smallcap 100 index advanced 0.6 per cent.

Wipro was top Nifty gainer, the stock rose 2 per cent to Rs 538. Tata Motors, Kotak Mahindra Bank, Hero MotoCorp, Tata Consultancy Services, Bajaj Auto, UltraTech Cement, Tech Mahindra, JSW Steel and Axis Bank also rose between 1-1.7 per cent.

On the flipside, Bajaj Finance, Bajaj Finserv, Cipla, Hindustan Unilever, Dr Reddy’s Labs, HDFC Bank, Bharti Airtel and ONGC were among the losers.

The overall market breadth was positive as 1,714 shares were advancing while 1,233 were trading lower on the BSE.



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Latest News Today – Gold Futures Trades Higher To Make 4-Month High, Yellow


Gold Rates Today: Domestic spot gold closed at Rs 49,195 per 10 grams on Wednesday

Gold Price In India: Gold futures were traded higher on Wednesday, May 26, showing strength and a safe-haven demand as the rally in yellow metal smashed the Rs 49,000 mark earlier today to make a four-month high. On Multi Commodity Exchange (MCX), gold futures due for a June 4 delivery, were last seen trading higher by Rs 172 – or 0.35 per cent – at Rs 49,039, having swung between Rs 48,908 and Rs 49,220 during the session so far, compared to their previous close of Rs 48,867. Silver futures for a July 5 delivery were last down 0.35 per cent at Rs 71,891, against a previous close of Rs 72,140. (Also Read: Second Tranche Of Gold Bonds Scheme Opens On May 24: Check Issue Price )

Domestic spot gold closed at Rs 49,195 per 10 grams on Wednesday, and silver at Rs 71,866 per kilogram – both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).  
 

Gold Price Today: 26 May 2021: Gold Smashes Rs 49,000 Mark; Should You Buy?

Here’s what analysts say:


 

Mr. Rahul Gupta, Head Of Research- Currency, Emkay Global Financial Services:

“The yellow metal has continued to show strength and the safe-haven demand will remain intact in general. While, DXY is struggling to extend recovery moves. MCX gold has hit the higher end of the range around 49000, further upside is possible only if prices hold on to these areas for few sessions. Else a correction towards 48000/47500 should be seen.”

Mr. Nish Bhatt, Founder & CEO, Millwood Kane International – an investment consulting firm.

“Gold prices have been steadily rising in the past few sessions tracking international gold futures prices. The rally in the yellow metal continued past Rs 49,000/10gm earlier today to make a four-month high. The rise in the yellow metal has been on account of the fall in US Treasury yields, softer US dollar which pushes up the gold prices.”

”The current scenario combined with the rising number of cases due to the second wave will lead to investors turning to a safe haven and help further rally in gold prices,” added Mr Bhatt.

Kshitij Purohit, Product Manager, Currency & Commodities, CapitalVia Global Research Limited. 

”Technically, International Gold is trading with bullish momentum. Psychological levels of $1900 were breached earlier today and market is sustaining above them. On the domestic front, MCX Gold June gave a gap up opening and is trading positive bias since morning.”

”Like gold, international silver is also trading with bullish momentum. Prices breached $28.00 levels and are trading above them. In the upcoming sessions, market may take a pullback before a rally is initiated. MCX Silver July gave a gap up opening and is trading in a sideways range of 72319-72681 since morning.”

Meanwhile, in the international markets, gold prices firmed above the key $1,900 level today, boosted by weaker U.S. Treasury yields and amid expectations that the U.S. Federal Reserve will maintain a dovish monetary policy stance.

Mr. Navneet Damani, VP – Commodities Research, Motilal Oswal Financial Services:

“Gold prices continue to trade higher, as it breached the physiological level of $1900 hovering around 4-1/2-month high amidst a drop in U.S. Treasury yields and a weaker dollar. The dollar index was pinned near almost a 4-1/2- month low against its rivals…Broader range on COMEX could be between $1870- 1920 and on the domestic front prices could hover in the range of Rs 48,800- 49,360.”

Ravindra Rao, VP- Head Commodity Research at Kotak Securities:

“COMEX gold trades 0.4 per cent higher near $1906/oz after a 0.7 per cent gain yesterday. Gold has jumped to Jan. highs amid mixed US economic data, dovish Fed comments, weaker US dollar, choppy equities and pickup in ETF buying.”

”However, weighing on price are concerns about Indian demand and easing geopolitical tensions. Building on the gains noted in the last few weeks, gold has breached the key $1900/oz level indicating strong upward momentum however any stability in the equity market or US dollar may be enough to trigger a profit taking move,” added Mr Rao.





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Latest News Today – Gold Trades Marginally Higher, Silver Declines On Profit


In spot market, 24 carat gold or fine gold rose was priced at Rs 47,850 per 10 grams.

