Gold price today: Latest updates

Tuesday, September 03, 2013: Gold prices extended their yesterday's gains by Rs 170 to Rs 33,234 per ten grams in futures trade Tuesday as rupee fell past 67 against US dollar.

Further depreciation in rupee Vs dollar mainly supported bullion prices as it makes imports costlier. However, weak trend in overseas market capped the upside by restricting market participants from enlarging positions. 

The rupee today weakened by 11 paise to 67.11 against the dollar at the Interbank Foreign Exchange market due to renewed dollar demand from importers and appreciation of the US currency overseas.

At the Multi Commodity Exchange (MCX), gold for delivery in October rose by Rs 170 to Rs 33,234 per ten grams as against its previous close of Rs 33,064. The yellow metal had hit an intra-day high of Rs 35,074 on last Wednesday.

Similarly, silver benchmark delivery gained by Rs 380 to Rs 55,334 per kg.

Gold price in overseas markets, which normally set price trend on the domestic front, fell for a fourth straight session on Tuesday as its safe-haven appeal was dented by a delay in a potential US strike on Syria and strong global economic data.

Spot gold last traded down USD 6.50 or 0.47 percent at USD 1,391 an ounce.

Meanwhile, gold prices extended losses for the fourth straight day by losing Rs 325 to Rs 31,100 per ten grams on stockists selling.

However, silver snapped three day of losses and rebounded by Rs 420 to Rs 54,350 per kg on increased offtake by industrial units and coin makers at existing lower levels.

Mumbai

Standard gold of 99.5 percent purity fell by Rs 410 to close at Rs 31,540 per 10 gm from last Saturday's closing level of Rs 31,950.

Pure gold of 99.9 percent purity dipped by Rs 435 to to finish at Rs 31,685 from Rs 32,120.

However, silver ready (.999 fineness) climbed by Rs 465 to conclude at Rs 55,575 per kg as against Rs 55,110 last weekend.

Delhi

Gold of 99.9 and 99.5 percent purity fell further by Rs 325 each to Rs 31,100 and Rs 30,900 per ten grams, respectively. It had lost Rs 2,475 in previous three sessions. Sovereign followed suit and declined by Rs 200 to Rs 25,100 per piece of eight gram.

On the other hand, silver ready gained Rs 420 to Rs 54,350 per kg and weekly based delivery gained Rs 2,420 to Rs 55,850 per kg. The white metal had lost Rs 4,570 in last three trades.

Silver coins also spurted by Rs 1,000 to Rs 89,000 for buying and Rs 90,000 for selling of 100 pieces. 

Futures Trade (MCX)

At the Multi Commodity Exchange (MCX), gold for delivery in October rose by Rs 170 to Rs 33,234 per ten grams as against its previous close of Rs 33,064. The yellow metal had hit an intra-day high of Rs 35,074 on last Wednesday.

Similarly, silver benchmark delivery gained by Rs 380 to Rs 55,334 per kg.

International markets

Spot gold last traded down USD 6.50 or 0.47 percent at USD 1,391 an ounce.

Here are the city wise gold and silver rates:

(Gold rates per 10 gm/Silver rates per Kg)

Mumbai

GOLD: 31,685 (-435)/ SILVER: Rs 55,575 ( +465)

Delhi

GOLD: Rs 31,100 (-325)09:09 03-09-2013/ SILVER: Rs 54,350 (+420)

Chennai

GOLD: Rs 30,290/ SILVER: Rs 57,570

Kolkata

GOLD: Rs 32,760 / SILVER: Rs 54,450

Bangalore

GOLD: Rs 33,359/ SILVER: Rs 54,100

Hyderabad

GOLD: Rs 31,000 / SILVER: Rs 54,500

Courtesy: Zee News

Market Mantra

MCX Ltd recommended at Rs.255 and then at Rs.272, today touched Rs.391.55 in the BSE. The scrip was asked a buy, when there was of pessimism surrounding te counter.

Geometric Software Ltd recommended around Rs.76-77, to the Paid Service members today touched Rs.79.90 in the NSE. It is a scrip in which ace investor Rakesh Jhunjhunwalal is holding substantial stake. 
Gitanjali Gems Ltd has hit the buyer freeze in the opening trade at Rs.76.15.  There were some media rumours that the company, which has been hit by RBI's new rules on gold import, has approached banks for more than 10 bln rupees in loans.

Today's call: Buy Manppuram Finance Ltd Rs.19.30, T--Rs.25-29-31, SL--Rs.16.80 or Muthoot Finance Ltd at Rs.113-114, T--Rs.132, SL-Rs.103. With gold now around Rs.30, 000 plus in India, there cannot be a better opportunity than investing in gold loan companies. With the tension in Syria continuing and no fixed call from the US Fed regarding tapering of the QE3, the gold prices are not likely to come down below Rs.30, 000 in the domestic market too soon. Moreover, the ensuring festive season starting from Ganesh Chaturthi, will keep the demand for Gold in the domestic market very high. CLICK HERE and CLICK HERE. 
Jai Prakash Associates Ltd recommended last week around Rs.32-33, today rose to Rs.36. The stock was strongly recommended for the 1st target of Rs.37. 
Buy Dena Bank Ltd at Rs.45, T--Rs.52, SL--Rs.41.80. The company came out with decent set of numbers for the Q1FY14, sequentially. The point which to be noted is that in Q1FY14, the EPS is Rs.5.40, which gives perfect indication how undervalued the share price is, at the CMP. One should buy the stock and keep holding. Today another scrip from the Public Sector Bank space, Union Bank India Ltd rose more than 5% intra-day and is now trading at Rs.107.70.
There is positive news in UNITED BREWERIES LTD: Vijay Mallya got 10.5 mn pledged shares released on Aug 7.  The scrip could cross Rs.800 in the next few trading sessions. 
NMDC Ltd recommended around Rs.107-109 and again at Rs.93-94, today touched Rs.122.50.  It has recently been recommended by a number of advisory services. CLICK HERE.

Mid Market Chart Check

[Excerpts of my mid-day inputs to the clients]

Market experienced buying at lower levels. A gap down opening took the Nifty to a low of  5118.85 during first few hours of trade. However, strong buying at lower levels pulled it to a high of 5317.70. Finally it settled almost flat. 
Due to over sold situation in short term and subsequent short cover, the  F&O expiry is expected to be closed in the positive today.  Since the morning, there has been relentless buying in the Indian bourses, after the INR appreciated against the USD. However, what is to be noted is that till now the rallies are proving to be short lived and are getting exhausted quickly. On the other hand lower level is attracting buying interest also. This has resulted into extreme volatility on the either side of the spectrum. However, it seems there are now some hope of Nifty going to 5700 levels by the end of September, which is normally a good month for the BULLS. 

Resistance: 5425 / 5475
Support: 5350 / 5300.

