ICICI Direct Report: Gold and Silver Prices Likely to Rise

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ICICI Direct Report: Gold and Silver Prices Likely to Rise

Gold prices in India are expected to hit a new high of Rs 70,000, according to a report from ICICI Direct. Silver prices are also likely to rise towards Rs 85,000, supported by increasing industrial demand.

The rise in gold prices is attributed to a weak dollar and a decrease in US treasury yields. The dollar and yields have fallen due to expectations that the US Federal Reserve will start reducing interest rates by March 2024. Concerns about slower global economic growth and geopolitical tensions in the Middle East are making gold a valuable hedge against uncertainties.

Central banks are expected to continue buying gold, diversifying their reserves. The report suggests that crude oil prices will face obstacles near $90 due to weaker demand. Crude oil is anticipated to stay in the range of $60-$90, as it is unlikely that OPEC will extend voluntary output cuts, coupled with increased production in non-OPEC countries. Global oil demand growth may slow down due to economic growth uncertainties.

Despite potential dips in oil prices, escalating tensions in the Middle East may prevent them from falling below $60. The report also forecasts a possible dip in MCX crude oil prices to around Rs 5,000 in the coming month.

Zomato Rings in 2024 with Record Orders, Higher Fees, and Stock Surge

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Zomato Rings in 2024 with Record Orders, Higher Fees, and Stock Surge

Zomato had a huge New Year’s Eve! They delivered more food than ever before, which made them happy and their stock price go up. To make even more money, they raised their delivery fee a bit (to Rs 4).

Their quick delivery service, Blinkit, also had a great night, breaking their records for orders.

However, the party isn’t over yet. The taxmen in Delhi and Karnataka want Zomato to pay more money (Rs 4.2 crore!) because they say Zomato didn’t pay enough taxes. Zomato disagrees and will fight it.

So, it’s been a wild ride for Zomato lately! They’re happy with their New Year’s Eve success, but they’ve also got some tax issues to deal with.

Gold ATM 2.0: Now With Silver, UPI Payments, and Live Market Prices

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Gold ATM 2.0: Now With Silver, UPI Payments, and Live Market Prices

Hey there! Check out Goldsikka’s new fancy machine, Gold ATM Version-2! You can find it at Ameerpet Metro Station, making it super easy for metro travellers to buy some shiny gold or silver coins.

This ATM’s different from the first one because it’s like a buffet for precious metals! Not just gold anymore, you can now grab silver coins too, in sizes ranging from 0.5 grams, 1 gram, 2 grams, 5 grams, 10 grams, and 20 grams, and Silver from 10 grams, 20 grams, 50 grams, and 100 grams. And guess what? Paying is even easier now! You can use your debit card, credit card, or even UPI!

To keep things fair, the machine shows live prices straight from London, so you know you’re getting a good deal. And get this, they’re planning to put these ATMs in airports too, starting with Hyderabad and Mangalore!

Looks like Goldsikka’s getting popular fast, with orders already coming in from places like Russia, Turkmenia, and even the USA! So, next time you’re at Ameerpet Metro, give the new Gold ATM Version-2 a try and treat yourself to some sparkling treasure!

Stock Market: Markets fall in early trade on weak global trends

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Stock Market: Markets fall in early trade on weak global trends

Stock prices fell again today, just like yesterday. This is because:

Stocks in India lost ground today. The Sensex fell 586 points to 69,920, and the Nifty dropped 173 points to 20,976.

  • Global markets are not doing well: Other countries’ stock markets are also going down, which makes our market shaky.
  • Foreign investors are selling Indian stocks: They are taking their money out of India, which reduces demand for stocks and makes them cheaper.
  • The recent rally was too good to last: Stock prices had been going up a lot recently, so some investors are taking profits now before prices fall further.

The main losers were companies like Axis Bank, Larsen & Toubro, and ICICI Bank. The only ones that went up were Power Grid, Reliance Industries, and Nestle.