Gold, silver price today: Gold futures prices for delivery on June 4 were trading marginally higher on the Multi Commodity Exchange while silver futures for delivery in July slipped marginally on account of profit booking after a firming up in the past few days. Gold futures for delivery in June rose as much as 0.13 per cent to hit an intraday high of Rs 48,013 on the MCX. In spot market, 24 carat gold or fine gold rose was priced at Rs 47,850 per 10 grams, gold with purity of 22 carat was sold at Rs 46,230 per 10 grams, 18 carat gold was sold at Rs 38,280 and 14 carat was retailed at Rs 31,820 per 10 grams, according India Bullion and Jewellers Associations.

In international markets, gold prices held steady on Tuesday as investors awaited US consumer price data due later this week to measure whether inflationary pressure is building, with a weaker dollar and a pullback in Treasury yields supporting the metal.

Spot gold was unchanged at $1,835.41 per ounce by 9:10 am, after hitting its highest since February 11 at $1,845.06 on Monday.

US gold futures were little changed at $1,836.90 per ounce.

“Although gold extended higher earlier today, it’s struggling to continue building momentum and part of that is concern about inflation… it isn’t a given that those job numbers mean that the Fed won’t act,” DailyFX currency strategist Ilya Spivak said.

There is significant resistance for gold within the $1,855-$1,875 area, while support is around the $1,800 level, Spivak said.

Back home, silver futures for delivery in July slipped 0.37 per cent on the MCX on account of profit booking. In spot market silver was priced at Rs 70,835 per kilogram.

In international markets, silver was steady at $27.30, while platinum was down 0.1 per cent to $1,245.68.



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Latest News Today – Gold Futures Rise Over 0.6%, Trades Above Rs 48,000.10


Gold prices inched higher on Monday to trade near a three-month peak.

Precious metals like gold and silver witnessing buying interest on Monday as gold futures contracts for delivery on June 4, 2021 rose as much as 0.62 per cent to trade above Rs 48,000 per 10 grams on the Mullti Commodity Exchange. Gold and silver are witnessing buying interest amid rising Covid-19 infections on the back of safe haven demand for precious metals, market analysts said. In the spot market, 24 carat gold also known as fine gold was priced at Rs 47,850 per 10 grams, 22 carat gold was priced at Rs 46,230 per 10 grams, 18 carat gold was sold at Rs 38,280 and 14 carat gold was retailed at Rs 31,820 per 10 grams, according to India Bullion and Jewellers Association (IBJA).

In the international markets, gold prices inched higher on Monday to trade near a three-month peak hit last week after weaker-than-expected US jobs data supported hopes that interest rates will remain low for some time, bolstering the metal’s appeal.

Spot gold was up 0.2 per cent at $1,834.96 per ounce by 11;00 am, after hitting its highest since February 11 at $1,842.91 in the previous session.

US gold futures were up 0.2 per cent at $1,835.00 per ounce.

“The US jobs report is pretty much the start and finish of the story for gold at the moment. It has really tightened expectations out of the market, at least at the margins of Federal Reserve rate hikes,” IG Market analyst Kyle Rodda said.

Back home, silver prices also firmed up in line with gold as silver futures contracts on the MCX for delivery in July rose as much as 1.73 per cent to hit an intraday high of Rs 72,665 per kilogram. In spot market, silver was being sold at Rs 71,073 according to IBJA.



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Latest News Today – Yellow Metal Trades High At Rs 47,004, Silver Too Up


Gold, silver prices were trading high on Monday after last week’s fall

Gold and silver prices moved a bit on the higher side on Monday after a sharp fall last week in Indian markets. On MCX, gold rates were up 0.6 per cent to Rs 47,004 per 10 gram while silver rose 0.6 per cent to Rs 68,789 per kg.

Gold ETF holdings continued with outflow as holdings at SPDR Gold Shares declined to 1,017 tonnes from previous week’s 1,020 tonnes. The CFTC data showed that money managers decreased their net long positions by 6146 lots in last week.

Commodity prices traded mixed during the week passed by with Bullion prices witnessed decline for the second week with risk on sentiments. Base metals continued to trade higher with Nickel rallying the most followed by Copper and Lead on a strong demand outlook. Crude oil prices traded higher on demand, growth prospectus.

Gold prices in India after hitting a record high of Rs 56,200 in August last year has seen a sharp fall from those levels.

In international markets, gold rates were today flat, pressured by a stronger dollar. Spot gold was trading at $1,770.66 per ounce while silver was steady at silver $25.90 per ounce. A stronger dollar index makes gold more expensive for other currency holders.



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Latest News Today – Gold Futures Sheds Over 200 Points, Trades Below Rs


Gold Rates Today: Domestic spot gold closed at Rs 46,930 per 10 grams on Thursday

Gold Price In India: Gold futures opened at a gapped up level of Rs 47,245, up by almost 150 points from its previous closing on Thursday, April 29, however, it continued a bearish momentum and declined by more than 200 points towards the evening, giving up its Rs 47,000 mark. On Multi Commodity Exchange (MCX), gold futures due for a June 4 delivery, were last seen trading lower by Rs 369 – or 0.78 per cent – at Rs 46,724, having swung between Rs 46,462 and Rs 47,299 during the session so far, compared to their previous close of Rs 47,093. Silver futures for a May 5 delivery were last down 0.62 per cent at Rs 67,365. (Also Read: Is Silver The New Gold?
 