Today' Call: Buy J P Associates Ltd (BSE Code: 5325322) at Rs.33-33.40, T--Rs.39, Sl-Rs.29. The news is that Aditya Birla Group is close to concluding a deal to buy out the company's cement plant in Gujarat for close to 35 bln rupees (Rs.3500 Cr), which could be announced anytime from now. Please remember, last time on such a news, the scrip rallied from Rs.51 to around Rs.90 plus. Those who wants to take  a small risk then they can try Rs.40 Call of J P Associates Ltd at Rs.1.40, for a target of Rs.3-4 in the next 30 days. But do keep a SL of Rs.0.80 paise for any down move.  CLICK HERE & CLICK HERE. 
MCX Ltd which was recommended around Rs.255 and Rs.272, last week is today locked at the Upper Circuits at Rs.256.15. The is near the first target. 
Those who have earlier taken B F Utilities Ltd at Rs.128-128, or later, bought it around Rs.118-120, when it fell can continue to add on to their positions and wait for the scrip to cross Rs.200. Today, I am told that an advisory service has recommended the scrip, as a buy for a target of Rs.163.Today the scrip already touched Rs.134.40.
Those who have entered VIP Industries Ltd yesterday, are suggested to exit the counter at around Rs.47.80-48 or either with small profits, or with cost price, because the stock is not performing as expected, even as the INR appreciated against the USD. It was recommended yesterday, on the two premises: 
(i) Ace investor, Rakesh Jhunjhunwala has increased his holdings, mostly probably banking on the revival of sales from the CSD business of the company. 
(i) Any appreciation of the INR against the USD would be positive for the company as it imports around 80-85 % of its products. 
However, the stock did not react too much on the positive side, may be because the price of crude has risen, on the fear of another war in the middle-east. 

AFTER MARKET OPENING CHART CHECK

Photo, Courtesy: Faking News

In an extremely bearish move following the passing of the FSB, the Nifty, it fell down to 5274 and closed with a huge loss of 189 points. A gap down opening was followed by sustained selling till end, with no respite, with a total absence of any intra-day upward correction.
Market is in confirmed down trend and scary target of 4800-4900 are talked about in sundry analyst circles. Shares are making new lows every day and even BLUE CHIPS are now spared. Rallies are  generally short lived and get exhausted quickly. The pace of fall is much higher than rise the rise.  3-4 days of rally had been corrected by single day of fall. Much of the fall is due to self-inflicted pain created by our "Tughlak-ian" UPA Government and its anti--people policies. The main opposition BJP only gave Lip-opposition to the FSB (Ironically called, "Vote Security Bill"), which clearly indicates, what each political entity, ultimately espouses, internally--much of what we see outside is only their masks. However, the voters have to choose the lesser evil among them. In such a scenario it is puerile to take long positions in Nifty_Futures, except playing on the range 5120--5165. What the investors/traders can do now, is to go for staggered buying in some of blue chips, like BHEL (Rs.107-108), L & T (Rs.686-687), B F Utilities Ltd (Rs.120), VIP Industries Ltd (Rs.46-47), etc.

Resistance: 5220 / 5250

Support: 5150 / 5110.

MCX Ltd hit another buyer freeze in the opening trade. The scrip was recommended last week at Rs.255-256 and Rs.271-275, when it came out of the circuits.

Manappuram Finance Ltd today touched the first target of Rs.17 (touched Rs.17.73) and is now going for usual correction. The investors/ traders who have purchased earlier should book profits.

Today's call: Buy VIP Industries Ltd at Rs.46-47, for a price target of Rs.52-57-62, SL--Rs.41. VIP Industries has reported a standalone sales turnover of Rs.326.90 crore and a net profit of Rs.23.00 crore for the quarter ended June '13. Other income for the quarter was Rs.0.60 crore. For the quarter ended June 2012 the standalone sales turnover was Rs.302.60 crore and net profit was Rs.23.50 crore, and other income Rs.0.30 crore. Please use stop losses strictly, because in this market, one never knows where a scrip can go on the downside. VIP Industries is engaged in manufacturing of moulded luggage (from high-density polyethylene), soft luggage (from nylon, polyester, jupolene, printed polyester) and ABS luggage (from acrylonitrile butadiene styrene plastic) including briefcases, suitcases, handbags, carry bags and vanity cases. VIP Industries, Asia’s No. 1 luggage manufacturer, had earlier announced the appointment of McCann Erickson as its creative agency for VIP brand. The company also said that it is currently scouting for a creative partner for its Skybags brand. The business has moved both its brands, VIP and Skybags, from its incumbent agency, Ogilvy & Mather. Established in 1971, VIP Industries sells nearly five million pieces of luggage a year. The state-of-the-art VIP Design Lab is credited with multiple international patents and design registrations. The company’s latest launch, VIP Verve, is a stylish, lightweight polycarbonate luggage, and was awarded the prestigious ‘Product of the Year’ Award for 2011-12. CLICK HERE.

Those who are holding Manappuram Finance Ltd at around Rs.14-80-15, are suggested to book profits and wait for the scrip to cross the bottle-neck area of Rs.17.70-17.80.

WINNING STROKES: THINK DIFFERENT

Manappuram Finance Ltd hits another buyer freeze in the opening trade. The scirp got locked at the UC at Rs.16.05. The stock was repeatedly recommended last week, as a must buy. Gold prices would continue to remain buoyant in the Indian markets, due to import restrictions. Meanwhile, Shri V.P.Nandakumar, Managing Director & CEO said, that the changes in lending policies introduced by the RBI will strengthen the NBFC sector in the long run. Also, the company announced the following news yesterday: Manappuram Finance Limited has submitted to the Exchange a copy of the disclosure under Regulation 13(4) of SEBI (Prohibition of Insider Trading) Regulations, 1992 in relation to the purchase of 2, 52,000 equity shares of the Company by Mr. I Unnikrishnan, Executie Director and Dy. Chief Executive Officer of the Company, and 6,000 equity shares purchased by Mrs. Sathialekshmi. M jointly with Mr. I Unnikrishnan. (Source MSE).
The Nifty_Futures moved to 5526.75, after a buy was given on it with a target of 5530. The Nifty_Futures is expected to try crossing 5620 once again this week. 
MCX Ltd hit the buyer freeze in the opening phase. Those who have not exited the scrip, and have taken fresh position after it was again recommended in Facebook at around Rs.272, can continue to hold the scrip, with a SL at Rs.287. The stock closed at Rs.306.90, in the BSE.
B F Utility Ltd touched Rs.137 today, while BHEL touched Rs.124.65 (Recommended at Rs.120) and L &T touched Rs.759.75 (Recommended at Rs.743.95), after they were recommended  in the Premium Blog today. B F Utility Ltd closed at Rs.134, after it broke out last week, from the existing trend. The new government in Karnataka is positive for the company. B F Utility Ltd gets a good portion of its revenue from the wind power. CLICK HERE.

Easier exit window for foreign investors in infrastructure projects

NEW DELHI: The government is planning to a give easier exit window to foreign investors in construction, housing and township projects, hoping to spur greater equity inflow into the debt burdened sector and help faster completion of delayed projects.

The measures are continuation of the government's ongoing drive to make FDI policy more attractive. Under the current rules, 100% FDI is allowed in the construction, housing and township but subject to a threeyear lock-in, a condition that was imposed to ensure speculative money does not flow into real estate but has also had the unintended consequence of stifling genuine investments.

