Gold prices have been on an uptrend recently.— Mint Mark to Market (@livemint_m2m) December 31, 2018
Will the yellow metal continue to shimmer?
The recent rally in gold prices looks like the proverbial flash in the pan, says @imharshaj
Closing bell: Sensex, Nifty erase gains, end flat; Axis Bank, Reliance top losers
The BSE Sensex closed at 36,068.33, down 8.39 points or 0.02%, and the Nifty 50 ended at 10,862.55, up 2.65 points or 0.02%. Here are the highlights from the markets
Last Modified: Tue, Jan 01 2019. 07 37 AM IST
- 3.37 pm ISTClosing bell: Sensex, Nifty end flat
- 3.07 pm ISTMarico shares down over 1% after copra MSP hike
- 3.00 pm ISTMotilal Oswal recommends ‘buy’ on CESC
- 2.32 pm ISTHindustan Foods says Coimbatore plant starts operations
- 1.52 pm ISTOil prices rise over 1%, but set for first yearly drop since 2015
- 1.01 pm ISTNity sectoral indices
- 12.16 pm ISTBHEL, Steel Strips Wheels get new orders
- 11.30 am ISTHow high can ‘safe-haven’ gold go?
- 10.50 am ISTMacro data, politics to dominate markets this week, experts
- 10.15 am ISTOriental Bank shares rise after govt funding announcement
- 9.52 am ISTAsian Granito shares down 7%
- 9.33 am ISTKotak Bank shares trade lower as RBI deadline to cut promoters stake ends today
- 9.26 am ISTAavas Financiers shares rise on Rs 500 crore funding
- 9.15 am ISTRupee gains against US dollar
- 8.52 am ISTCommodity corner: Oil, metals prices rise, gold rates fall
- 8.40 am ISTAsian stocks rise after progress on US-China trade deal
- Mumbai: Indian shares closed little changed on the last day of the year after a volatile session. The Sensex rose over 200 points in the opening trade and the Nifty 50 surged past the 10,900 level boosted by positive sentiment in global markets following progress on US-China trade relations. However, the benchmark indices erased gains as investors turned cautious. The BSE Sensex closed at 36,068.33, down 8.39 points or 0.02%, and the Nifty 50 ended at 10,862.55, up 2.65 points or 0.02%.Outperforming the benchmark Sensex, the BSE midcap and smallcap indices rose 0.51% and 0.69%, respectively. Among the sectoral indices on BSE, metal gained most at 1.43% followed by basic materials, consumer durables and healthcare. On the other hand, telecom, energy, FMCG and realty declined most.Tata Steel, Titan, Sun Pharma, Vedanta, Indian Oil, Tata Motors and Yes Bank were among the top gainers on the key indices, whereas Bharti Airtel, Axis Bank, BPCL, TCS, Bajaj Auto and Hero MotoCorp were among the major losers.Equities gained in Hong Kong and Australia, along with US stocks futures after Donald Trump said in a tweet that negotiations were “moving along very well” toward a comprehensive deal and Chinese state media cited President Xi Jinping as saying he believed both sides wanted “stable progress.” Oil prices edged higher but remain on track for the first yearly decline in three years amid concerns of a supply glut. Here are the latest updates from the markets:
- 3.07 pm IST Marico shares down over 1% after copra MSP hikeMarico shares traded 1.39% down at Rs 372.85 per share after the government increased MSP for copra to by Rs 20-21 per Kg to Rs 95.21 - Rs 99.2 per kg.“We do not see negative impact of increase in copra MSP on Marico’s profitability as the actual procurement price and MSP do not have correlation. Further, with price declines, we continue to believe that Marico would gain at the operating level,” said Dolat Capital Market.“Going ahead, we believe that the company would pass on some benefits of lower copra prices on consumers to gain volume growth. However, the price pass on would be calibrated and with delay which would help expand margins,” it added. The brokerage recommended “buy” on the stock.
- 3.00 pm IST Motilal Oswal recommends ‘buy’ on CESC“We note that majority of the capital is employed in the regulated business, which generates RoE of ~20% and where core earnings are growing at 3-5%. We expect EPS CAGR of 13% over FY18-20, led by asset sweating. After many years, CESC has turned FCF-positive, which will likely boost dividend payout.” The brokerage maintained “Buy” on the stock, with the TP of Rs 801.
- 1.52 pm IST Oil prices rise over 1%, but set for first yearly drop since 2015Oil prices climbed on the final trading day of the year on Monday, mirroring gains in stock markets, but were on track for the first yearly decline in three years amid lingering concerns of a persistent supply glut. Brent crude futures rose 74 cents, or 1.4%, to $53.95 a barrel. Brent declined nearly 20% in 2018 following two years of growth. US WTI crude futures were at $45.84 a barrel, up 51 cents, or 1.1%, from their last close. WTI is down about 24% this year.