Overall, it was a bad day for the Indian stock market, but it’s not unusual for prices to fluctuate. We’ll have to see what happens tomorrow!

Infosys asks employees to return to office After Narayana Murthy’s “70-hours-a-week” formula

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Infosys asks employees to return to office After Narayana Murthy’s “70-hours-a-week” formula

Infosys Ltd., an Indian software services exporter, has requested that a portion of its workforce come back to work 10 days a month from the office. Some entry-level to mid-level employees reportedly received instructions to resume working from the office starting on November 20 and working a minimum of days.

The action is a part of the company’s attempts to fortify its hybrid work model at a time when businesses all around the world are changing or withdrawing their policy on remote employment.

Following the uproar caused by co-founder Narayana Murthy’s suggested formula of Indian youth working 70 hours a week, there is a push to return to work for a minimum number of days. The billionaire made these comments in a YouTube interview.

Unexpectedly, his remarks ran counter to the business’s stated position on “full flexibility” for staff members.

Indian IT service companies are now requesting that their staff members return to their workplaces in order to compete with their international IT counterparts. Tata Consultancy Services (TCS), the competitor of Infosys, has already requested that its staff members report back to work five days a week.

Stock Market Update: Sensex and Nifty

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Stock Market Update: Sensex and Nifty

Both the Sensex and Nifty opened the day higher, signalling a successful start to the Indian stock market. Investors might feel some respite from the recent market turbulence given this rising trend.

The Nifty gained 49.25 points to open at 19,170.25, while the Sensex saw a rise of 135.15 points to open at 64,254.83 at the beginning of the trading day. There were 28 gains, 21 drops, and one unchanged among the Nifty businesses.

During the first market opening, Dr. Reddy, BPCL, Bajaj Finserv, Tata Motors, and Hindalco were among the notable winners. On the other hand, the top losers included Bharti Airtel, Britannia, LITMindtree, M&M, and ONGC.

In early trade, Rupee and US dollar Remain Stable

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In early trade, Rupee and US dollar Remain Stable

Early on Tuesday, the rupee gained just 1 paisa vs the US dollar, with the strength of the US currency abroad and rising crude oil prices offsetting the good impact from local stocks.

The desire for safe haven assets, according to forex dealers, lifted the dollar. Nonetheless, at lower levels, the rupee was supported by a favorable trend in domestic stocks.

The rupee was trading at the interbank foreign exchange within a narrow range. With respect to the US dollar, the national currency opened the day at 83.26. It was up 1 paisa from the previous close in early trading, to 83.25 vs the US dollar.

The rupee saw flat trading on Monday, ending the day 1 paisa weaker at 83.26 against the US dollar.

“Amid general pressures like a stronger US DXY, higher US bond yields, rising oil prices amid Middle East tensions, and a shaky domestic equity market causing FPI outflow, the Indian rupee keeps juggling between 83.15-83.30 levels,” said Amit Pabari, MD of CR Forex Advisors.

In the meanwhile, the dollar index increased to 106.39, up 0.26 percent.

The benchmark for global oil, Brent crude futures, were up 0.41 percent at USD 87.81 a barrel.
The BSE Sensex increased 48.80 points, or 0.08 percent, to 64,161.45 on the domestic equities market. The NSE Nifty increased 19.158.60 points, or 0.09 percent.

11 lakh worth Honda XL750 Transalp Launched

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11 lakh worth Honda XL750 Transalp Launched

At its Delhi store, Japanese motorcycle manufacturer Honda Motorcycle & Scooter unveiled the high-end adventure tourer bike, the XL 750 Transalp, on Monday. It is priced at Rs 11 lakh.

For the first 100 units only, reservations are currently being accepted for the imported Honda XL 750, with delivery set for next month. A liquid-cooled, 755cc parallel-twin engine with 92 horsepower and 75 Nm of torque powers the Honda Transalp 750.