The sector attracted $1.3 billion FDI in 2012-13, down 58% from $3.1 billion in 2011-12. The department of Industrial policy and promotion (DIPP) is now mulling allowing foreign investor to exit after completion of the project or three years, whichever is earlier, as proposed by the ministry of housing and urban poverty alleviation (MHUPA).

Most housing projects are running one to two years late because of slowdown and shortage of funds because of elevated debt levels.

"Though DIPP is yet to finalise on the relaxation in FDI conditions, but the exit window to developers after project completion seems suitable. However, greater clarity would be needed on the definition of completion," said a government official in privy of the matter.

"Providing an exit door to the foreign investor on project completion before 3 years will be a good sign. This would make entry and exit simpler like it is in other countries. But I am doubtful if it will lead to an immediate dollar inflow", said Anshuman

Magazine, CMD, CBRE, an international real estate consultancy firm. However, industry feels there should not be any exit clause. "Most townships or housing projects take more than 3 years to construct anyways. What difference will the exit on completion make? A foreign investor should be allowed to exit whenever it wants, as per the agreement between him and the Indian player", said RR Singh, director general, National real estate development council.

The other changes under consideration include reducing the minimum capitalization of the eligible construction project in which FDI can come in to $ 5 million against $ 10 million presently for wholly owned subsidiaries and from $5 million to $2.5 million for joint ventures with Indian partners.

MHUPA has also asked for a reduction in the minimum built up area from 50,000 sq mt to 20,000 sq mt. However in case of serviced housing plots, minimum land area may remain the same at 10 hectares.

DIPP is looking into all these but is opposed some of the more liberal proposals like the urban development ministry's suggestion foreign investors be allowed to purchase land and other immovable assets for construction purpose. "This is nearly the same as saying allowing FDI in real estate business, which is not permitted", said the official.

Urban development ministry has also recommended that foreign investment up to 49% be free from any entry condition to attract foreign capital providers that do not have long-term interest in construction assets.

Courtesy: The Economic Times

WINNING STROKES: THINK DIFFERENT

Please Click on the Chart to Expand

MCX Ltd hits the buyer freeze in the opening trade. Those who have taken risk yesterday, must be happy. But, safe investors, should be very careful playing these kinds of counters. Today, the stock got locked in the UC, at Rs.293.05 in the  NSE.

Manappuram Finance Ltd recommended yesterday at Rs.14.80-15, today broke out its long term chart pattern and is moving towards the next intermediate target of Rs.17.50-17.70, before touching Rs.21, in the next few trading sessions. With import restrictions on, the price of Gold is not expected to come down very quickly. In such a scenario, the companies like Manappurram Finance Ltd is expected do well. The scrip today closed at Rs.15.30. CLICK HERE & CLICK HERE.

B F Utilities Ltd confirmed the break-out today, in the daily charts. It seems on Monday it will open a gap up and try to move towards the next target of Rs.145-147, and then subsequently cross Rs.200, in the next few trading sessions. Buoyancy in the wind power sector and the government's thrust in the infrastructure, is positive for the company. Moreover, the new government in Karanataka could also, help solve some of its pending matters. 

Market Mantra

Gitanjali Gems Ltd hits another buyer Freeze in the opening trade. The scrip is locked at the upper circuits at Rs.80.90 in the BSE. The scrip was asked to be accumulated couple of days back at around Rs.73.40. 

A Nifty_Future buy was given at 5430, which gave some returns to the traders as it touched 5450, after the call. Also, yesterday's Nifty_5700 Call Option at Rs.5-5.5, today touched Rs.11.95, much above the target of Rs.9, given yesterday. To know the levels of Nifty_Futures for trading, join my recommended brokerage house and get you everything for free. Also, get support during the market hours. In these kinds of markets when it is becoming difficult even for the experts to make money, it would be dangerous to play, in the market alone; unless one  has sufficient exposure on the same and has done substantial research. Also, why should one waste time on a subject, instead of concentrating on his own job. Always try to remain focused. 

Multi Commodity Exchange of India Ltd. (MCX Ltd) recommended yesterday, at around Rs.268-269, today hit the upper freeze in the opening trade. Those who could buy yesterday, might have hit a JACKPOT, as the stock is expected to give substantial returns from here. Meanwhile, MCX BNP Paribas Arbitrage has acquired 566,000 shares of the company at an estimated cost of Rs.145 million (Rs.14.5 Cr). CLICK HERE.

Bloodbath on Dalal Street: Top 34 stocks that hit 52-week low on BSE-500 index

[Editor: Now all those who were supporting RBI's FAULTY policy on Inflation Control, should be publicly WHIPPED, for at least 2 months in a row, with 50 lashes per day. And what about all those groups of PERVERTED ECONOMISTS, who appear on various channels everyday, to spread POISON among the Indian masses? 

Also, why only blame, Dr.Subbarao for the mess? What about the blue eyed behind the scene villains like, Dr.Subir Gokarn (did maximum damage) and his replacement Dr.P Patel? What about jokers like, Dr.Rangarajan and Dr.K C Chakraborty...? During the last 6 months how many times did we see reputed economists/persons like Dr.Surjit Bhalla, Dr.Kaushik Basu, Dr.Omkar Goswami, Dr.Bimal Jalan, Dr.Acharya, etc on various Television Channels? What about Dr.Manmohan Singh and his deputies? If a RBI team was not performing upto the mark, was it not necessary to remove them, with more competent ones?

Bottomline is that: if you give garbage so importance, then don't except gold from them] 

NEW DELHI: The S&P BSE Sensex fell over 800 points in intraday trade on Friday, while 50-share Nifty index suffered its biggest percentage drop since July 2009. 

The fall was led by sharp selling in frontline stocks on fears of U.S. stimulus tapering which could start as soon as next month may FII flows and capital control measure adopted by the Reserve bank of India also fuelled bearish sentiment. 

The Reserve Bank of India (RBI) announced certain measures late on Wednesday to restrict how much its citizens and companies can invest abroad. This raised fears of outright capital controls that would further undermine the confidence of foreign investors. 

Tracking the momentum that hit 52-week low include stocks like Yes Bank, Bank of India, BHELBSE -10.70 %, L&T, MCX, Punjab National BankBSE -7.00 %, SpiceJet and UCO Bank. 

The Nifty witnessed intense selling pressure and briefly breached 5,500 level in intraday trade as institutional investors booked profits in Indian companies on economic growth, rising interest rate concerns and depreciating rupee. 

Weakness in rupee has been a major drag on markets, hitting fresh record low of 62.03 against the US dollar in intraday trade. 

The 50-share index closed at 5,507.85, down 234.45 points or 4.08 per cent. It touched a high of 5,716.60 and a low of 5,496.05 in trade today. 

The S&P BSE Sensex ended at 18,598.18, down 769.41 points or 3.97 per cent. It touched a high of 19,310.95 and a low of 18,559.65 in trade today. 

Levels of 5500 on the Nifty which is still considered a strong support for the Nifty index may come under threat if rupee continues to depreciate against the dollar, say analysts. 

"The view is very clear that level of 5500 still hold a strong support for the Nifty. In past we have seen many times, markets bouncing back from this level; however the intensity of the bounce is getting lower and lower," said Ashwani Gujral of ashwanigujral.com. 

