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Wednesday, October 28, 2020
Friday, October 23, 2020
Rupee ends 7 paise lower against US dollar
The rupee depreciated 7 paise to close at 73.61 (provisional) against the US dollar on Friday even as the domestic equity market was trading with significant gains.
At the interbank forex market, the local unit opened weak at 73.62 against the US dollar and remained stressed for majority of the session before closing at 73.61, a loss of 7 paise over its previous close.
During the session, the local unit witnessed an intra-day high of 73.46 and a low of 73.67 against the US dollar.
It had settled at 73.54 against the greenback in the previous session on Thursday.
According to forex dealers, positive sentiment in the domestic equity market and weakness in US dollar overseas restricted the rupee’s fall.
Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services said, As we get close to the US election day, uncertainty over the outcome will keep USD-INR spot afloat.
We expect 73.40 to act as an immediate support, only a break will weigh towards 73.20 zone, while, 73.90-74 will act as an immediate resistance.
On the domestic equity market front, BSE benchmark Sensex was trading 151.26 points higher at 40,709.75 and the broader NSE Nifty rose 45.25 points to 11,941.70.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.21 percent lower at 92.75.
Foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 1,118.46 crore on Thursday, according to exchange data.
Brent crude futures, the global oil benchmark, rose 0.28 percent to $42.34 per barrel.
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Tuesday, October 20, 2020
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Monday, October 19, 2020
Crude oil prices to trade in range with near-term resistance at $41.50 per barrel this week
Commodity prices traded weak last week with Gold and Silver prices paring previous gains while base metals traded under pressure on demand growth worries. Commodity prices traded lower on stronger dollar over US stimulus hopes and surging virus cases in Europe. The greenback ended 0.67 percent up for the week at 93.68 against major currencies. Crude oil prices were the exception which ended in green for the week.
Benchmark NYMEX WTI crude oil prices traded higher for the week gaining by 0.69 percent to $40.77 per barrel as on Friday. Crude oil prices traded firm throughout the week on improved demand prospects from China and India. The bullish weekly inventory data on Thursday supported oil prices to extend gains on Friday. At MCX, Crude oil October futures rallied by more than 1 percent to Rs 2,995 per barrel supported by strong global oil prices and a weaker rupee.
Crude oil prices have held a steady trading range of $37-42 per barrel since the last few months over mixed fundamentals. Oil prices have capped upside limited on slower demand recovery amid COVID-19 pandemic effects and oversupply scenario. Global crude oil inventories have ballooned in the last two quarters over lockdown effects and shutdown in economic activities. The return of supply from Libya and Iraq which are not part of output quota may keep the oil market flooded for the medium-term. The oil production from Libya has reached 5,00,000 barrels per day after a truce with rebel forces.
OPEC plus nations have signalled to ease oil output cut quota by 2 million barrels per day from the current limit of 7.7 million barrels per day. OPEC plus nations have called for strict compliance to output quota to balance the oil market. The higher supplies and surge in the second wave of virus infections in Europe and other parts of the world without vaccine hopes may impact crude oil prices in 2021.
The US CFTC data showed that money managers have decreased their net long positions to five-week low by 9062 lots last week. The oil and gas rigs operating in the Gulf of Mexico were up by 13 to 282 while oil rigs rose by 12 to 205 last week.
Crude oil prices are expected to trade in a current range with bullish bias in the coming week with near-term resistance at $41.50 per barrel. A break above $41.50 may lead prices towards $43 per barrel. The downside is expected to be capped at $37 as it is a strong support zone. At MCX, Crude oil October contract will expire on Monday hence MCX Crude oil November futures support lies at Rs 2,890/2,790 per barrel with resistance at Rs 3,170 per barrel for the coming week.
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Friday, October 16, 2020
Yellow metal trades flat; buy on dips for a target of Rs 51,000
India Gold December Futures trades flat with a negative bias on Friday following a muted trend seen in the international spot prices. Experts are of the view that investors can look to buy the yellow metal on dips for a target of Rs 50800-51000 per 10 gm.
