The Nifty and the Sensex opened the day with a positive trend after yesterday’s volatile trading which ended with a slight loss.
Join us as you follow the top business news through the day.
11:30 am
Gold falls as strong US yields, dollar sap safe-haven appeal
Risk is strong.
Reuters Report: “On Tuesday, the strengthening of the US dollar led to a fall in gold prices along with Treasury yields, while markets awaited comments from Federal Reserve Chairman Jerome Powell and Treasury Secretary Janet Yellen on economic health later in the day.
Safe-haven gold is highly sensitive to rising bond yields as they increase the opportunity cost of holding bullion. Gold spot lost 0.3 per cent to close at $ 1,734.31 an ounce at 0345 GMT. US gold futures also lost 0.3% to $ 1,733.70 an ounce.
“We have a little ease in yields, which encourages people to step up and buy some gold. After that happens again, we have more yields coming back again, so we sell better gold – that’s a Is going to be continuous. Theme, “said Stephen Innes, chief global market strategist at financial services firm Axi.
The dollar index was up 0.1% against a basket of dollar currencies, supported by firm US Treasury yields. The US economy “has improved a lot,” Powell said on Monday, but at the same time warned that the recovery is still “far from complete.”
OCBC analysts said in a note, “We expect gold to once again appear to be selling at the end of the quarter, but it may trade up to a limit in the next one week.” Palladium was down 0.3% at $ 2,608.95 on March 18, near a one-year high of over $ 2,755.18.
“Palladium provides a good refining option because the market is in such a large deficit and they are projected to be in deficit in 2021 and the need is greater,” Innes said. “You have incurred losses due to the closure of the mine, but it is going to take too much time to repair … It is now a few months, which will continue the massive losses we are making.”
Silver slipped 1% to $ 25.53 and platinum fell 0.9% to $ 1,172.91. ”
11:00 am
Center prepared draft plan for district-wise export promotion
Commerce Secretary Anoop Wadhawan said on Monday that the government has drafted a district-wise export promotion scheme for 451 districts in the country after identifying products and services with export potential in 725 districts.
The Ministry of Commerce has asked states to prepare annual ‘Export Ranking Index’ of districts on export competitiveness with the help of Directorate General of Foreign Trade (DGFT), aiming for double digit export growth from 500 districts in 3-5 years.
While foreign trade accounts for 45% of India’s GDP, most of the export promotion efforts are driven by the center.
The district-specific approach that involves states in identifying potential export areas and fixing logistic constraints is intended by Prime Minister Narendra Modi to make each district an export hub during its Independence Day address in 2019. Was picked up after being pushed from.
10:40 AM
Rupee rose 3 paise against US dollar in early trade
The rupee reflects the performance of the shares this morning.
PTI Reports: “The rupee opened 3 paise to 72.34 against the US dollar on Tuesday amid a decline in crude oil prices and a buying trend in the equity markets.
However, the rupee’s gains were limited as investors stayed on the back of rising US dollar amid outflows of foreign funds.
In the interbank forex market, the local unit opened flat against the US dollar at 72.37, then gained some strength to bid at 72.34, increasing its last close to 3 paise.
In the previous session, the rupee had closed at 72.37 against the US currency.
Brent crude futures, the global oil benchmark, fell 0.94 percent to $ 64.01 a barrel.
On the domestic equity market front, the BSE Sensex rose 90.66 points or 0.18 percent to trade at 49,861.95 in early deals, while the broader NSE Nifty rose 32.10 points or 0.22 percent to 14,763.50%.
Foreign institutional investors were net sellers in the capital market on Monday as they sold shares worth Rs 786.98 crore as per exchange data.
The dollar index, which estimates the strength of the greenback against a basket of six currencies, rose 0.16 percent to 91.88. “
10:20 AM
China wants to curb the collection of personal data of mobile apps
China’s cyber watchdog said on Monday that mobile app providers cannot deny users basic access to their services, even if they refuse to share non-essential private information, but the government’s latest technology sector is under control. To apply.
China’s Cyberspace Administration (CAC), in a statement on its verified WeChat account, did not specifically name any app providers, but said the need to regulate their access to personal data and protect individuals’ information Was aimed
China has increased scrutiny of its technology sector in recent months, including drafting anti-monopoly rules for tech companies following last year’s dramatic suspension of the Alibaba-backed Ant Group’s $ 37 billion initial public offering .
Many app providers in China, especially on Android systems, require users to share non-essential information with them, such as picture albums or cameras, in order to use their services. Users who refuse to share information may be denied access.
10:00 am
Indian stocks rise with rise in bank shares
A recovery after yesterday’s loss.
Reuters Report: “Indian shares supported an uptick in beat-down bank shares on Tuesday, as sentiment was lifted by a pullback in the US 10-Year Bond Yield.
The blue-chip NSE Nifty 50 index rose 0.4% at 14,793.80 and the benchmark S&P BSE Sensex rose 0.4% to 49,982.63, as of 0350 GMT.
The Nifty Bank index rose 0.8% on Monday, while the public sector bank index rose 1.4%. The Nifty Bank index fell more than 5% last week.
The apex court of India will pronounce a decision to waive interest on the loan later in the day under postponement.
Meanwhile, India’s market regulator said on Monday that stock exchanges and other market entities would need to quickly switch to backup sites to resume operations in case of the country’s top market disruption as of last month. “
9:30 am
Maruti Suzuki to raise prices from April
Maruti Suzuki India, the country’s largest carmaker, said on Monday that it would raise prices in its model range from next month to offset the impact of higher input costs. In the past year, the cost of the company’s vehicles has been adversely affected by the increase in the cost of various vehicles, the auto chief said in a filing.
He added, “Therefore, through the price increase in April 2021, it has become imperative for the company to undergo some effect of the above additional cost to the customers.”
Price increases will vary for different models.
However, the company has not intended to take over from next month.
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