"There is a tectonic shift that is happening in the markets because of the weakness in rupee. Chances are rupee should head lower towards 64 and that should lead to a breaking of this 5500 to 6100 zone on the downside," he added. 

Gujral is of the view that the more the government/RBI try's to fight the rupee, chances are it will go lower and lower. So this is a fairly difficult situation and chances are that 5500 may not hold for a long time, he added. 

Although, Nifty briefly breached this level in intraday trade today and market is not able to hold onto 5500 level - next target is closer to 5400 and then 5300, say analysts. 

"There is a possibility that markets may crack down to 5300 on the Nifty; yes that is very much possible if the momentum continues," said Dilip Bhat, Joint Managing Director, Prabhudas Lilladher in an interview with ET Now. 

"We may see a sharp rise once again back to 5900 to 6000, yes very much possible and both the scenarios possibly can play out over next three to six months," he added. 

Bhat is of the view that the fear psychosis which is making the markets vulnerable and panicky. Government has imposed some kind of partial control on remittances. 

Foreign institutional investors have been crucial part of the rally in 2012 but in the year 2013, the flows are reversed fuelling bearish sentiment in the market. 

Courtesy: The Economic Times

Gold seen extending gains from two-week high

(Reuters) - Gold futures in India, which hit the highest level in two weeks on Friday, could extend gains on a weak dollar ahead of further monetary easing in the United States.

Weak U.S. growth data has raised expectations the Federal Reserve will keep its bond buying at $85 billion a month, while the European Central Bank is widely expected to announce an interest rate cut when it meets on Thursday.

Accommodative policy is supportive for gold as printing of money tends to be inflationary.

"Overall gold will remain on the upside on loose monetary policy stance by the U.S.," said Sumit Mukherjee, an analyst at Karvy Comtrade.

The actively traded gold for June delivery was 0.17 percent lower at 27,144 rupees per 10 gram on the Multi Commodity Exchange (MCX), after hitting a high of 27,447 rupees on Friday, a level seen on April 15.

Gold may trade in a range of 26,300-27,800 rupees, said Mukherjee.

However, lower physical demand from India after the buying frenzy following a 20 percent drop in prices from the peak, could limit the upside in prices. India will celebrate Akshaya Tritiya next month, while weddings will continue till June-July.

Silver for May delivery was 0.17 percent higher at 45,118 rupees per kg on the MCX.

Silver may trade in a range of 43,400-48,000, said Mukherjee.

(Reporting by Siddesh Mayenkar; Editing by Subhranshu Sahu)

Courtesy: Reutes

Gold prices maintained an upward trend
Those who bought the shares of Manappuram Finance Ltd (BSE Code: 531213, CMP: Rs.17.70) with me, say Cheers!!

Gold prices maintained an upward trend for the fifth-straight day by adding Rs 400 to regain the psychological level of Rs 28,000 per ten grams in the national capital Thursday on strong demand from stockists and traders coupled with marriage season off-take from consumers amid a firming global trend.

Silver also recovered by Rs 500 to Rs 45,500 per kg on increased offtake by industrial units and coin makers.

Meanwhile, gold prices continued their upward momentum in futures trade today and rallied by over Rs 650 points to regain Rs 27,000-level as speculators enlarged their positions tracking a firm global trend.

Silver also regained Rs 45,000-level in futures trade.

At the Multi Commodity Exchange (MCX), metal for delivery in June contracts climbed by Rs 653 to Rs 27,041 per ten grams.

Similarly, silver for delivery in May contracts rallied by Rs 2,282 to Rs 45,174 per Kg.

In another benchmark spot market, Mumbai, gold reclaimed Rs 27,000 per ten grams level on continued physical buying.

Silver also soared on low-level speculative buying and industrial demand, and regained the Rs 45,000 per kg mark.

Gold in overseas markets, which normally set price trend on the domestic front, climbed to the highest level since September last year, as rising central bank and physical purchases countered tumbling assets in exchange-traded products.

Spot gold surged by USD 34.60 or 2.42 percent to USD 1,467.10 per ounce.

Gold prices sank to around USD 1,321 on April 16, the lowest in more than two years, in a sell-off that surprised ardent gold investors and bulls.

Mumbai

Standard gold of 99.5 percent purity shot up by Rs 400 to end at Rs 26,970 per 10 grams from Wednesday's closing level of Rs 26,570.

Pure gold of 99.9 percent purity also surged by a similar margin to finish at Rs 27,110 per 10 grams from Rs 26,710.

Silver ready (.999 fineness) vaulted by Rs 715 to close at Rs 45,315 per kg from Rs 44,600 yesterday.

Chennai

Standard gold price moved higher by Rs 445 to Rs 27,495 per ten grams as against its previous close of Rs 27,050.

Silver also rallied by Rs 745 to Rs 44,795 from Rs 44,050 per kg.

Delhi

In the national capital, gold of 99.9 and 99.5 percent purity advanced by Rs 400 each to Rs 28,000 and Rs 27,800 per 10 grams, respectively. The yellow metal had gained Rs 1,250 in the previous four sessions.

Sovereign followed suit and climbed Rs 250 to Rs 24,350 per piece of eight gram.

In line with a general firm trend, silver ready recovered by Rs 500 to Rs 45,500 per kg and weekly-based delivery by Rs 660 to Rs 43,310 per kg. The white metal had lost Rs 800 on Tuesday's trade.

Silver coins also spurted by Rs 1,000 to Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.

Futures Trade (MCX)

At the Multi Commodity Exchange (MCX), metal for delivery in June contracts climbed by Rs 653 to Rs 27,041 per ten grams.

Similarly, silver for delivery in May contracts rallied by Rs 2,282 to Rs 45,174 per Kg.

International markets

Gold in overseas markets, which normally set price trend on the domestic front, surged by USD 34.60 or 2.42 percent to USD 1,467.10 per ounce.

In international markets gold prices sank to around USD 1,321 on April 16, the lowest in more than two years, in a sell-off that surprised ardent gold investors and bulls.

Gold ETF

SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.38 percent to 1092.98 tonnes on Wednesday from 1097.19 tonnes on Tuesday. The current holdings are at multi-year low.

Here are the city wise gold and silver rates:

(Gold rates per 10 gm/Silver rates per Kg)

Mumbai
GOLD: Rs 27,110 (+400)/ SILVER: Rs 45,315 (+715)

Delhi
GOLD: Rs 28,000 (+400), SILVER: Rs 45,500 (+500)

Chennai
GOLD: 27,495 (+445)/ SILVER: Rs 44,945 (+745)

Kolkata
GOLD: 28,600 (+170)/ SILVER: Rs 46,550 (+500)

Bangalore
GOLD: Rs 27,563 (+472) / SILVER: Rs 45,700 (unchanged)

Hyderabad
GOLD: Rs 28,000 (-1000) / SILVER: 48,000 (-1000)

Courtesy: Zee News

Gold Rate Today: Latest Updates

Best Time To Invest In Gold 
or In Gold Loan Companies...?

Recovering from their yesterday's loss, gold prices in futures trade moved higher by Rs.250 Wednesday, tracking uptrend in international markets as solid physical demand encouraged speculative buying.