- 12.16 pm IST BHEL, Steel Strips Wheels get new ordersBharat Heavy Electricals Ltd said it has received an order worth Rs 3,500 crore for setting up a 660MW supercritical thermal power plant in West Bengal. BHEL shares traded 1.46% up at Rs 73.10 per share. Intraday, the stock rose as much as 2.08% to Rs 73.55.Steel Strips Wheels Ltd said it has secured a Rs 46 crore order from Volkswagen Mexico for supply of 18 spare steel wheel. Shares traded 0.06% down at Rs 936 per share.
- 11.30 am IST How high can ‘safe-haven’ gold go?
- 10.50 am IST Macro data, politics to dominate markets this week, experts“Consolidation in oil prices and strong rupee will provide stability in the macros which will provide confidence for investors. However, developments like farm loan waiver and cut in GST rates will have a negative impact on the market,” said Vinod Nair, head of research, Geojit Financial Services. He expects the Nifty to likely trade in range 10,500-11,000.“After a highly volatile December expiry, the focus will shift on macroeconomic data and developments in the winter session of parliament which ends on 8th January 2019. Market participants will look forward to auto sales numbers for the month of December 2018 next week as that will be a key indicator of an economic slowdown. Monthly sales numbers will also be crucial because of the tepid festive season for four-wheeler industry,” said Rahul Sharma, senior research analyst, Equity99.Sharma further added, “Nifty futures which closed at 10907.75 on Friday is expected to move above its near resistance of 10933 next week and is expected to trade in the range of 10835-11030 levels. A close above 11030 can see further upswing of 125-150 points and a close below 10830 can witness sharp correction of 250-300 points towards its last week lows of 10530 levels.”
- 10.15 am IST Oriental Bank shares rise after govt funding announcementOriental Bank of Commerce shares traded 0.6% up at Rs 96 per share after rising as much as 1.8% to Rs 97.15 per share. The bank disclosed that the government has conveyed its decision to invest Rs 5,500 crore in the bank by way of preferential allotment.
- 9.15 am IST Rupee gains against US dollarThe Indian rupee strengthened marginally following gains in its Asian peers, but remaining on track for the worst performance in Asia in eight years. At 9.15am, the rupee was trading at 69.81 a dollar, up 0.18% from previous close. It opened at 69.79. The 10-year gilt yield was trading at 7.372% from its previous close of 7.385%. So far this year, the rupee was Asia’s biggest depreiciated currency, down nearly 9%. Last time the home currency was weakest in Asia in 2011, down by nearly 15.8%. Foreign investors have pulled out over $11 billion from local equity and debt market, year to date.
- 8.52 am IST Commodity corner: Oil, metals prices rise, gold rates fallOil prices climbed on the last trading day of the year on Monday, taking a cue from firmer stock markets, but were on track for the first yearly decline in three years amid concerns of a persistent supply glut. Brent crude futures rose 42 cents, or 0.8%, to $53.63 a barrel. Brent declined nearly 20% in 2018 following two years of growth. US WTI crude futures were at $45.65 a barrel, up 32 cents, or 0.7%, from their last close. WTI is down about 24 percent this year.Metals: Copper prices rose for a third consecutive session on Monday as signs of progress in U.S.-China trade talks underpinned the market. But most industrial metals are heading for losses in 2018, with copper facing its first annual decline since 2015 on worries over slowing economic growth in top consumer China. Three-month LME copper rose 0.6% to $6,035 a tonne. For the year, copper has fallen almost 17 percent.Gold prices fell slightly on Monday as Asian equities benefited from hints of progress on the long-drawn China-U.S. trade spat, while the dollar held steady in a narrow range. Spot gold inched marginally lower to $1,280.20 per ounce at 0048 GMT, but was not far off Friday’s six-month high of $1,282.09. US gold futures dipped 0.1 percent to $1,282 per ounce. Reuters
- 8.40 am IST Asian stocks rise after progress on US-China trade dealAsian stocks, closing in on their worst year since 2011, got some relief on the last day of 2018 after U.S. President Donald Trump reported “big progress” in trade talks with his Chinese counterpart. The yen declined. Equities gained in Hong Kong and Australia, along with S&P 500 Index futures, after Trump said in a tweet that negotiations were “moving along very well” toward a comprehensive deal and Chinese state media cited President Xi Jinping as saying he believed both sides wanted “stable progress.” Trading will be thin with major markets in Japan and China closed and shortened sessions elsewhere.Hong Kong’s Hang Seng Index climbed 0.7 percent as of 9:30 a.m. in Hong Kong. Australia’s S&P/ASX 200 Index rose 0.6 percent. S&P 500 futures rose 0.6 percent. The S&P 500 Index fell 0.1 percent Friday. The MSCI Asia Pacific ex Japan Index added 0.4 percent. Bloomberg
First Published: Mon, Dec 31 2018. 08 40 AM IST
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