Market Close Highlights | Sensex Today: Sensex ends up 75pts, Nifty at 22,510; IT, Auto, drag, Realty, FMCG, Bank, FS up

Stock Market Today Live : Following the RBI MPC's decision to keep interest rates uncghanged at 6.5% along widely expected lines, Indian benchmark indices, although erasing the losses from early trades, ended the trading session on a flat note with a positive bias, even as weak global sentiment capped gains.

Sensex, which had opened higher at 74,287.02, swung between the high and low of 74,303.49 and 73,946.92, respectively, in a day marked with muted trading. At close, the Sensex was up 20.59 points, or 0.03%, at 74,248.22.

Meanwhile, the Nifty 50, which had opened lower at 22,486.40, also remained range bound between a high and low of 22,528.90 and 22,427.60, respectively. At close, the Nifty 50 was down 0.95 points, at 22,513.70.

13 of the 30 stocks on the Sensex ended the day in the green, led by Kotak Mahindra Bank, Bajaj Finserv, HDFC Bank, ITC, and SBI, while UltraTech Cement, Larsen & Toubro, Bharti Airtel, Bajaj Finance, and Tech Mahindra, were the top drags for the day.

On the Nifty 50, 21 of the 50 stocks ended the day in the green, led by Kotak Mahindra Bank, SBI Life, HDFC Bank, Bajaj Finserv and HDFC Life, while Grasim Industries, UltraTech Cement, Larsen & Toubro, Bajaj Auto, and Bharti Airtel, were the top drags on the benchmark index for the day.

The broader market ended the day in the green, with both the BSE MidCap index and the BSE SmallCap index closing up 0.50%, each.

Across sectors, the IT, Media, Auto and Healthcare indices ended the day in the red. They were down 0.50%, 0.39%, 0.24%, and 0.03%, at close, respectively.

Gains were led by the Realty index, which closed up 1.43%, followed by the Bank and Financial Services indices, which closed up 0.90% and 0.86%, respectively.

The FMCG index closed up 0.54%, while Pharma, Metal and Consumer Durables indices also ended the day in the green.

Stock Market Today Live : Godrej Properties today informed the exchanges that it has sold over 800 homes with a total area of ~1.5 million square feet in the project. The total inventory sold in the Kandivali, Mumbai-located project amounts to ₹2,690 crore, it said in the exchange filing.

The company said, it "sold inventory worth INR ~2,690 crores in its project, Godrej Reserve, located in Kandivali, Mumbai. Launched within fifteen months of acquiring the land, this is GPL’s most successful launch ever in Mumbai in terms of the value and volume of sales achieved".

The company said it has a developable potential of around 3.72 million square feet with an estimated revenue potential of approximately ₹7,000 crore, while adding, "The project has significant unlaunched inventory remaining, which the company plans to sell in the coming years".

Stock Market Today Live : Across sectors, the IT, Media, Auto and Healthcare indices were in the red. They were down 0.52%, 0.39%, 0.25%, and 0.03%, respectively.

Gains were led by the Realty index, which was up 1.35%, followed by Bank and Financial Services indices, which were up 0.86% and 0.82%, respectively.

The FMCG index was up 0.67%, while Pharma, Metal and Consumer Durables indices were also in the green.

Stock Market Today Live : The broader market was in the green, with the BSE MidCap index up 0.50%, and the BSE SmallCap index up 0.56%. 

Stock Market Today Live : 20 of the 50 stocks on the Nifty 50 were in the green, led by Kotak Mahindra Bank, SBI Life, ITC, HDFC Bank, and HDFC Life, while Grasim Industries, UltraTech Cement, BPCL, Larsen & Toubro, and Bajaj Finance, were the top drags on the benchmark index. 

Stock Market Today Live : 11 of the 30 stocks on the Sensex were in the green, led by Kotak Mahindra Bank, HDFC Bank, ITC, Bajaj Finserv, and SBI, while Larsen & Toubro, UltraTech Cement, Bajaj Finance, Bharti Airtel, and Tech Mahindra, were the top drags.

Stock Market Today Live : After MPC decided to hold interest rates at 6.5% along widely expected lines, Indian benchmark indices were flat as weak global sentiment capped gains.

At 3 pm, Sensex was up 68.84 points, or 0.09%, at 74,296.47, and Nifty was down 2.65 points, or 0.01%, at 22,512.

