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Wednesday, 1 October 2014

Sensex, Midcap volatile; ITC, Reliance, HDFC, ONGC slip



12:30pm Gold Update

Gold extended losses to trade near a nine-month low and looked likely to break below the key USD 1,200-an-ounce level, clobbered by a stronger dollar and lack of support from top buyer China.

With the dollar at a four-year peak against a basket of major currencies, other precious metals also took a hit. Platinum tumbled to a five-year low, while silver retained sharp overnight losses to trade at its lowest since March 2010.

A stronger US currency makes dollar-denominated precious metals more expensive for holders of other currencies. Worries about an interest rate rise in the United States have also hurt gold, a non-interest-bearing asset.

Spot gold slipped 0.2 percent to USD 1,205.90 an ounce by 0623 GMT, falling for the fourth straight session. It went as low as USD 1,204.40 in the previous session, its lowest since early January.

The metal slid 6 percent in September, its sharpest monthly drop since June 2013, and also logged its first quarterly loss of the year, reports Reuters.

12:00pm Market Check
 Equity benchmarks continued to consolidate due to lack of triggers. The next trigger for the market would be second quarter earnings (July-September) that will be kicked off with Infosys on October 10.

The 30-share BSE Sensex declined 46.98 points to 26583.53 and the Nifty slipped 17.25 points to 7947.55. The BSE Midcap and Smallcap indices were flat. The market breadth was weak; about 1134 shares have advanced while 1317 shares declined on teh Bombay Stock Exchange.

Tata Steel and Maruti Suzuki shed 2.5 percent each followed by ITC, Reliance Industries, HDFC, ONGC, Hindustan Unilever and Gail India with 1-1.8 percent loss. Top lenders like State Bank of India, HDFC Bank and ICICI Bank were down 0.7 percent, 0.77 percent and 0.2 percent, respectively.

However, Wipro and Hero Motocorp topped the buying list, up 2 percent each. Infosys and TCS gained 1.8 percent each. Shares of Tata Motors, NTPC, Axis Bank, Coal India, Mahindra & Mahindra and Dr Reddy's Labs rose 0.3-0.9 percent. More information please visit this site www.bigprofitbuzz.com


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