Live Markets Commentary
Sify Editors @ 12:55 PM
Both the Sensex and Nifty crept up on Wednesday, led by drug maker Aurobindo Pharma Ltd after stellar quarterly results, but sentiment remained edgy as investors awaited further clues on whether the Federal Reserve will raise US interest rates this year.
Investors' attention now is on Fed Chair Janet Yellen's speech at the annual central bank symposium in Jackson Hole on Friday. They still doubt the stars will align for a hike anytime soon, so a hawkish tone from Yellen would challenge that view.
Reflecting the caution, Asian stocks consolidated recent gains on Wednesday, while oil prices slid after a surprise buildup in US crude stocks.
Sentiment was also muted ahead of the expiry of the derivative contracts on Thursday.
"If there is some indication that the US economy is in good shape and recovery is on track, then there could be some impact on Indian stocks but the market isn't expecting any immediate hike in US interest rates because of global economic uncertainty," said UR Bhat, managing director of Dalton Capital, a unit of UK investment management firm Dalton Strategic Partnership.
Aurobindo Pharma rose as much as 5.6 percent after the company on Tuesday reported a 24 percent rise in its June-quarter consolidated profit, boosted by higher sales.
Welspun India plunged about 10 percent and headed for its third straight fall, as the fallout from Target Corp's decision to terminate business with the firm for passing off cheap sheets as premium Egyptian cotton escalated.
Sify Editors @ 12:20 PM
Welspun India's shares, which had plunged 20 percent for a second day on Tuesday, continues its steep descent and were down by almost 10%. Welspun, one of the world's largest textile manufacturers, is facing the fallout from Target Corp's decision to terminate business with the firm for passing off cheap sheets as premium Egyptian cotton escalated. Target had said on Friday that it was severing ties with Welspun after its extensive investigation had confirmed that the Indian company, which purportedly used Egyptian cottons to make sheets and pillowcases sold to the retailer, substituted non-Egyptian cotton instead.
Sify Editors @ 11:00 AM
|Cities||Gold (10g)||Silver (1Kg)|
|Chennai||Rs. 31871.66||Rs. 45540.00|
|Mumbai||Rs. 33112.30||Rs. 45540.00|
|Delhi||Rs. 32299.47||Rs. 45540.00|
|Kolkata||Rs. 32695.19||Rs. 45540.00|
|Kerala||Rs. 31390.37||Rs. 45540.00|