On the Multi-Commodity Exchange (MCX), December gold contracts were trading lower by 0.05 percent at Rs 50,689 per 10 gram at 0920 hours. December silver futures were trading 0.14 percent higher at Rs 61,619 per kg.
Both the precious metals showed extreme volatility on Thursday. Gold and silver prices slipped in early trading sessions amid strength in the dollar index due to a rise in coronavirus cases in the United States.
Investors turned cautious after rapidly rising coronavirus cases in the United States and put safe-haven bets in the dollar again, suggest experts. The dollar index gained around 0.50 percent and pushed global equities and commodities lower.
Gold settled with minor gains at $1908.90 per troy ounce and silver settled with a loss of 0.70 percent at $24.22 per troy ounce. Gold settled higher at 50712 per 10 gram while Silver settled at $61535 per one kilogram.
“Any decline in the prices will be an opportunity to buy in both the precious metals at lower levels. Gold can be bought around the 50300-50200 range with a stop loss of 50050 for the target of 50800-51000,” he said.
Jain further added that Silver can also be bought on decline around the 60300-60000 range with a stop loss placed at 59500, and a target of 61800-62500 levels.
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Thursday, October 15, 2020
Bulls put Nifty back above 11,900, Sensex rallies 169 points
Indian shares rallied for the 10th consecutive day as the bulls pushed the benchmark indices in the green towards the close of the session on October 14.
The S&P BSE Sensex rallied 169 points to close at 40,794. The Nifty50 gained 36 points to end at 11971 after falling towards 11,800 earlier in the day.
“A supportive judgment from the Supreme Court and continuity of the good Q2 result will help India to add more traction," he said.
The court has adjourned to November 2 the hearing on a batch of petitions seeking interest waiver during the loan moratorium period.
The Supreme Court has adjourned its hearing on a batch of petitions seeking interest waiver during the loan moratorium period to November 2.
Sectorally, action was seen in finance, banks, realty, and capital goods space while some profit-taking was visible in utilities, power, IT, and oil & gas space.
It was a mixed day for the broader markets. The S&P BSE midcap index rose 0.5 percent while the smallcap index was down 0.19 percent.
Top Nifty gainers included Bajaj Finance, SBI Life Insurance and Bajaj Finserv.
The biggest Nifty losers included ONGC, NTPC and Wipro.
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Wednesday, October 14, 2020
Yes Bank shares trade in the red on reports of declaring Cox & Kings as wilful defaulters
shares were in the red in the morning trade on BSE on October 14 amid reports that it had classified Cox & Kings as wilful defaulters.
Mint reported that the bank had classified Cox & Kings, its non-bank lending unit Cox & Kings Financial Services and related entity Ezeego One Travel and Tours, which have total loans of Rs 1,862 crore, as wilful defaulters.
The classification was made in the June quarter and subsequently updated on Yes Bank’s list of defaulters, Mint said, citing data from credit information bureau TransUnion Cibil.
Yes Bank has an outstanding exposure of Rs 519.44 crore to Cox & Kings and Rs 944.24 crore and Rs 398.37 crore to Ezeego One Travel and Cox & Kings Financial Services, respectively, the Mint report added.
On October 13, the private sector lender released its September quarter shareholding pattern, which showed that foreign portfolio investors (FPIs) added 258.71 crore shares of Yes Bank in the September quarter of FY21.
Among the domestic investors, State Bank of India added 146.67 crore shares in the September quarter. IDFC First Bank added 8.33 crore shares of Yes Bank in the September quarter.
At 1125 hours, shares of Yes Bank were trading 0.77 percent lower at Rs 12.83 on BSE.
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Monday, October 12, 2020
Yellow metal trades firmly above Rs 51,000; target seen at Rs 51,300
Gold was trading comfortably above Rs 51,000 per 10 gm on October 12, with experts saying that any dip can be used to go long for a target of Rs 51,100-51,300.