Stock Market Today Live : Mphasis today informed the exchanges that it has signed a multi-year global Strategic Collaboration Agreement (SCA) with Amazon Web Services (AWS).

The company, in an exchange filing, saidm the Gen AI Foundry collaboration, led by Mphasis.AI, a dedicated business unit focusing on artificial intelligence (AI) solutions, AI use case assessments, consulting, and business transformation, will serve as a dynamic platform for modeling industry use cases and developing proof of concepts (POCs) initially within the financial services Industry, with plans to expand across other sectors.

It added that this virtual forum will offer clients the opportunity to experience demos and POCs either at the Mphasis Experience Centre in NYC or AWS Executive Briefing Center (EBC) in NYC, providing a showcase of generative AI solutions tailored to the client's needs and objectives.

Stock Market Today Live : The Securities and Exchange Board of India (SEBI) has recently issued a questionnaire to mutual funds, inquiring about potential mis-selling of their products. Some might question the timing of this move, considering it's an open secret in the industry.

However, I (Rahul Goel ex-CEO, Equitymaster) view this differently. Instead of questioning the timing, I believe we should be encouraging more of such inquiries.

In this edition of Contramoney, I will propose three additional questions that SEBI should be posing, not to others, but to itself. (Read the full story here.)

Stock Market Today Live : Expect calibrated growth expansion and granularity of funding backed by diversified liability franchise to form the bedrock of business strategy for NBFCs as they tackle regulatory forbearance, tight funding milieu and capital constraints. That said, cyclical tailwinds, improving operation efficiencies and continued benign credit quality environment may support earnings.

Expect Q4FY24E to be a healthy quarter for Elara Non-Banking Financial Company (NBFC) universe, with aggregate PAT growth likely at 14.7% YoY backed by healthy credit traction and still a benign credit quality environment (9bps QoQ dip in aggregate credit costs). Diversified and gold finance plays are to remain in the limelight. Infra and power financiers are earnings-driven valuation stories. We prefer LTFH, SHFL, RECL, MUTH and MMFS.

NBFCs. With rates transmission happening through yields, NIMs should hold albeit barely. Q4FY24E net interest margin (NIM) therefore will be flat both QoQ /YoY, to an aggregate 8.2%.

While asset re-pricing is largely behind, funding cost strain may reflect more in the forthcoming quarters. Effective liability management, impending debt maturities and liquidity chest may determine the margin trajectory for NBFCs. Within Elara NBFC universe, BAF, AAVAS, POWF and CANF may positively surprise on NIMs.

Aggregate NPAs should settle at 2.7% with a sequential dip of 9bps. But credit cost at 1.7% may spike 48bps YoY and should surge closer to Q4.

While we closely monitor industry trends and management commentary on unsecured retail credit expansion, we expect NBFCs to start building buffers on grounds of prudency.

And while growth calibration is underway, asset quality may not show alarming trend. Within Elara NBFC universe, we expect LICHF, CREDAG, POWF, RECL and MMFS to witness a material improvement in GNPAs and reduction in credit costs sequentially.

Stock Market Today Live : After MPC decided to hold interest rates at 6.5% along widely expected lines, Indian benchmark indices turned green even as weak global sentiment capped gains.

At 2 pm, Sensex was up 38.24 points, or 0.05%, at 74,265.87, and Nifty was up 0.90 points, at 22,515.55.

Sensex Today Live : BUY NYKAA

CMP ₹169

TARGET ₹195 (15.38%)

STOPLOSS ₹158 (6.51%)

NYKAA has witnessed a decent correction from 195 to 145 level and a double bottom formation has been made to make a recovery showing potential and strength to gain further in the coming days. The RSI has recently shown a trend reversal signaling a buy and hence is supporting our view of a positive bias. With decent volume participation witnessed, we recommend a buy in this stock for an upside target of 195 keeping a stop loss of 158.

Sensex Today Live : "On expected lines the RBI kept the policy repo rate unchanged while maintaining the stance on ‘withdrawal of accommodation’. While the RBI does remain cautious on the inflation front, we believe moderating inflationary pressures, coupled with the realization of normal monsoon may open up the possibility of rate cuts by the RBI in first half of fiscal 2024-25. We are encouraged by the resilience of the global economy, continued economic growth momentum in India, coupled with relative rupee stability. Steady pick up in investment activity and strengthening of rural demand conditions bode well for the economy and further fuels our optimism towards steady demand for gold loans, vehicle loans and home loans during the year.

