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News Highlights

  • The rupee on Monday declined by 11 paise to close at 74.26 (provisional) against the US dollar, tracking the firm American currency.
  • Gold dipped Rs 317 to Rs 45,391 per 10 grams, in line with a fall in international precious metal prices.
  • Silver also tumbled Rs 1,128 to Rs 62,572 per kg, from Rs 63,700 per kg in the previous trade.

Equity benchmark Sensex rose 125 points on Monday, tracking gains in index majors Infosys, ICICI Bank and Axis Bank amid a largely positive trend in Asian markets.

The 30-share index ended 125.13 points or 0.23 per cent higher at 54,402.85, while the broader NSE Nifty advanced 20.05 points or 0.12 per cent to 16,258.25.

M&M was the top gainer in the Sensex pack, rising over 2 per cent, followed by Axis Bank, Tech Mahindra, Bajaj Finserv, IndusInd Bank, Titan and Dr Reddy's.

On the other hand, Bharti Airtel, Tata Steel, L&T, NTPC and Bajaj Finance were among the laggards.

Domestic equities traded sideways, and profit-booking was seen at tops, said Binod Modi, Head-Strategy at Reliance Securities.

Notably, financials and IT-supported market and arrested fall, while most key sectoral indices traded in red.

"Visible economic recovery indicating strong credit growth in subsequent months and likely opening of complete economy eased concerns with regards to asset quality of banks, which essentially aided financials today," he added.

Elsewhere in Asia, bourses in Shanghai and Hong Kong ended with gains, while Seoul was in the red.

Stock markets in Europe were trading on a negative note in mid-session deals.

Rupee Snaps 5-Day Winning Streak, Drops 11 Paise Against USD

Halting its five-session winning run, the rupee on Monday declined by 11 paise to close at 74.26 (provisional) against the US dollar, tracking the firm American currency.

At the interbank foreign exchange market, the domestic currency opened at 74.21 against the American currency and slipped further to close at 74.26, registering a decline of 11 paise over its previous close.

On Friday, the rupee had settled at 74.15 against the US dollar.

During the session, the local unit touched an intra-day high of 74.21 and a low of 74.29 against the US currency.

The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading marginally down by 0.02 per cent at 92.77.

Forex traders said easing crude oil prices and positive domestic equities will limit the depreciation bias of the local unit.

Brent crude futures, the global oil benchmark, fell 3.83 per cent to USD 67.99 per barrel.

On the domestic equity market front, the BSE Sensex ended 125.13 points or 0.23 per cent higher at 54,402.85, while the broader NSE Nifty advanced 20.05 points or 0.12 per cent to 16,258.25.

Meanwhile, foreign institutional investors were net sellers in the capital market on Friday, as they offloaded shares worth Rs 69.37 crore, as per exchange data.

Gold Tumbles Rs 317, Silver Declines Rs 1,128

Gold in the national capital on Monday dipped Rs 317 to Rs 45,391 per 10 grams, in line with a fall in international precious metal prices, according to HDFC Securities.

In the previous trade, gold closed at Rs 45,708 per 10 grams.

Silver also tumbled Rs 1,128 to Rs 62,572 per kg, from Rs 63,700 per kg in the previous trade.

In the international market, gold was trading lower at USD 1,749 per ounce and silver also dipped marginally to USD 23.91 per ounce.

HDFC Securities Senior Analyst (Commodities) Tapan Patel said, Gold prices extended a decline following the sell-off that occurred on Friday after stronger-than-expected US jobs market report.

He added that the improved job numbers raised market expectations of sooner US Fed tapering despite of the US central bank's cautious approach.

The dollar index rallied which dampened demand for precious metals, Patel said.

Navneet Damani, vice-president (commodities research) of Motilal Oswal Financial Services, said, Gold extended its fall, along with silver, after a stronger-than-expected US job reported on Friday which fuelled the bets that the Fed may start paring back its massive monetary stimulus soon. The dollar and benchmark 10-year treasury yields jumped after the data, denting gold's appeal.

Market participants worry that the US economic recovery and rising inflation might spur the US Federal Reserve to pull back on unprecedented economic support, Damani added.

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