At the Multi Commodity Exchange (MCX), metal for delivery in June contracts rose by Rs 250 to trade higher at Rs 26,414 per ten grams.

Similarly, Silver for delivery in May contracts increased by Rs 421 to Rs 43,235 per Kg.

Gold prices fell by up to Rs 60 at the Mumbai bullion market today following reduced demand from traders and jewellers. Silver also fell by Rs 550 to Rs 44,600 per kg.

Standard gold of 99.5 percent purity and pure gold of 99.9 percent purity both traded down by Rs 60 and Rs 55 at Rs 26,570 and Rs 26,710 per ten grams, respectively.

Speculative buying after yesterday's fall pushed gold price in international markets higher by 0.86 percent on Wednesday.

Support also came from weak German economic data, which fanned speculation the European Central Bank could cut interest rates.

But strong US dollar coupled with firming equities and continuous decline in holdings by exchange-traded funds looks set to cap prices.

Gold in overseas markets, which normally set price trend on the domestic front, rebounded by USD 15.90 or 1.12 percent to USD 1,429.50 per ounce.

In international markets gold prices sank to around USD 1,321 on April 16, the lowest in more than two years, in a sell-off that surprised ardent gold investors and bulls.

Delhi

In the national capital, gold of 99.9 and 99.5 percent purity advanced by Rs 200 each to Rs 27,600 and Rs 27,400 per 10 grams, respectively. It had gained Rs 1,050 in last three sessions.

Sovereign, however, held steady at Rs 24,100 per piece of eight gram in scattered deals.

On the other hand, silver ready dropped by Rs 800 to Rs 45,000 per kg and weekly-based delivery by Rs 1020 per kg. The white metal had gained Rs 500 yesterday.

Silver coins also plunged by Rs 1,000 to Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.

Mumbai

Standard gold of 99.5 percent purity and pure gold of 99.9 percent purity both traded down by Rs 60 and Rs 55 at Rs 26,570 and Rs 26,710 per ten grams, respectively.

Silver ready (.999 fineness) declined by Rs 550 to Rs 44.600 per kg from Tuesday''s closing level of Rs 45,150.

Chennai

Standard gold price moved higher by Rs 90 to Rs 27,050 per ten grams as against its previous close of Rs 26,960. Silver however, slipped by Rs 800 to Rs 44,050 from Rs 44,850 per kg.

Futures Trade (MCX)

At the Multi Commodity Exchange (MCX), metal for delivery in June contracts rose by Rs 250 to trade higher at Rs 26,414 per ten grams.

Similarly, Silver for delivery in May contracts increased by Rs 421 to Rs 43,235 per Kg.

International markets

Gold in overseas markets, which normally set price trend on the domestic front, rebounded by USD 15.90 or 1.12 percent to USD 1,429.50 per ounce.

In international markets gold prices sank to around USD 1,321 on April 16, the lowest in more than two years, in a sell-off that surprised ardent gold investors and bulls.

Gold ETF

SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.68 percent to 1,097.19 tonnes on Tuesday from 1,104.71 tonnes on Monday. The current holdings are at multi-year low.

Here are the city wise gold and silver rates:

(Gold rates per 10 gm/Silver rates per Kg)

Mumbai
GOLD: Rs 26,710 (-55)/ SILVER: Rs 44,600 (-550)

Delhi
GOLD: Rs 27,600 (+200), SILVER: Rs 45,000 (-800)

Chennai
GOLD: 27,125 (+90)/ SILVER: Rs 44,050 (-800)

Kolkata
GOLD: 28,150 (+300)/ SILVER: Rs 45,500 (-750)

Bangalore
GOLD: Rs 27,098 (+213) / SILVER: Rs 45,600 (-200)

Ahmedabad
GOLD: Rs 26,270 / SILVER: 44,200

Hyderabad
GOLD: Rs 27,800 (unchanged) / SILVER: 49,000 (+150)

With Agency Inputs 

Courtesy: Zee News

Gold Prices Maintains An Upward Trend For The Fourth-Straight Day

Gold prices maintained an upward trend for the fourth-straight day by adding Rs 200 to Rs 27,600 per 10 grams in the national capital Tuesday on sustained buying by stockists and retailers.

Gold prices in futures trade however, failed to maintain their winning streak and fell by up to Rs 200 per ten grams amid down trend in international markets as more outflows from gold exchange-traded funds summed up investors' weakening confidence in the metal.

At Delhi spot market, Silver lacked necessary follow up support and dropped by Rs 800 to Rs 45,000 per kg.

Gold in overseas markets, which normally set price trend on the domestic front, moved lower by USD 14.30 or 1 percent to USD 1,412 per ounce.

At the Multi Commodity Exchange (MCX), metal for delivery in June contracts fell by Rs 245 to trade lower at Rs 26,112 per ten grams after moving in range of Rs 26,062-26,448.

Similarly, Silver for delivery in May contracts dropped by Rs 947 to Rs 42,740 per Kg after moving in range of Rs 42,338-43,484.

Delhi

In the national capital, gold of 99.9 and 99.5 percent purity advanced by Rs 200 each to Rs 27,600 and Rs 27,400 per 10 grams, respectively. It had gained Rs 1,050 in last three sessions.

Sovereign, however, held steady at Rs 24,100 per piece of eight gram in scattered deals.

On the other hand, silver ready dropped by Rs 800 to Rs 45,000 per kg and weekly-based delivery by Rs 1020 per kg. The white metal had gained Rs 500 yesterday.

Silver coins also plunged by Rs 1,000 to Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.

Mumbai

Standard gold of 99.5 percent purity and pure gold of 99.9 percent purity both settled down by Rs 70 and Rs 75 at Rs 26,630 and Rs 26,765 per 10 gm, respectively.

Silver ready (.999 fineness) fell by Rs 1,030 to Rs 45,150 per kg from Monday's closing level of Rs 44,955.

Chennai

Standard gold price moved higher by Rs 90 to Rs 27,050 per ten grams as against its previous close of Rs 26,960. Silver however, slipped by Rs 800 to Rs 44,050 from Rs 44,850 per kg.

Futures Trade (MCX)

At the Multi Commodity Exchange (MCX), yellow metal for delivery in June contracts fell by Rs 245 to trade lower at Rs 26,112 per ten grams after moving in range of Rs 26,062-26,448.

Similarly, Silver for delivery in May contracts dropped by Rs 947 to Rs 42,740 per Kg after moving in range of Rs 42,338-43,484.

International markets

Spot gold moved lower by USD 14.30 or 1 percent to USD 1,412 per ounce. Gold in overseas markets had touched its lowest level in more than two years of USD 1,321.35 on last Tuesday.

Gold ETF

Holdings on SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, tumbled to their lowest level since early 2010, which indicated that some investors were shifting their money into equities.