We appreciate RBI’s initiative of regularly engaging with multiple stakeholders to simplify regulations and reduce compliance burden. The implementation of recommendations of the Regulations Review Authority (RRA 2.0) is a testament of the RBI’s commitment. At Muthoot Finance, we remain committed to maintaining the highest standards of corporate governance and compliance. We are in alignment with RBI’s view point that regulated entities should prioritise compliance and corporate governance and we believe this is paramount for ensuring sustainable growth for India while also safeguarding customers' interests."

--George Alexander Muthoot, MD, Muthoot Finance

Sensex Today Live : In FY24, which is anticipated to be a challenging year for Indian blue-chip companies, HCL Technologies Ltd is expected to lead in terms of revenue growth and profitability among IT services firms.

A combined analysis of investor notes from financial services companies Nomura and HDFC Securities, along with a poll of analysts by Bloomberg, indicates that the company, headquartered in Noida, could see a revenue growth of 4.7% in FY24. This is the highest projected growth for any large-cap company in India's IT services industry, valued at $253 billion. (Read the full story here.)

Sensex Today Live : The Indian services sector concluded the fiscal year 2024 on a high note, with the HSBC India Services Business Activity Index, adjusted for seasonal variations, climbing to 61.2 in March from 60.6 in February.

This recent figure signifies one of the most robust growth rates witnessed by the Indian services sector in over 13.5 years, as per the PMI report.

An index reading above 50 is indicative of expansion.

The surge in new business for services was propelled by strong domestic demand and favourable economic conditions. Additionally, new export business escalated at the quickest pace since September 2014. Among the four major sectors of the service economy tracked by the survey, finance & insurance stood out with faster increases in output and sales. The robust demand led Indian service providers to ramp up hiring in March. (Read the full story here.)

Stock Market Today Live : Even as the MPC decided to hold interest rates at 6.5% along widely expected lines, Indian markets failed to react much as weak global sentiment weighed down the benchmark indices.

At 12 pm, Sensex was down 62.87 points, or 0.08%, at 74,164.76, and Nifty was down 22.80 points, or 0.1%, at 22,491.85.

Sensex Today Live : "The Monetary policy was on expected lines on status quo on rates and no change in stance, the focus of the MPC to bring the inflation to 4% on a sustainable basis. The RBI Governor has stated that they will be nimble-footed with respect to liquidity. The GDP has been pegged at 7% for the year and the inflation at 4.5%. This careful stance reflects concerns over potential inflationary pressures arising from volatile food prices, recent upticks in oil prices, and robust economic growth. The policy also gives importance to growth while acknowledging inflationary risks from rising oil prices and volatile vegetable prices. The Governor also stated that the Rupee has been one of the most stable currencies which reflects India’s sound macroeconomic fundamentals, financial stability and improvements in the external position. All in all, it is a rational policy with a focus on growth and price stability."

Sensex Today Live : “The RBI's decision to keep the REPO rate unchanged at 6.5%, aligns with expectations and is greatly welcomed. This move towards maintaining stability in lending rates bodes well for the real estate sector, which has been consistently growing. It also provides added support to consumers, ensuring economic growth remains robust. Furthermore, the Governor's optimism is bolstered by the resilience in domestic macro fundamentals. With the government’s revised GDP growth projection for FY 24 at 7.6%, Manufacturing PMI hitting a 14-year high, strong Services PMI, and high FOREX reserves, sentiment is further uplifted, promising sustained long-term growth for the domestic economy”

“The decision of the RBI to keep the repo rate unchanged has reflected as a coveted demand influencer for the real estate sector. This sentiment is expected to strengthen further given the cautiously structured move that will boost the per-capita income, thus creating more headroom for the robust growth of housing sales in the coming year.

The move to keep the repo rate unchanged consecutively has been able to nurture stable and sustained economic growth and ensure inflation descends to a target of 4%. The challenge of last-mile global disinflation is an upside risk and RBI has provided a cautiously optimistic GDP forecast of 7%. Besides the disinflationary trend in domestic economics, RBI will be watchful on the prevailing upside geopolitical and trade risks in the global environment along with the outcome of monsoon, before contemplating any changes going forward.”

