The News International Team
03:00 pm Gold price
Riding on wedding season demand from jewellers and a firming global trend, gold regained its sheen with prices rising by Rs 230 to Rs 27,480 per ten gram at the bullion market today. Silver also rebounded by Rs 400 to Rs 37,250 per kg on increased offtake by industrial units and coin makers. Bullion merchants said increased buying by jewellers and retailers to meet wedding season demand and a firming trend overseas where gold surged to one-month high, mainly boosted the sentiment.
Globally, gold rose by 0.7 per cent to USD 1,231.29 an ounce in Singapore, the highest price since December 11, on speculation that the US Fed will go slow in raising interest rates, weakening the dollar and boosting demand for the precious metal. Silver also rose 0.7 percent to USD 16.61 an ounce. In the national capital, gold of 99.9 and 99.5 per cent purity flared up by Rs 230 each to Rs 27,480 and Rs 27,280 per ten grams respectively.
Sovereign, however, remained flat at Rs 23,800 per piece of eight grams in limited deals. In line with a general firm trend, silver ready recovered by Rs 400 to Rs 37,250 per kg and weekly-based delivery by Rs 415 to Rs 37,245 per kg. On the other hand, silver coins continued to be traded at last level of Rs 61,000 for buying and Rs 62,000 for selling of 100 pieces.
02:40pm Market Update
The market gained strength in last hour of trade with the Nifty reclaiming 8300 level. The Sensex rose 87.10 points to 27545.48 and the Nifty jumped 27.20 points to 8311.70 ahead of November industrial output and December CPI data.
About 1635 shares have advanced, 1167 shares declined, and 371 shares are unchanged on the BSE.
Infosys, ICICI Bank, L&T, SBI, Axis Bank, Dr Reddy’s Labs and BHEL rallied 1-2 percent. HUL gained nearly 4 percent.
02:15pm Can Fin in News
Can Fin Homes’ board of directors has approved issue price of Rs 450 apiece for its rights issue in the ratio of 3 shares for every 10 shares held.
The company will issue 61.45 lakh shares via rights issue.
The scrip of Can Fin fell 2.8 percent to Rs 639 on the BSE, after hitting a 52-week high of Rs 695 intraday.
02:00pm Market Check
The market remained lacklustre in afternoon trade. The Sensex fell 22.06 points to 27436.32 and the Nifty declined 1.50 points to 8283 while the BSE Midcap and Smallcap indices gained 0.6 percent and 0.8 percent, respectively.
The market breadth was positive as about 1586 shares have advanced against 1159 shares declined on the Bombay Stock Exchange.
Oil & gas, metals and auto stocks were under pressure while FMCG, capital goods and healthcare stocks gained strength.
Coal India topped the selling list on Sensex, down 5 percent on disinvestment buzz. Reliance Industries, Bharti Airtel, Hero Motocorp, Bajaj Auto and Hindalco Industries declined 2-2.5 percent while HUL was the biggest gainer, up 3.6 percent followed by Infosys, Axis Bank, L&T, SBI and Dr Reddy’s Labs with 0.9-1.5 percent.
Globally, European markets were marginally in green in early trade while Asian markets closed mixed with the Shanghai falling 1.7 percent. Brent crude slipped below the 49-mark, down 2.8 percent to USD 48.71 a barrel while US crude was down 2.38 percent to USD 47.21 a barrel.