Traders said slowdown in buying by jewellers at existing higher levels at domestic markets, mainly led to fall in gold prices.
Rupee dips 71 paise to 67.96 as investors take shelter in dollar; BSE bellwether index crashes 604.51 points
"Central government raises the AIR duty drawback on export of silver jewellery and articles from Rs 2,790 to Rs 3285.40 per kg," Central Board of Excise and Customs (CBEC) tweeted on Friday.
According to experts, Europe has a busy election season in the next 12-36 months and Brexit will only aggravate the separatists elsewhere in the euro zone.
As the market opened today amid Brexit referendum, all the sectors saw a heavy selling including realty, metals, auto, banking, finance, capital goods and power.
As Asian countries cope with Brexit, Raghuram Rajan said that Reserve Bank of Inida will provide liquidity whenever necessary.
India will be able to deal with all the outcomes arising out of Brexit due to comfortable foreign exchange reserves, inflation coming down and structural reforms on path.
The rupee also took a sharp plunge of 96 paise (intra-day) against the US dollar to crash below the 68-level, but RBI intervention to infuse liquidity helped the local currency recoup some early losses.
Thursday, the rupee had ended higher by 23 paise at 67.25
The Sensex after moving in a tight range initially, tended to look up in step with a firm global trend and recaptured the 27,000-mark to hit a high of 27,060.98.
Even as the financial markets turned cautious ahead of the Brexit (referendum in Britain on its continuing in the European Union), regulatory agencies in India including the Reserve Bank of India (RBI), market regulator Sebi and stock exchanges have beefed up their vigil, assuring of orderly conditions in the markets. “Uncertainty about the poll outcome […]
Ahead of the referendum, stocks and rupee saw sharp fall in afternoon trade.There are also fears that exit of Britain from the EU could trigger significant capital outflows.
Sentiment remained jittery on mixed Asian cues as investors remained cautious ahead of tomorrow's referendum that will decide whether Britain will stay in the EU or not.
Dealers attributed the rupee's fall to persistent demand for the US dollar.
According to NSDL data, the net outflow by FPIs in equities stood at Rs 528 crore, while in the debt market they were net sellers to the tune of a whopping Rs 2,310 crore.
In cross-currency trades, the rupee dropped further against the pound sterling to end at 99.47 from 98.49.
Sentiment remained cautious ahead of the UK referendum on whether to stay in the European Union due on June 23.
The 30-share index declined 178.03 points or 0.66 per cent to 26,447.88 with banking, consumer durables, FMCG, power, healthcare, metal and PSU sectot stocks leading the fall.
RBI governor Raghuram Rajan said that the RBI will "do what we can" to deal wit market volatility following Brexit.
Major gainers were Tata Motors (3.80 per cent), Tata Steel (3.32 per cent), Ambuja Cement (2.59 per cent), Tata Mtrc (2.56 per cent) and Infy (2.48 per cent).
The 15-minute pre-open call auction is helpfull in containing excessive volatality, which was expected today.
Marketmen said some big domestic institutions could have been pressed into buying to check the losses, as turnover was relatively higher in early morning trades for a Monday.
How will the markets react to RBI Governor Raghuram Rajan's exit? After witnessing volatile trading sessions, the 30-share benchmark Sensex had shed 9.84 points to close at 26,625.91 points in the week ending June 17.
Market cues are likely to depend on Brexit referendum in the UK, slated for June 23, progress of monsoon, movement of rupee and fluctuating global oil prices.
Experts agree that when investors and economies are jittery over the global growth, this development unnecessarily creates uncertainty in the market
Market benchmark Sensex rebounded by 100 points to finish at 26,625.91 on gains in FMCG, auto and realty stocks, driven by a lower current account deficit and trade gap coupled with revival in global cues.
Traders expect the yuan to hold above recent five-year lows in the near-term.
Forex dealers said weakness of the dollar against some other currencies overseas supported the rupee.
Rupee also slips by 6 paise to 67.21/$ on demand from banks and importers
The market swung in a range of 400 points as volatility remained high in view of upcoming Brexit referendum on whether the country should exit the European Union.
The stock market fell for a fifth straight day on Wednesday as investors remained focused on next week's vote on Brexit.
Stocks that touched their 52-week high include Indraprastha Gas, JSW Steel, NTPC, PTC India, PVR, State Bank of Bikaner and Jaipur, and State Bank of Travancore.
Buying in capital goods, realty, power and oil&gas stocks positively impacted the trading sentiment
In the last four trading days, the domestic unit plunged 62 paise or 0.93 per cent.
Silver for delivery in July traded lower by Rs 185 or 0.45 per cent to Rs 41,262 per kg in a business turnover of 1,426 lots in futures trading at MCX
Hong Kong shares also fell. The Hang Seng index lost 0.3 per cent, while the Hong Kong China Enterprises Index dipped 0.2 per cent.