We take great pleasure in presenting the all-new XL750 Transalp to the Indian market. As the market for adventure motorbikes grows, customers are more eager than ever to explore on wheels. The Honda XL750 Transalp is a favorite among adventure enthusiasts worldwide, and we are confident that it will excite ADV buyers in India as well,” said Tsutsumu Otani, Managing Director, President & CEO of Honda Motorcycle & Scooter India.

There is a tiny LED headlamp, a stepped seat, and a large windscreen on the bike. It’s got an upside-down Showa front fork and a Pro-Link monoshock in the rear.

The motorcycle features a 6-speed gearbox and throttle-by-wire. Riders can choose from the following five riding modes: User, Standard, Rain, Gravel, and Sport.

Other features include the Honda Selectable Torque Control, ABS, assist slipper clutch, 5-inch TFT instrument panel, and Smartphone Voice Control system.

In early trade, Rupee and US dollar remain stable

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In early trade, Rupee and US dollar remain stable

After a downward trend in local markets, the rupee was trading in a limited range versus the US dollar in early trade on Monday.

The rupee is trading in a limited range, according to forex dealers, as investor mood was affected by persistent outflows of foreign funds and the strength of the US dollar in international commerce.

The native currency began at 83.25 versus the dollar at the interbank foreign exchange. It subsequently achieved an early high of 83.24 and a low of 83.26 against the greenback.

The rupee and the US dollar closed at 83.25 on Friday.

The dollar index, which measures the strength of the US dollar relative to a basket of six other currencies, was up 0.03 percent at 106.59.

Oil costs The benchmark for global oil, Brent crude futures, dropped 1.23 percent to USD 89.37 a barrel.

Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP, stated, “Asian currencies are slightly lower while European currencies continue to remain on the lower side as the dollar index is near 106.57, Brent oil at USD 88.43 per barrel, and Gold crossed USD 2,000 per ounce.”

The 30-share BSE Sensex was down 219.53 points, or 0.34 percent, at 63,563.27 on the domestic equities market. To 18,981.15, the larger NSE Nifty fell 66.10 points, or 0.35 percent.

According to exchange statistics, Foreign Institutional Investors (FIIs) sold shares worth Rs 1,500.13 crore on Friday, making them net sellers in the capital markets.

In the meanwhile, Reserve Bank of India statistics shows that for the week ending October 20, India’s foreign exchange reserves decreased by USD 2.36 billion to USD 583.53 billion.

The total reserves rose to USD 585.895 billion over the previous reporting week, a gain of USD 1.153 billion.

Stock Market Updates: Sensex and Nifty

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Stock Market Updates: Sensex and Nifty

After taking a day off, equity benchmark indexes saw a dip in early trade on Monday due to ongoing withdrawals of foreign funds and weak trends in the global market. Despite a strong start, the 30-share BSE Sensex fell 179.06 points to 63,603.74. At 18,998, the Nifty fell 49.25 points.

The biggest laggards among the Sensex companies were Titan, Axis Bank, Larsen & Toubro, Bajaj Finance, Mahindra & Mahindra, Tata Motors, and Power Grid.

The winners were Tata Consultancy Services, UltraTech Cement, Tech Mahindra, and Reliance Industries.

Seoul and Shanghai were quoted in the green in Asian markets, but Tokyo and Hong Kong traded in the negative.

Friday’s US market close was mostly down.

The benchmark for global oil, Brent crude, fell 1.23 percent to USD 89.37 a barrel.

Exchange data shows that on Friday, stocks worth Rs 1,500.13 crore were offloaded by Foreign Institutional Investors (FIIs).

Because of the Israel-Hamas crisis and the sudden increase in the US Treasury yield, Foreign Portfolio Investors (FPIs) have withdrew nearly Rs 20,300 crore from Indian stocks thus far this month.

On Friday, the BSE benchmark increased by 634.65 points, or 1.01%, to end the day at 63,782.80. The Nifty, a broader measure, increased by 190 points, or 1.01%, to 19,047.25.

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