Precious metals gold and silver were trading flat with positive bias in the late morning deals on Friday. MCX Gold futures were trading 0.06 per cent, or Rs 18 lower at Rs 31,395 per 10 grams at 11:25 am (IST), while MCX Silver futures were trading lower by Rs 1, at Rs 41,509 per 1 kg at the same time.
Cotton plantations across Haryana, Rajasthan and Punjab may see stunted growth due to dust storms that have raised pollution levels in the north-western region in the last fortnight. The dust has left a thick layer of sand on month-old cotton plants, restricting their vegetative growth.
The Fed raised its benchmark overnight lending rate a quarter of a percentage point to a range of 1.75 percent to 2 percent, as expected, on the back of strong U.S. economic growth. Asian shares edged down on Thursday after the Federal Reserve raised interest rates and took a more hawkish tone in forecasting a slightly faster pace of tightening for the rest of the year, while concerns about U.S.-China trade frictions kept investors on edge.
The Dow Jones Industrial Average fell 119.53 points, or 0.47 percent, to 25,201.2, the S&P 500 lost 11.22 points, or 0.40 percent, to 2,775.63 and the Nasdaq Composite dropped 8.10 points, or 0.11 percent, to 7,695.70.
Indian ADRs ended mixed on Thursday. Dr Reddy's Laboratories added 1.57 percent and Infosys was down 0.91 percent. Indian ADRs ended mixed on Thursday. In the IT space, Infosys was down 0.91 percent at USD 18.57 and Wipro rose 1.08 percent at USD 4.70.
BSE and Nifty continued to trade higher, riding on the back of pharma and IT stocks. Sensex gained close to 100 points. Further, the Nifty Pharma index was up 2%, pushed forth by Dr Reddy’s, Cadila, Cipla, etc. TCS and Infosys surged, pushing the Nifty IT index higher.
Midcap valuations are still high at 20 times while for smallcaps they are at 14 times on a one-year forward P/E, but this is the time to start accumulating good quality mid- and small-cap stocks, Vinod Nair, Head of Research at Geojit Financial Services, said in an interview
MCX June Cotton edged lower on Monday tracking fall in international prices and technical selling at higher levels. MCX June Cotton edged lower on Monday tracking fall in international prices and technical selling at higher levels. Currently, cotton is trading at 22 months highs in the domestic market as Miller and traders are stocking up cotton for the lean season. Moreover, good export demand from China is also fueling the prices
Share and Stock Market Tips: Indian Rupee opens lower at per Dollar- Free.
The S&P 500 futures ESc1 were down 0.17 percent. Japan's Nikkei dipped 0.1 percent while South Korea's KOSPI added 0.2 percent. Asian stocks moved gingerly on Monday as a weekend G7 summit fanned trade conflict fears after US President Donald Trump backed out of a joint communique in a blow to the group’s efforts to show a united front.
Demand weakness gripped gold and silver on Friday. Jewellers, industries, retailers and investors have decided to hold back in their offtake. MCX Gold futures were down 0.17 per cent whereas silver futures slipped 0.22 per cent at around 10.30 am.
Equity benchmark indices lost further ground and is trading near day's low amid profit booking. However, Nifty has managed to hold above the 10,700 zone, which is also the immediate support area. Bank Nifty, on the other hand, continues to underperform.
Spot gold was 0.1 percent higher at $1,296.91 per ounce by 0124 GMT. Gold prices edged higher on Thursday, supported by a weaker Dollar amid ongoing concerns about a trade war between the United States and its allies.
The Dow Jones Industrial Average rose 346.41 points, or 1.4 percent, to 25,146.39, the S&P 500 gained 23.55 points, or 0.86 percent, to 2,772.35 and the Nasdaq Composite added 51.38 points, or 0.67 percent, to 7,689.24. Wall Street indexes rallied on Wednesday with help from financial stocks as investors eyed strong economic data and trade war fears took a back seat while the Nasdaq registered its third straight record closing high.
On Monday, spot gold prices closed marginally lower by 0.1 percent at $1291.6 per ounce supported by a wilting Dollar as Italian political risk receded, though the prospect of another rise in U.S. interest rates capped gains.
Now! Equity benchmarks edged lower led by Larsen & Toubro, Infosys, HDFC Bank, Yes Bank and Power Grid. Equity benchmark indices opened in the red tracking mixed cues from Asian markets and ahead of RBI policy meeting outcome that will be released on Wednesday.