Gold image via ShutterstockThe rupee is likely to rally to 59 in the short-term on narrowing current account deficit, higher inflows from foreign investors and easing inflation, Barclays said in a report.
Close to two dozen top ranking officials of HDFC Bank together pocketed about Rs 32 crore in the last three trading sessions simply by offloading shares of their own bank.
Official import of gold is likely to get further impacted with the current effort to check alleged misuse of the facility allowed to non-resident Indians to bring back some gold with their luggage.
After appreciating for five straight trading sessions, the rupee weakened on Tuesday due to dollar demand from importers and defense related payments.
Key benchmark indices ended 0.4% lower as investors booked profits after the recent rally which pushed stock valuations to record highs.
Mid-size information technology (IT) services company Mindtree today said it is providing application support and evolutionary maintenance services to air transport communications and IT solutions firm SITA for the latter's new strategic finance system
Key benchmark indices touched a new intra-day low in afternoon deals dragged down by Reliance Industries and Sun Pharma.
The rupee fell marginally and was trading at 60.87/88 versus its close of 60.85/86 after government sources said plans for inclusion in a global bond index have been put on hold.
Stocks, the euro, oil and gold all steadied on Tuesday as traders kept a wary eye on Ukraine and Russia and on the pace of growth in China.
Markets have been on an uptrend over the past few weeks. So far, foreign institutional investors (FIIs) have pumped in $1.3 billion, in Indian markets in CY14. Adding to this, the order of preference has shifted to cyclicals.
Even as Maruti Suzuki plans to push ahead with the controversial Gujarat plant proposal, mutual fund houses have decided not to go down without a fight.
Key benchmark indices touched a new intra-day low in afternoon deals dragged down by ITC, Sun Pharma, HDFC Bank, Reliance and M&M among other major heavyweights.
As rupee strengthened over the past five sessions investors dumped export-centric safe haven IT and pharmaceutical stocks and instead took to cyclical such as capital goods on hopes of a recovery post elections.
Extending its falling trend, gold prices moved down by 0.37% to Rs 30,013 per 10 gram in futures trade today as participants indulged in trimming positions even as the metal recovered in global markets.
Silver prices fell by 0.30% to Rs 46,762 per kg in futures trade today as speculators trimmed their positions despite a firming trend in the overseas markets.
Markets were trading near their day's lows in noon trades on Tuesday after investors booked profits after sharp gains recently which pushed the Sensex above the 22,000 mark in intra-day trades on Monday. Auto and metal shares were among the top losers.
LMEX lost nearly 4% in past two trading sessions to 2,995 from Rs 3,118 on March 6. The index close at its lowest level since August 2013 on LME as China's exports unexpectedly tumbled in February, raising fears of a slowdown in the world's second-largest
Financial institutions meet only 27% of the financing demand of women-owned micro, small and medium enterprises in India, said a study by IFC, a member of the World Bank Group.
Markets continue to trade in the negative territory as weakness in Reliance Industries and metal names weighed on the indices in late morning trades.
Precious metals recovered from early losses to edge higher on Monday as support from the standoff in Ukraine offset pressure from last week's strong U.S. payrolls data and weakness in other commodities after a sharp drop in Chinese exports.