Domestic spot gold closed at Rs 46,930 per 10 grams on Thursday, and silver at Rs 68,460 per kilogram – both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).  

”MCX Gold June gave a gap up opening and has been on a declining spree since then. It has declined more than 200 points and tested the support of 47000-46800 levels. We may expect a marginal rise from the support and test 47100- 47150 levels on the upside. This rise could act as a selling opportunity for the investors,” said Kshitij Purohit, Product Manager, Currency and Commodities, CapitalVia Global Research Limited. 

”Gold prices rose after a brief consolidation witnessed in the previous session, bolstered by the U.S. Federal Reserve’s pledge to maintain easy monetary policy to aid economic recovery, while a weaker dollar provided further support,” said Mr. Navneet Damani, VP – Commodities Research, Motilal Oswal Financial Services.

In global markets, gold fell today giving up early gains as U.S. Treasury yields rose ahead of the U.S. economic data, while persistent supply concerns pushed palladium to an all-time peak. ”Global gold demand in the first quarter dropped from a year ago on the back of a more than 70 per cent year-on-year decline in gold investments, according to a report from the World Gold Council released Thursday,” said Mr Purohit.

What analysts say:

“COMEX gold trades about 0.8 per cent higher near $1788/oz after a 0.3 per cent decline yesterday. Gold has edged up as the US dollar index slumped to one-month low on back of Fed’s decision to maintain its accommodative stance despite improving outlook for the US economy. Also supporting gold is hopes of additional stimulus measures by the Biden administration,” said Ravindra Rao, VP- Head Commodity Research at Kotak Securities.

”However, weighing on price is weaker investor buying and concerns about Indian demand. Gold may remain choppy reflecting trend in US dollar as market players counter Fed’s dovish stance against improving economic outlook,” added Mr Rao.





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Latest News Today – Yellow Metal Breaks Losing Streak, Trades At Rs 47,256


Gold and silver prices soared today breaking losing streak

Breaking its five-day declining streak, MCX gold June futures on Thursday were trading higher at Rs 47,256 per 10 gram, as against the previous close of Rs 47,093. MCX silver June futures too moved up and were at Rs 69,788 per kg. Silver futures had closed at Rs 69,043 per kg in the previous session.

Gold prices broke their free fall after the US Federal Reserve decided to keep the interest rates unchanged to near zero in its meeting which ended on April 28.

Meanwhile internationally, gold prices rose on Thursday propelled by the US Federal Reserve’s announcement to implement a friendly monetary policy aimed at helping economic recovery. At the same time, a weaker dollar provided further support.

Spot gold was up 0.2 per cent at $1,784.94 per ounce, having dipped to $1,762 in the previous session, its lowest since April 16. US gold futures rose 0.6 per cent to $1,784.50 per ounce.

The dollar index edged 0.1 per cent lower against its rivals, boosting gold’s appeal for other currency holders.

Concerns over the economic impact of the second wave of corona pandemic and a softer US dollar also benefited the yellow metal. 



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Latest News Today – Maruti Suzuki Trades Marginally Higher Ahead Of March


Maruti Suzuki shares traded 0.16 per cent higher at Rs 6,650.

Shares of the country’s largest car maker Maruti Suzuki were trading marginally higher ahead of March quarter earnings. Maruti Suzuki shares rose 0.2 per cent to Rs 6,652 ahead of March quarter earnings. The stock rose as much as 0.66 per cent to hit an intraday high of Rs 6,684.95. Maruti Suzuki shares witnessed lower than usual trading volumes as 19,000 shares changed hands on the BSE compared with an average of 56,000 shares traded daily in the past two weeks.

Maruti Suzuki hiked prices on selected models from April 16 due to an increase in various input costs. According to a regulatory filing by the company to stock exchanges, the weighted average price increase in ex-showroom prices (Delhi) across selected models is 1.6 per cent. This was the second price hike on cars by the company this month, and the third hike since February.

In quarter ended December 2020, Maruti Suzuki sold a total of 495,897 vehicles during the third quarter – up 13.4 per cent compared with the year-ago period.

The automaker’s net profit grew 24 per cent for the quarter ended December 31, on the back of strong sales. Net profit for Maruti rose to Rs 1,941 crore as sales grew Rs 22,367 crore – an increase of 13.2 per cent compared with the same period previous year.

“These results have to be viewed in the context that in the previous year FY 2019-20, sales volume declined by 16 per cent for the company and about 18 per cent for the industry,” Maruti said in a statement.

As of 12:36 pm, Maruti Suzuki shares traded 0.16 per cent higher at Rs 6,650, outperforming the Sensex which was up 0.84 per cent.



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