Nitin Bavisi, CFO, Ajmera Realty and Infra

“RBI MPC maintains status quo on the repo rate at 6.5% in line with expectation. India’s Central Bank is in sync with the world central banks such as the US Fed, Bank of England, ECB and PBOC in keeping its interest rates unchanged. There were no new surprises from the MPC as inflation continues to get closer to target levels and our economy continues to grow at 7% or higher for the 3rd successive year. India stands strong like a rock amongst other economies and our expectation is that interest rates will start pivoting sometime around the last quarter of this calendar year.”

--Umeshkumar Mehta, CIO, SAMCO Mutual Fund

Sensex Today Live : The Financial Services and Bank indices were up 0.46%, and 0.42%, while the Pharma, Healthcare and Realty indices were up 0.64%, 0.53%, and 1.71%, respectively. 

Meanwhile, the Auto, IT and Media indices were down 0.21%, 0.48%, and 0.14%, respectively. 

Sensex Today Live : The broader market was in the green, with the BSE MidCap index up 0.47%, and the BSE SmallCap index up 0.51%. 

Sensex Today Live : HDFC bank, Dr Reddy's SBI Life, Kotak Mahindra Bank, and Divi's Lab, were the top gainers on the Nifty 50, while BPCL, Grasim Industries, Bajaj Finance, Larsen & Toubro, and Bajaj Auto, were the top losers.

Sensex Today Live : HDFC Bank, Kotak Mahindra Bank, Mahindra & Mahindra, Bajaj Finserv, and Sun Pharma, were the top gainers on the Sensex, while Larsen & Toubro, Bajaj Finance, UltraTech Cement, Tech Mahindra, and Maruti Suzuki India, were the top losers. 

Stock Market Today Live : Even as the MPC decided to hold interest rates at 6.5% along widely expected lines, Indian markets failed to appreciate much as global sentiment weighed down the benchmark indices.

At 12 pm, Sensex was down 41.86 points, or 0.06%, at 74,185.77, and Nifty was down 22.05 points, or 0.1%, at 22,492.60.

Stock Market Today Live : “The RBI MPC decision was mostly in line with our expectations. Governor Shaktikanta Das reiterated the need to maintain growth-inflation dynamics. On the growth front, rural demand is expected to pick up based on a normal monsoon and consequent growth in rural income. Urban demand is expected to receive a boost from higher employment in both formal and informal sectors. India's unemployment rate has been trending downwards sequentially post-Covid, touching a low of 3.2% in FY23. The governor also indicated that government capex as well as private capex has shown steady progress. As global growth conditions improve, India’s external sector demand is expected to revive. On the inflation front, CPI forecast for FY25 has been kept unchanged at 4.5%. Climate shocks, both domestically and internationally, could lead to spikes in food prices in the near term. The governor also highlighted volatility in crude prices. Therefore, RBI will be watchful of upcoming growth and inflation dynamics, and a rate cut may be deferred until October 24, post-monsoons.”

--Shraddha Umarji, Economist - Institutional Research, Prabhudas Lilladher

Stock Market Today Live : “The decision to pause along with no change in stance was in line with our expectation. Expectedly, the focus of the MPC remained on ensuring disinflation on a sustained basis in order to achieve their medium term inflation target of 4%.

The RBI does not seem to be too worried about the liquidity situation. We expect the RBI to continue to focus on fine-tuning of liquidity conditions through VRR/VRRR auctions, in order to align the overnight rates with the repo rate.

The RBI has enough space for holding repo rate steady, with its FY25 GDP growth being quite strong at 7% in order to target the 4% inflation mark.

We continue to expect a shallow rate cut cycle from Q3FY25 onwards with the stance changing to neutral in end-Q2FY25 or along with the rate action.”

--Suvodeep Rakshit, Senior Economist, Kotak Institutional Equities

Stock Market Today Live : The Reserve Bank of India (RBI) has held the benchmark repo rate steady at 6.5% for the seventh policy meeting in a row, with the aim of achieving a sustainable reduction in inflation to meet its 4% target.

The rate-setting committee continues to withdraw accommodation to gradually align inflation with the target, while also fostering growth. Economists predict that the RBI will only introduce the initial series of rate reductions in the latter half of 2024, with some anticipating these cuts in the final quarter of the year. (Read the full story here.)

