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Monday, December 28, 2020
Tuesday, December 22, 2020
Expect gold to trade sideways to positive this week, maintain a cautious approach: Navneet Damani of Motilal Oswal
Gold and silver have seen a steady climb through the last week with few deviations. At the same time, the US Dollar has weakened, bolstering gold's role as a primary safe haven in the final weeks of 2020. The yellow metal's gains have been driven by a few factors, majorly being, the US COVID relief bill, Fed's policy statement and positive economic data. Gold prices touched a high of $1,900 an ounce and marked a low of $1,820 in the last week. On the other hand, volatility was witnessed in silver as it marked a high of $26.35 and low of $23.75 in the past week.
Patience was a quality greatly demanded from traders over the past week. And for the most part, Congress continued it's back and forth dance over COVID-19 relief bill. US lawmakers have reached a deal on a nearly $900 billion economic stimulus package that includes more relief for small businesses and direct payments to American families suffering in the coronavirus pandemic.
The deal- the second-largest economic relief bill in US history after the $2.2 trillion Cares Act in March- breaks months of deadlock at a time when the US economic recovery has shown signs of faltering. The deal now needs to be approved by the full Democratic-controlled House of Representatives and the Republican-held Senate before being sent to the White House for Mr Trump's signature.
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Thursday, December 17, 2020
MFs make fresh buys into 6 gold ETFs and 4 stocks, exit 29 scrips in November
"The strong performance of the equity markets in November seems to have encouraged more investors to book profits and move to short-term investments. We still believe that there is a significant amount of money that can come back to the market in the event of any correction.
The benchmark indices have rallied more than 70 percent from the low of March 23 till November and extended gains to 82 percent in December, so far. The broader markets also participated in the upward journey as the Nifty midcap climbed 88 percent and smallcap 105 percent from March.
Mutual funds in November made fresh buying into six gold exchange traded funds (ETF)— Axis Gold ETF, Birla Sun Life Gold ETF, HDFC Gold Exchange Traded Fund, Kotak Gold Exchange Traded Fund, Nippon India ETF Gold BEES, SBI Gold Exchange Traded Scheme and UTI Gold Exchange Traded Fund, Dolat Capital said in a note.
The asset management companies also made fresh entry into four stocks—Gland Pharma, Kirloskar Industries, Marksans Pharma and Shreno, the brokerage added. Twenty-one mutual funds acquired shares in Gland Pharma through its initial public offering that was launched in November.
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Wednesday, December 16, 2020
Gold price today: Yellow metal trades higher, may face resistance at Rs 49,900
Gold prices rose in the Indian markets on December 16, tracking positive trends in international spot prices. On the Multi-Commodity Exchange (MCX), February gold contracts were trading higher by 0.34 percent at Rs 49,610 per 10 gram at 0920 hours. March silver was trading 0.64 percent higher at Rs 65,265 per kilogram.
Experts are of the view that gold and silver can be bought on dips. Gold has support placed at Rs 49,220 and resistance at Rs 49,900.
Gold and silver rebounded on December 15 to settle on a positive note in international markets. February gold contracts settled at $1,855.30 per troy ounce, while March silver ended at $24.64 per troy ounce.
In domestic markets, the February gold contract settled at Rs 49,443 per 10 gram and March silver at Rs 64,853 a kilogram.
Both the metals gained amid weakness in the dollar index and hopes of a second stimulus in the United States this week as Congress would go into recess from December 18, experts say.
“Weakness in the dollar index additionally supports the prices. Gold has support at $1,840-1828 and resistance at $1,870-1,884. On MCX, gold has support at Rs 49,220-49,055 and resistance at Rs 49,740-49,900 levels,” he said.
Silver has support at Rs 64,300-63800 and resistance at Rs 65,500-66,300 levels. Jain favoured buying on dips in both the metals on December 16.
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Monday, December 14, 2020
Oil prices rise on vaccine hopes, ship explosion at Saudi Arabia
Oil prices rose on Monday, pushing Brent back above $50 a barrel, buoyed by hopes that a rollout of coronavirus vaccines will lift global fuel demand while a tanker explosion in Saudi Arabia jangled nerves in the market.
Brent crude futures for February rose 38 cents, or 0.8%, to $50.35 a barrel by 0454 GMT, while U.S. West Texas Intermediate crude futures for January were up 32 cents, or 0.7%, at $46.89 a barrel.
Prices also extended gains amid supply jitters after a shipping firm said its oil tanker exploded after being hit by an external source while discharging at Jeddah port in Saudi Arabia.
Brent and WTI have rallied for six consecutive weeks, their longest stretch of gains since June.
The United States kicked off its vaccination campaign against COVID-19, buoying hopes that pandemic restrictions could end soon and lift demand at the world's largest oil consumer.
An extension of Brexit talks among European powers also buoyed financial markets on Monday.
CMC Markets' chief markets strategist Michael McCarthy asked: "Having 'bought the rumour' of an effective vaccine, now that delivery is here will investors 'sell the fact'?"
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Tuesday, December 8, 2020
Canara Bank Shares Jump 6% On Plans To Raise Rs 2,000 Crore Via QIP
Canara Bank share price jumped over 6 percent intraday on December 8 after the bank said it has set a floor price of Rs 103.50 per share for its qualified institutional placement (QIP) to raise up to Rs 2,000 crore.
The stock was trading at Rs 125.20, up Rs 7.65, or 6.51 percent at 09:55 hours. It has touched an intraday high of Rs 126.40 and an intraday low of Rs 117.65.
The bank had received shareholders' nod in its annual general meeting, held in August, for raising up to Rs 2,000 crore by way of QIP.
The sub-committee of the board — Capital Planning Process of the bank, at its meeting held on December 7, authorised the opening of the QIP issue and approved the floor price of Rs 103.50 per equity share, Canara Bank said in a regulatory filing.
"A meeting of the sub-committee of the board-Capital Planning Process of board of directors of the bank is scheduled to be held on Thursday, December 10, 2020 to consider and determine the issue price for the equity shares as well as the number of shares to be allotted to qualified institutional buyers, pursuant to the QIP," the bank said.
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