Here are the city wise gold and silver rates:

(Gold rates per 10 gm/Silver rates per Kg)

Mumbai
GOLD: Rs 26,765 (-75)/ SILVER: Rs 45,150 (-1030)

Delhi
GOLD: Rs 27,600 (+200), SILVER: Rs 45,000 (-800)

Chennai
GOLD: 27,125 (+90)/ SILVER: Rs 44,050 (-800)

Kolkata
GOLD: 28,150 (+300)/ SILVER: Rs 45,500 (-750)

Bangalore
GOLD: Rs 27,098 (+213) / SILVER: Rs 45,600 (-200)

Ahmedabad
GOLD: Rs 26,270 / SILVER: 44,200

Hyderabad
GOLD: Rs 27,800 (unchanged) / SILVER: 49,000 (+150)

Courtesy: Zee News with Agency Inputs

WINNING STROKES: THINK DIFFERENT

ARSS Infrastructure Ltd hit the upper circuits before closing at around Rs.45.95 on the BSE. Yesterday, it was strongly recommended a buy, after my sources gave positive news on the company. I am expecting the scrip to cross Rs.60, in the coming days, provided the markets do not crash. The Real Estate/Construction stocks of all hues should be accumulated as the RBI is expected to cut the interest rate in the coming days, to prop up the sagging economy. This is the sector to be focused. Also, any negative news in the cement sector is positive for the real estate/construction sector. 

The gold fell as was expected in the MCX. Those who have shorted the scrip, must be laughing their way to the banks. I am expecting it to fall further as the government takes steps to revive the sentiments of the Indian Capital Markets.  
Prajay Engineers Syndicate Ltd hit the buyer freeze today. The company is doing lot of projects and its current price does not depict the true value of the scrip. According to my estimation, the scrip should trade above Rs.30. It's 3 star-hotel has started to function and other projects are going on stream. It has huge pile of land banks, whose value is more than few thousand crores. The share price of such a company should not trade at such a dismal price. 

On the 28th June, mail to the Paid Members, it was clearly said the following, "Some volatility can be seen in market due to F&O expiry today. Ability of Bulls to sustain above the support level of 5100 is a sign of strength. Long positions can be hold on to with a stop below 4970". Those who have bought the Nifty Futures, based on this news have covered up the cost of Paid Service in just one call. Join the Paid Service or my Brokerage House (Free account opening for investments above Rs.2 lakhs) to get maximum out of this market. This market has off late become the den of highly-professional-participants  and therefore it could be dangerous to try your hands in the stocks without proper expert advice or guidance or research.  
Kohinoor Broadcasting Corporation Ltd hit the buyer freeze as it touched Re.0.66. I think most of you have increased your holdings in the last few months, as this could be one of the golden opportunities (or life-time opportunity) to accumulate the scrip at such a low price. The company is going stronger and stronger day by day. The promoters are now making plans to launch the 2nd channel, KBC Gold at the earliest. Its solar (Renewable) energy projects are also going fine. It is in the final stage of tying up with some companies in this respect.  
The following calls were given to the Paid Group members on 28th June, 2012. 
(i) Buy Tata Steel at Rs.417--418, T--Rs.430, SL--Rs.410

(ii) Buy IDFC Ltd at Rs.134, T--Rs.139, SL--Rs.130. 

Today Tata Steel Ltd touched Rs.443.90 way above the target and IDFC Ltd touched Rs.136.85 today, intra-day (almost near the 1st target).  

The excerpts of that forwarded mail is still there in the free group (SumanSpeaks) at:
http://finance.groups.yahoo.com/group/SumanSpeaks/message/16815

SELL GOLD AND NOBLE METALS

I think Gold is a sell from now onward. The gold is now trading at Rs.29706, in MCX, but I am expecting it to further break Rs.28, 000 mark in the coming days. The reasons could be many but primary among them could be the following:

(i) The world-wide inflation is expected to come down in the coming days, pulling down the demand for gold. 

(ii) The government is talking of improving the sentiment of the Indian Capital Markets, which could be looked in  a round about way to curtail the demand for gold. This means the gold demand as an investment could come down in the coming days. 

(iii) According to view of India Forex Advisors, “ Gold is trading at $ 1575 levels. Gold prices ended on a flat note ahead of the EU Summit, as market participants are not expecting any new measures will be announced to tackle the ongoing European Debt crisis. This may prompt investors to shift from Gold to US Dollar. Near term support is at $1558 levels, whereas strong resistance can be seen near $1592 levels (21 day EMA on the daily chart). Gold remains bearish as expected internationally in dollar terms”.

Gold has recently lost its safe haven appeal after the financial market turmoil caused by the Eurozone crisis. Moreover, Federal Reserve's decision to take only a modest step to boost the economy forced investors to cash in bullion to cover losses.

In such a situation, please liquidate your position in Gold and invest the money in the Indian Capital Market, especially in good infrastructure counters. 

Copper rises on weak dollar, breaks out of flat trend
Easing Eurozone woes, pulls base metals higher
Ruchika Shah / Mumbai Apr 20, 2012

Three-month copper contract on the London Metal Exchange traded higher today, erasing the flat trend continuing for the past three days.
Local copper contract on the MCX also broke out of the three-day humdrum and was trading Rs 1.80 higher, at Rs 420.05 today. The rupee was weak against the dollar after hitting a 14-week low in the last hour of trading yesterday. This helped in pulling local copper prices higher.
Eurozone concerns eased as the region's IFO business climate data released today was better than estimated, said Priyanka Jhaveri, an analyst with Kotak Commodity Services. This strengthed the euro against the dollar, which pushed dollar-denominated commodities such as base metals higher in the global markets.
Benchmark copper contract on the LME was trading at $8,079 per tonne, up $29 from Thursday's close. The contract had been settling at $8,050 for the past three days, she said.
China, the world's largest importer and consumer of base metals, is seen re-exporting its copper stocks from the bonded warehouses at the Shanghai Futures Exchange, to ease LME backwardation.
"Backwardation, is a sign of bullishness," she says. It means that the spot market is tight with high demand and restricted supply. This hints at a bullish trend in base metals for the rest of the day.
Prices at the LME compared to spot market prices, have been lower, which is an unusual trend, Jhaveri says. But this has been the occurrence at LME where copper is going at a discount, while the red metal in the spot market is being sold at a premium.
LME 3-month copper premium, a premium for cash copper against three-month delivery on the world's biggest metal marketplace popped up to $114 per tonne on Tuesday, a level not seen since 2008.
It was going at a premium of close to $80-85 per tonne, which was now down at $44 today due to backwardation, which resulted in rising stocks at LME-monitored warehouses. This is still higher than $10-40 premium at SHFE.
However, copper, pulling the base metal complex, is expected to be bullish in the evening trading session, in the absence of any significant data release later today, Jhaveri said.
According to Kotak Commodity Services, MCX April copper contract may get support at Rs 416 and face resistance at Rs 424, while the 3-month contract is expected to find support at $8,000 and face resistance at $8,150 later today.

Courtesy: Business Standard

WINNING STROKES: THINK DIFFERENT

Jai Balaji Industries Ltd hit the buyer freeze in the late afternoon trade. The reasons are best known to all. 

As expected Sintex Industries Ltd moved to Rs.86, before cooling a bit. 