Stock Market Today Live : Indian benchmark indices were flat on Friday, after RBi Governor Shaktikanta Das announced the MPC's decision to hold the interest rates at 6.5%.

At 11 am, Sensex was down 7.74 points, or 0.01%, at 74,210.89, and Nifty was down 13.20 points, or 0.06%, at 22,501.45.

 The RBI's announcements reflect a dedicated effort to maintain financial stability and manage liquidity.

The RBI acknowledged improved liquidity conditions and the use of Variable Rate Reverse Repo (VRRR) operations, indicating a proactive approach to liquidity management.

Despite inflation concerns, the announcements convey cautious optimism about the economy's resilience.

From an industry viewpoint, these measures are likely to boost confidence and support growth, especially in sectors dependent on stable financial conditions.

However, ongoing vigilance is needed to address potential challenges like inflationary pressures and global economic uncertainties.

Impact on Stock Market:

The announcements are expected to shape investor sentiment and market dynamics.

Recognition of excess liquidity and the RBI's liquidity management efforts could trigger a positive response in the stock market, particularly in banking stocks.

Signs of accommodative monetary policy measures could further strengthen investor confidence, potentially propelling the stock market upward.

However, inflation worries and global economic risks might limit market gains.

The banking sector could gain from the RBI's liquidity management focus, and interest rate-sensitive sectors like real estate and infrastructure might also be affected.

Sectors dependent on domestic consumption, such as FMCG and retail, could benefit from stable financial conditions and enhanced consumer sentiment.

Overall, post-meeting stock market momentum will likely be influenced by a mix of domestic economic factors and global market trends.

--Sonam Srivastava, Founder and Fund Manager at Wright Research

Stock Market Today Live : RBI MPC Live Policy Decision Governor Shaktikanta Das says RBI to launch mobile app to enable retail participation in the primary and secondary G-Sec market

Stock Market Today Live : RBI MPC Live Policy Decision : Governor Shaktikanta Das the Elephant in the room (Inflation) appears to be going to the forest. Das reiterated the hope that it remains there for a 'durable period'

For Q1 at 4.9%

For Q2 at 3.8%

For Q3 at 4.6%

For Q4 at 4.5%

Stock Market Today Live : RBI MPC Live Policy Decision: Governor Shaktikanta Das says GDP projections for FY25 remains at 7%

Q1 at 7.1%

Q2 at 6.9%

Q3 and Q4 at 7% each

Stock Market Today Live : Governor Shaktikanta Das says as rural demand comes back, consumption story to remain intact. Urban consumption remains buoyant

Stock Market Today Live : Governor Shaktikanta Das says domestic economy continues to expand due to continued investments

Stock Market Today Live : Governor Shaktikanta Das says global economy remains resilient as indicated by various high frequency indicators

Stock Market Today Live : Governor Shaktikanta Das says MPC decided to keep policy rate unchanged at 6.5% with a majortiy of 5:1

Sensex Today Live : Indian benchmark indices were red on Friday, ahead of the RBI MPC's decision on interest rates and commentary on inflation.

At 10 am, Sensex was down 119.02 points, or 0.16%, at 74,108.61, and Nifty was down 36.30 points, or 0.16%, at 22,478.35.

RBI MPC Policy Decision : As the first financial year meeting approaches, the Reserve Bank of India (RBI) is expected to clarify uncertainties about potential rate cuts.

The market is keen to find out if the RBI will reduce rates ahead of the Fed, even though the April policy decision might keep the current policy rates unchanged.

Given the strong state of the Indian economy and an inflation rate that exceeds its 4% target, the RBI is not expected to hastily lower rates. It is predicted to continue using other methods to manage surplus liquidity. (Read the full story here.)

Sensex Today Live : Cipla today informed the exchanges that it has received six observations from the US FDA for its Patalganga facility location in Maharashtra. In an exchange filing, the company said, "We hereby notify that a routine current Good Manufacturing Practices (cGMP) inspection was conducted by the United States Food and Drug Administration (USFDA) at the manufacturing facility of the Company located in Patalganga, Maharashtra, India from 28th March, 2024 to 4th April, 2024. "

The company added, "On conclusion of the inspection, the Company has received 6 inspectional observations in Form 483. The Company will work closely with the USFDA and is committed to address these comprehensively within the stipulated time".

