RBI still has room to slash key rate in current fiscal

RbinoteThe Reserve Bank still has room to cut the key policy rate in the current fiscal, veteran banker Naina Lal Kidwai has said, while stressing that banks should pass on the benefits of lower rates to customers, reported PTI. RBI reduced the repo rate by 0.25 per cent to 6 per cent earlier this month, citing reduction in inflation risk. The rate cut was the first in 10 months and brought policy rates to near 7-year low.

 

“There is clearly room for further rate cuts. But the rate cut from RBI is not good enough. The rate cut has to happen from the way banks engage with industry, and that is a function on how efficient the banks are, what are their NPAs, their losses,” Kidwai told PTI on the sidelines of a conference here. She further said the resolution of non-performing assets (NPAs) or bad loans, going forward, will be a “big positive”.

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White metal rises amid positive global cues

00_plata_16824Silver futures were trading higher during the afternoon trade in the domestic market on Thursday taking positive cues from the global market. Market analysts said a firm trend in precious metals in global market mainly attributed to the rise in silver prices at the futures trade.

SELL SILVER SEP BELOW 39240 TARGET 39140-39000-38800 WITH SL 39500

At the MCX, silver futures for September 2017 contract was trading at Rs 39169 per kg, up by 0.79 %, after opening at Rs 39000, against a previous close of Rs 38,863. It touched the intra-day high of Rs 39,350.

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Nifty may open on negative note, shed 8 points

nifty-marketF&O Outlook:

Nifty PCR-OI has increased to 0.98 from 0.92. The rise in the ratio may be due to increase in PE of 9700 and decrease in CE of 10500. PE of 9800 and CE of 9900 are the highest number of contracts traded.

Opening for the Day:

Trading of SGX Nifty futures on the Singapore stock exchange indicates that the Nifty could lose 8 points at the opening bell.

Gold imports jump over 2-fold to $13.35 bn in April-July

India’s gold imports more than doubled to USD 13.35 billion during the April-July period of the current fiscal, according to the data of the commerce ministry, reported PTI. Gold imports, which has bearing on the country’s current account deficit (CAD), stood at USD 4.97 billion in April-July 2016-17. In July this year, imports of the precious metal rose to USD 2.10 billion from USD 1.07 billion in the same month of the previous year.

Gold prices inched up early on Wednesday after two days of losses, with investors awaiting minutes from the U.S. Federal Reserve’s last meeting in July for clues on the pace of potential interest rate hikes.
Spot gold inched 0.1 percent higher to $1,272.81 per ounce by 0357 GMT, after falling for two straight days.
U.S. gold futures for December delivery was down 0.1 %at $1,278.50 an ounce.
                    Trading Ideas
* Gold trading range for the day is 28949-29229.
* Gold prices edged lower, pulling back from their highest level in around two months as concerns about tensions between the U.S. and North Korea eased.
* India’s gold imports are likely to jump by a third in 2017 to 750 tonnes on restocking by jewellers and as good monsoon rainfall is expected to boost demand in rural areas.
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Markets open on a positive note on Wednesday

The 30-scrip Sensitive Index (Sensex) on Wednesday opened on a positive note during the morning session of the trade.

The Sensex of the BSE after opening at 31,566.24 points, touched a high of 31,602.64 points and a low of 31,504.63 points.

On Monday the Sensex closed at 31,449.03 points. Tuesday was a holiday.

The Sensex is trading at 31,513.07 points up by 64.04 points or 0.20 per cent.

On the other hand, the broader 51-scrip Nifty at the National Stock Exchange (NSE) opened at 9,825.85 points after closing at 9,794.15 points.

The Nifty is trading at 9,819.25 points in the morning.

 

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Nifty PSU Bank index lone loser among sectoral indices

While other sectoral indices were gaining on NSE in Monday’s morning trade, the Nifty PSU Bank index was trading in the negative territory, with shares of IDBI Bank (down 1.42 %), Bank of Baroda (down 0.74%) and State Bank of India (down 0.61 %) in red.

 

However, other components in the index, including Andhra Bank(up 0.81 %), Oriental Bank of Commerce (up 0.51%), Punjab National Bank(up 0.50%) and Canara Bank(up 0.43 %) were trading in positive.
The Nifty PSU Bank index was trading 14 points down at 3,279 around 10.35 am (IST).Among the sectoral gainers, Nifty Realty index led, followed by Nifty Metal and auto indices.
In the Nifty 50 index, Cipla (up 5.92%), Adani Ports (up 3.14 %), Tata Steel (up 2.98 %), Eicher Motors (up 2.81%), HDFC (up 2.78%),Vedanta(up 2.38%) and Hindalco (up 2.29%) were gaining over 2 %.
However,BPCL(down2.51%),Bosch(down1.87%),DrReddy’s Laboratories(down 0.92%) and Larsen & Toubro (down 0.51%) were trading in red.
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