Country Club India Ltd, is doing absolutely fine. According to my close sources, all the FCCB related issues will be solved by 31st March, 2012. Moreover, the company is expanding not only in India but also in overseas.
Key benchmark indices edged higher for the second day in a row as bank stocks rose after the Reserve Bank of India (RBI) announced a reduction of 75 basis points in banks' cash reserve ratio (CRR) requirement to ease liquidity situation in the banking system. The 50-unit S&P CNX Nifty attained its highest closing level in more than a week and half. The barometer index, BSE Sensex, scaled its highest closing level in more than one week. Index heavyweight Reliance Industries (RIL) edged higher. The Sensex advanced 84.43 points or 0.48%, up close to 90 points from the day's low and off about 185 points from the day's high.
Auto and IT stocks were mixed. Engineering and construction major L&T rose for the second day in a row after naming a new CEO and MD. GAIL (India) rose after twin bulk deals. The market breadth was positive. BSE Small-Cap and Mid-Cap indices outperformed the Sensex.
From a recent low of 17,145.52 on 7 March 2012, the BSE Sensex has gained 442.15 points or 2.57% in two trading sessions. The barometer index has lost 161.02 points or 0.9% in March 2012 so far (till 12 March 2012). The index has surged 2,132.75 points or 13.79% in calendar 2012 so far (till 12 March 2012). From a 52-week low of 15,135.86 on 20 December 2011, the Sensex has risen 2,451.81 points or 16.19%. From a 52-week high of 19,811.14 on 6 April 2011, the Sensex has lost 2,223.47 points or 11.22%.
Coming back to today's trade, the market pared gains after a firm start triggered by the Reserve Bank of India's announcement after markets hours on Friday, 9 March 2012, of a reduction in cash reserve ratio (CRR) of banks by 75 basis points to ease liquidity situation in the banking system. The market came off lows in morning trade. Key benchmark indices regained positive zone after slipping into the red in mid-morning trade. The market regained strength in afternoon trade. The market held positive zone in mid-afternoon trade.
The BSE Sensex advanced 84.43 points or 0.48% to settle at 17,587.67, its highest closing level since 3 March 2012. The index jumped 268.86 points at the day's high of 17,772.10 in opening trade, its highest level since 29 February 2012. The index fell 8.59 points at the day's low of 17,494.65 in early afternoon trade.
The S&P CNX Nifty advanced 26 points or 0.49% to 5,359.55, its highest closing level since 29 February 2012. The index hit a high of 5,421.90 and a low of 5,327.30 in intraday trade.
The BSE Mid-Cap index gained 1.06% and the BSE Small-Cap index rose 0.7%. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 2339 crore, lower than Rs 3475.67 crore clocked on Friday, 9 March 2012.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,599 shares rose and 1,246 shares fell. A total of 121 shares were unchanged.
Among the 30-share Sensex pack, 17 gained while the rest declined.
Index heavyweight Reliance Industries (RIL) advanced 3.02% to Rs 796.95 in volatile trade. The stock hit a high of Rs 802.80 and low of Rs 781. RIL along with BP PLC will reportedly submit a joint plan to the government to develop the D6 natural gas block and its satellite fields as an integrated unit. The proposal is significant in that it will seek approval to develop an entire block as one unit, rather than follow the current practice of getting clearance for one oil or natural gas field at a time.
In 2011, BP purchased a 30% stake in 21 RIL's oil and gas blocks across India, including D6, which is India's biggest gas discovery so far. RIL is facing declining output at D6 due to reservoir complexity, a natural decline in reserves and delays in developing satellite fields. Output at the D1, D3 and MA fields in the D6 block has plunged to about 38 million metric standard cubic meters a day (MMSCMD) from 60 MMSCMD in June 2010. It is estimated that output will fall further to 27.60 MMSCMD in the next financial year starting April, and to 22.60 MMSCMD in the year after that.
GAIL (India) rose 1.59% to Rs 354.30 on volume of 17.3 lakh shares. A bulk deal of 8 lakh shares at Rs 351.75 per share was executed in the counter on BSE in morning trade. Another bulk deal of 7 lakh shares at Rs 352 per share was also struck on the counter on the BSE.
India's largest engineering and construction major L&T advanced 3.54%, with the stock extending Friday's 5.27% gain. During market hours on Friday, 9 March 2012, the company said K. Venkataramanan will take over as the Chief Executive Officer and Managing Director of L&T from 1 April 2012. He will succeed A. M. Naik who will step down as Managing Director, but continue as Executive Chairman of the group, the company added. The decision was taken by the board of directors to bifurcate the position of Chairman & Managing Director.
Most bank stocks rose after the Reserve Bank of India (RBI) announced a reduction of 75 basis points in banks' cash reserve ratio (CRR) requirement to ease liquidity situation in the banking system. The announcement was made after trading hours on Friday, 9 March 2012.
India's largest bank by branch network State Bank of India jumped 3.96% and was the top gainer from the Sensex pack. The bank's chairman Pratip Chaudhuri was quoted by the media as saying on Sunday, 11 March 2012, that the bank may go in for a follow-on-public-offer (FPO) or institutional placement of shares next fiscal to fund its business growth.
India's biggest private sector bank in terms of branch network, ICICI Bank gained 1.63%. India's second largest bank by net profit HDFC Bank shed 0.57%.
Interest rate sensitive auto stocks were mixed. India's largest commercial vehicles maker by sales Tata Motors gained 1.54%, with the stock extending two-day 4.96% gain.
India's largest utility vehicles maker Mahindra & Mahindra (M&M) declined 1.88%. During market hours Friday, 9 March 2012, M&M said, as part of its ongoing rationalisation of finished stocks, it would be observing no production days up to 2 days per week for the remaining period of March 2012 at the company's tractor plants located at Rudrapur, Nagpur and Jaipur. The management does not envisage any material adverse impact on availability of tractors in the market due to adequacy of tractor stocks to serve the market requirements, the company said.
India's largest car maker by sales Maruti Suzuki India slipped 0.32%.
India's largest bike maker by sales Hero MotoCorp rose 0.96% on reports the company is building in-house capabilities to make its own engines by teaming up with the world's largest privately-owned engine developer AVL of Austria.
India's second largest bike maker by sales Bajaj Auto rose 2.31%.
The Budget announcement by Finance Minister Pranab Mukherjee on 16 March 2012 is expected to bring bad news for the automobile sector, with a likelihood of more taxes, especially on diesel vehicles, which will lead to price hikes and further slowdown in demand.
IT pivotals were mixed. India's third largest software services exporter by revenues Wipro rose 1.16%. India's second largest software services exporter by revenue Infosys declined 1.51%. India's largest software services exporter by revenue TCS fell 1.35%.
Shares of companies whose fortunes are linked to orders from Indian Railways jumped ahead of the railway budget this week. Kernex Microsystems, Kalindee Rail Nirman, Titagarh Wagons, BEML, and Stone India rose by between 1.15% to 3.78%. The Railway Budget will be presented on Wednesday, 14 March 2012.
Given the financial condition of railways, this Rail Budget is likely to seek a two-year moratorium on paying dividend to the government.