On the Multi-Commodity Exchange (MCX), December gold contracts were trading higher by 0.38 percent at Rs 51,010 per 10 gram at 0920 hours. December silver futures were trading 1.4 percent higher at Rs 63,785 per kg.
On October 9, gold and silver prices extended gains in the international markets with domestic markets follow the global cues. Gold settled at $1,936.40 per troy ounce, with a weekly gain of nearly 2 percent, while silver ended at $25.30 per troy ounce, gaining 6 percent during the week.
On MCX, both the precious metals settled on a positive note. Gold settled at Rs 50,817 per 10 gram and silver at Rs 62,884 per kilogram.
Gold and silver showed solid gains on October 9 amid hopes of a second US stimulus, weakness in the dollar index and on expectations of good physical demand from China, experts said.
“On MCX, gold has strong support at Rs 50,330 per 10 gram and that is expected to hold. If prices sustain above Rs 50,800, the upmove could extend the gains towards 51,100-51,300 levels,” he said.
Silver has support at Rs 61,500 and is expected to hold if prices sustain above Rs 62,800. An upmove can extend the gains towards 63,600-64,400 levels.
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Wednesday, October 7, 2020
Silver futures decline 1.24% to Rs 59,820 per kg on strong dollar
Silver prices slumped to Rs 59,820 per kg on October 7 as participants increased their short positions as seen by the open interest. The precious metal had lost 2.6 percent on the Comex the previous day.
Silver trade weaker after US President Donald Trump said that he would end negotiations on a new fiscal stimulus package until after the November 3 elections, bolstering the dollar. The US dollar index, measured against a basket of six currencies, gained 0.05 percent to trade at 93.78.
Also weighing on the precious metal is the warning from US Federal Chair Jerome Powell reiterating that the economy will stumble without support.
Silver holdings in iShares ETF were unchanged at 17,466.66 tonnes.
Sriram Iyer, Senior Research Analyst at Reliance Securities said, “International silver spot prices were firm this Wednesday afternoon in Asian trade, tracking firm gold prices and copper prices. Prices initially fell in the morning as the US dollar opened with modest gains after US President Donald Trump called off negotiations for a coronavirus relief stimulus package.”
“However, this Wednesday safe-haven appeal for the metal supported prices at lower levels of the session and prices were last trading up with solid gains. Surprisingly, COMEX silver futures are trading weak this Wednesday afternoon in Asian trade.”
MCX iCOMDEX Bullion Index fell 144.93 points, or 0.94 percent, at 15,285.36 at 14:51. The index tracks the real-time performance of MCX Gold and MCX Silver futures.
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Tuesday, October 6, 2020
Yellow metal trades flat; likely to find support near Rs 50,440
Gold was trading flat on October 6 with a negative bias following a muted trend in the international spot prices.
On the Multi-Commodity Exchange (MCX), December gold contracts were trading lower by 0.13 percent at Rs 50,560 per 10 gram at 1000 hours. December silver futures were trading 0.10 percent lower at Rs 61,880 per kg.
Experts are of the view that support exists at Rs 50,400 and if the yellow metal surpasses 50,700, then an upside move towards Rs 51,000 is possible.
Gold and silver gained amid weakness in the dollar index and safe-haven buying due to more US White House officials testing COVID-19 positive. The dollar index slipped below the 93.50-mark during the evening session on October 5 and supported both the precious metals.
Gold also got support from better-than-expected US services data for September. In international markets, the metal settled at its highest levels in the last two weeks.
Despite the strength in the rupee, both the precious metals gained in domestic markets. Gold settled at Rs 50,626 per 10 gram and silver at Rs 61,941 per one kilogram.
“Gold is having support at $1904-1896 per troy ounce and resistance at $1930-1944 per troy ounce. Silver is having support at $24.20-23.88 per troy ounce and resistance at $24.84-25.20 per troy ounce,” he said.
Jain is of the view that on MCX, Gold has support at 50,440-50,300 and resistance at 50,800-50,950. Silver has support at 61,300-60,800 and resistance at 62,500-63,100. Both side moves are expected in the precious metals on October 6.
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