Sensex Today Live : Across sectors, the Bank index was in the red, while the Financial Services index was flat ahead of the RBI MPC interest rate decision, and commentary on inflation.

Other heavyweight indices like Auto, IT and Oil & Gas were also in the red, while FMCG, Pharma, Healthcare, and Consumer Durables, were in the green.

Sensex Today Live : The broader market was marginally up, with the BSE MidCap index up 0.13%, and the BSE SmallCap index up 0.07%.

Sensex Today Live : On the Nifty 50, SBI Life, Dr Reddy's HDFC Bank, Bajaj Finserv, and Mahindra & Mahindra, were the top gainers, while BPCL, Hindalco, Tata Steel, JSW Steel, and Larsen & Toubro,  were the top drags.

Sensex Today Live : Only six of the 30 stocks on the Sensex were in the green on Friday morning, ahead of RBI MPC's interest rate announcements. HDFC Bank, Bajaj Finserv, Nestle India, Mahindra & Mahindra, NTPC, and Kotak Mahindra Bank, were the only gainers, while Tech Mahindra, JSW Steel, Larsen & Toubro, Tata Steel, and Axis Bank, were the top drags. 

Sensex Today Live : NIFTY

Nifty amid huge fluctuations finally managed to close above the 22500 zone with bias maintained strong and the scope for further upward move has much improved with next targets of 22800 and 23200 levels visible in the coming days. The index has maintained the near-term support of 22300 levels as of now and further gains is anticipated with frontline stocks having started to indicate improvement in their bias. The support for the day is seen at 22400 level while the resistance would be seen at 22700.

BANKNIFTY

Banknifty with the support of HDFC Bank rallied to close above the 48000 level with bias improved and is aiming to retest the previous peak zone of 48636 levels in the coming days, with the near-term important support maintained would be 46800 zone of the significant 50EMA level. Banknifty would have the daily range of 47600-48500 levels.

Sensex Today Live : Indian benchmark indices opened in the red on Friday, ahead of the RBI MPC's decision on interest rates and commentary on inflation.

At opening bell, Sensex was down 199.24 points, or 0.27%, at 74,028.39, and Nifty was down 75.50 points, or 0.34%, at 22,439.15.

Sensex Today Live : Indian markets were headed for a muted open on Friday, following global peers in the US and Asia lower as Federal Reserve officials gave hawkish comments about the need to cut rates if inflation remained high. The Gift Nifty futures, at 8 am on Friday, was trading at 22,534, marginally ahead of the Nifty 50's Thursday close of 22,514, indicating that the Indian markets may open in the green, but remain muted. Moreover, markets in India were also awaiting comments from RBI Governor Shaktikanta Das about the state of inflation in the country on Friday, after the Monetary Poilicy Committee finished reviewing the country's monetary policy stance in its meeting from April 3-5. South Korean shares fell on Friday, tracking Wall Street's losses overnight. The benchmark KOSPI fell 13.69 points, or 0.50%, to 2,728.31 by 0104 GMT. Hong Kong stocks opened slightly higher Friday morning as investors returned from a midweek break to play catch-up with the previous day's gains in Asia. The Hang Seng Index rose 0.38 percent, or 62.83 points, to 16,787.93. Mainland Chinese markets are closed for a holiday. The words of caution from Federal Reserve officials on Thursday about the need to keep interest-rate cuts in check until inflation clearly slows snuffed a Wall Street stock rally and sparked a rise in bond prices. Global equity markets had risen after data showing an increase in new claims for U.S. unemployment benefits kept intact the outlook for the Fed to soon cut rates, ahead of a key jobs report due out on Friday. But several policymakers soon doused expectations that rate cuts were likely on the horizon as they endorsed a careful approach to the start of monetary easing. Wall Street closed sharply lower, with the Dow Jones Industrial Average tumbling 1.35%, the S&P 500 1.23%, and the Nasdaq Composite 1.4%. MSCI's gauge of global equity performance fell 0.61%. Oil extended advances on escalating tensions in the Middle East after blowing past the $90-a-barrel threshold in the previous session. Global benchmark Brent rose toward $91, near its highest since October, while West Texas Intermediate was at around $87. Gold prices took a breather after hitting an all-time high earlier in the session. U.S. gold futures settled 0.2% lower at $2,308.50 an ounce.