Textile stocks were mostly lower after trade secretary Rahul Khullar told reporters on Monday a panel of ministers will likely review a halt on fresh cotton exports from India in two weeks. Arvind Mills, Patspin India, Jindal Cotex, Jindal Worldwide, Alok Industries and Ruby Mills fell by between 0.94% to 3.23%. The government has flip-flopped on the issue of banning cotton exports. After saying it was lifting a ban on overseas sales of the fibre on the weekend, Khullar said on Monday no fresh exports would be allowed and only the quantity permitted to be sold before the ban will be allowed to be shipped.
Realty stocks gained. DLF, HDIL and D B Realty rose by between 0.29% to 8.02%. Unitech was flat. Property consultants and real estate developers have reportedly demanded industry status to the realty sector in the forthcoming Budget. They have also sought incentives to promote affordable housing and an increase in the tax exemption on home loans. To boost supply, they have also asked for a single-window clearance for real estate development projects and foreign direct investment (FDI) in multi-brand retail to create demand for retail space in shopping malls.
Metal stocks rose as LMEX, a gauge of six metals traded on the London Metal Exchange gained 1.86% on Friday, 9 March 2012. Bhushan steel, Sterlite Industries, Hindalco Industries, Tata Steel, Nalco, and Jindal Steel & Power rose by between 0.09% to 2.69%.
JSW Steel rose 2.27% after the company said it is foraying into the manufacture of electrical steel in line with the company's strategy of increasing its portfolio of value added products.
Coal India rose 0.39%. The company announced after market hours today that the board of directors of the company at its meeting held on today, 12 March 2012, has approved payment of interim dividend for the financial year 2011-12 of Rs 9.50 per share as recommended by the Audit Committee of the company.
Avance Technologies clocked highest volume of 1.98 crore shares on BSE. Dazzel Confindiv (89.67 lakh shares), Cals Refineries (79.11 lakh shares), Lanco Infratech (71.38 lakh shares) and SpiceJet (55.65 lakh shares) were the other volume toppers in that order.
SBI clocked highest turnover of Rs 159.19 crore on BSE. Multi Commodities Exchange of India (MCX) (Rs 152.21 crore), GAIL (India) (Rs 61.30 crore), L&T (Rs 53.41 crore) and Reliance Power (Rs 50.51 crore) were the other turnover toppers in that order.
Foreign institutional investors (FIIs) bought shares worth a net Rs 1284.65 crore on Friday, 9 March 2012, as per provisional data from the stock exchanges.
Industrial production grew 6.8% in January 2012 from a year earlier, sharply higher than a revised 2.5% rise in December 2011, helped by a strong rebound in manufacturing output. Manufacturing output, which has a 75.5% weight in the index of industrial production, rose 8.5% from a year earlier in January. It had risen a revised 2.6% on year in December. Electricity production increased 3.2% from a year earlier in January while capital goods output shrank 1.5%.
The Reserve Bank of India (RBI) after market hours on Friday, 9 March 2012, surprised the markets by slashing the cash reserve ratio (CRR) by 75 basis points to 4.75% from 5.5% to ease liquidity situation. The CRR cut, effective the fortnight beginning 10 March 2012, will inject around Rs 48000 crore of primary liquidity into the banking system. At the 3rd quarter policy review in late January 2012, RBI had announced a cut of 50 basis points in CRR, thereby injecting Rs 32000 crore into the cash-strapped system.
The government will release data on inflation based on the wholesale price index (WPI) for February 2012 on Wednesday, 14 March 2012. WPI inflation for February 2012 is projected at 6.7% as per the median estimate of a poll of economists carried out by Capital Market. WPI inflation stood at 6.55% in January 2012.
Meanwhile, data on advance tax for the last installment of 15 March 2012 may provide cues on Q4 March 2012 corporate earnings.
The Reserve Bank of India (RBI) is slated to announce a mid-quarter review of the monetary policy on Thursday, 15 March 2012, a day before the presentation of the Union Budget 2012/13.
The government is working with state governments for early implementation of a goods and services tax (GST), Finance Minister Pranab Mukherjee said on 22 February 2012.
Stating that the United Progressive Alliance (UPA) was committed to honest and efficient governance, President Pratibha Patil on Monday said the country would soon be back on the high growth path of eight to nine percent from the seven percent estimated for the current fiscal. Addressing the joint session of Parliament on first day of the budget session, the President said the long-term fundamentals of the Indian economy remain robust. The government plans to achieve a 9% annual growth target in the five-year plan period ending on 31 March 2017.
Mukherjee will present the annual budget for 2012/13 on Friday, 16 March 2012, while the railways budget will be presented on Wednesday, 14 March 2012. The government will present on Thursday, 15 March 2012 the Economic Survey for 2011/12, a document on the state of economy prepared by the economic division in the ministry of finance. The annual budget is usually presented on the last working day of February. However, the budget has been delayed this time due to the assembly polls.
Reports indicate that the finance ministry is considering a proposal to increase excise duty from 10% to 12%, although still lower than the level before the 2008 financial crisis. The move is aimed at helping the government improve its fiscal situation but it is expected to push up the cost of almost all manufactured goods from food products to consumer durables and automobiles.
Meanwhile, the parliamentary standing committee on finance has given its approval to a revised version of the proposed Direct Taxes Code (DTC) Bill, 2010. The committee has recommended a more progressive tax regime, which entails widening of the income-tax slabs, increasing the exemption limit for savings and raising the ceiling for wealth tax. If accepted, these recommendations will increase disposable incomes in the hands of taxpayers, encourage savings and levy a higher tax on the rich, besides reducing compliance costs for the income-tax department.
The DTC Bill, 2010, consolidates and integrates all the direct tax laws and replaces both the Income Tax Act, 1961, and the Wealth Tax Act, 1957. The committee headed by Bharatiya Janata Party leader Yashwant Sinha, which submitted its report to the Lok Sabha speaker on Friday, 9 March 2012, has also recommended abolition of the securities transaction tax that is levied on the trading of equity shares and some other instruments.
European markets were mixed in volatile trade on Monday as China posted larger-than-expected trade deficit for February. Key benchmark indices in UK, and France were down by between 0.06% to 0.11%. Germany's DAX was up 0.16%.
Asian markets were trading lower on Monday, 12 March 2012, as sentiment sagged after China reported a much bigger than expected trade deficit of $31.48 billion in February, turning around sharply from a $27.28 billion surplus in January. Key benchmark indices in China, Japan, Indonesia, Singapore, South Korea and Taiwan were down by between 0.03% to 1.1%. Hong Kong's Hang Seng rose 0.23%.
China's exports rose less than expected while imports climbed more than anticipated by economists, with the country importing record volumes of crude-oil in February 2012.
Trading of US index futures indicated a flat opening of US stocks on Monday, 12 March 2012. US stocks advanced on Friday, 9 March 2012 as investors brushed off the technical default by Greece and focused instead on another strong monthly jobs report. The Dow Jones Industrial Average advanced 14.08 points, or 0.11%, to 12,922.02. The Standard & Poor's 500 Index rose 4.96 points, or 0.36%, to 1,370.87. The Nasdaq Composite index gained 17.92 points, or 0.60%, to 2,988.34.
In economic data, US employers added 227,000 jobs to their payrolls in February 2012, government data showed, while the unemployment rate held at a three-year low of 8.3%.

Powered by Capital Market - Live News