Commodity, Share, Money Market Highlights: Sensex jumps 530 points to settle at a new high of 40,889

"The prolonged trade war between US & China was weighing heavily on Indian indices. Positive Statements made by both officials last week indicating that a trade pact is likely by the end of December 2019 are being welcomed. Moreover, FIIs are preferring emerging Markets such as India as the recent easy monetary stance of Fed & ECB has improved liquidity in world markets. Whereas, India’s economy is seeing a demand revival especially in the sectors of Auto and Consumer Durables. The Government providing relief to Telecom Cos over spectrum related dues and impending price increase planned by players has also revived interest in the sector"

"Cues that US & China will conclude a deal by next month lifted the sentiment across the globe. Reconstruction of Sensex indices & new developments over divestment to curb fiscal deficit provided confidence in Indian market. Expectations of further cut in interest rate by RBI, gave advantage to rate sensitive stocks."

World shares staged a cautious rally on Monday as investors held out for some progress in US-China trade talks, while the dollar dipped after its latest rally on the back of strong US economic data.

The MSCI All-Country World Index, which tracks shares across 47 countries, was up 0.2 per cent. European shares rose for the second straight session following reports that Washington and Beijing were nearing a trade agreement. The pan-European STOXX 600 index was up 0.7 per cent at 0837 GMT, led by trade-sensitive miners.

In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan bounced 0.7 per cent, after losing 0.4 per cent last week. Japan's Nikkei firmed 0.7 per cent, while Australian stocks rose 0.5 per cent and Shanghai blue chips 0.3 per cent.

(Reuters)

Guar gum prices on Monday plunged Rs 113 to Rs 7,715 per five quintal in futures trade as investors cut their bets following weak trend at the physical market.

Marketmen said subdued demand on persistent arrivals from growing belts mainly exerted pressure on guar gum prices here.

On the National Commodity and Derivatives Exchange, guar gum contracts for December declined by Rs 113, or 1.44 per cent, to Rs 7,715 per five quintal with an open interest of 51,005 lots.

Contracts for January delivery eased by Rs 119, or 1.50 per cent, to Rs 7,820 per five quintal with an open interest of 19,195 lots.

(PTI)

The S&P BSE Sensex settled at a record closing high of 40,889.23, up 529.82 points or 1.31 per cent, while the broader Nifty 50 gained 164.60 points or 1.38 per cent to end at 12,079.00. The Sensex had touched a fresh all-time high of 40,931.71 during the late afternoon deals on Monday.

Soybean prices on Monday rose by Rs 40 to Rs 4,054 per quintal in futures trade as traders created fresh positions supported by a strong spot demand.

On the National Commodity and Derivatives Exchange, soybean for delivery in December was up by Rs 40, or 1.01 per cent, to Rs 4,054 per quintal with an open interest of 87,920 lots.

Market players said rasing of fresh positions by speculators on the back of higher demand mainly led to rise in soybean prices in future trading.

(PTI)

Guar seed prices fell by Rs 30 to Rs 4,217 per 10 quintal in futures trade on Monday as investors offloaded positions amid a weak trend at the spot market.

Marketmen attributed the downward trend in guar seed futures to thin demand at the spot market amid increasing supplies from growing regions.

On the National Commodity and Derivatives Exchange, guar seed contracts for December delivery moved down by Rs 30, or 0.71 per cent, to Rs 4,217 per 10 quintal with an open interest of 76,320 lots. Similarly, guar seed contracts for January delivery eased by Rs 33, or 0.77 per cent, to Rs 4,248 per 10 quintal with an open interest of 25,170 lots.

(PTI)

Nickel futures on Monday declined by Rs 2.20 at Rs 1,071.20 per kg due to reducing of positions by speculators amid sluggish demand at the spot market.

On the Multi Commodity Exchange, nickel contracts for December delivery fell by Rs 2.20, or 0.20 per cent, at Rs 1,071.20 per kg with a business turnover of 1,556 lots. Similarly, nickel contracts for January delivery fell by 80 paise, or 0.08 per cent, to Rs 1,064.20 per kg in 11 lots.

Analysts said subdued demand at the spot market mainly led to fall in nickel prices here.

(PTI)

Aluminium prices on Monday edged up 15 paise to Rs 129.60 per kg in futures market after speculators built up fresh positions amid positive trend at the spot market.

On the Multi Commodity Exchange, aluminium for delivery in November contracts edged higher by 15 paise, or 0.12 per cent, to Rs 129.60 per kg in a business turnover of 600 lots.

Analysts said fresh positions created by traders after positive demand from consuming industries mainly led to rise in aluminium prices.

(PTI)

Crude oil futures on Monday fell by Rs 12 to Rs 4,157 per barrel after participants reduced positions on low demand.

On the Multi Commodity Exchange, crude oil prices for December delivery dropped by Rs 12, or 0.29 per cent, to Rs 4,157 per barrel with a business volume of 15,679 lots. Similarly, crude oil for January delivery was quoting lower by Rs 15, or 0.36 per cent, at Rs 4,161 per barrel with an open interest of 316 lots.

Globally, West Texas Intermediate crude oil was trading 0.26 per cent higher at USD 57.92 per barrel, while international benchmark Brent Crude traded down by 0.38 per cent at USD 63.63 per barrel in New York.

(PTI)

India’s gold imports, which have a bearing on the current account deficit (CAD), dipped 9 per cent to USD 17.63 billion (about Rs 1.25 lakh crore) during April-October period of the current fiscal, according to Commerce Ministry data.

Imports of the yellow metal stood at USD 19.4 billion in the same period of 2018-19. Dip in gold imports has helped in narrowing the country’s trade deficit to USD 94.72 billion during April-October period of 2019-20 as against USD 116.15 billion in the same period of previous fiscal. Click here to read the report

Bullion prices declined sharply in the benchmark markets on Monday with gold slipping by up to Rs 307 and silver falling by Rs 760.

The opening price for gold of 999 purity was Rs 38,003 per 10 grams, down Rs 307 from Friday's closing price of Rs 38,310, while that of 995 purity gold was Rs 37,851, down Rs 306 from Rs 38,157 on Friday, according to the data published by India Bullion and Jewellers Association (IBJA).

Price of silver too fell Rs 760 in the early trade on Friday. The precious metal of 999 purity was at Rs 44,240 a kg, down Rs 760 from Rs 45,000 on Friday, the IBJA data showed.

DHFL shares tumbled up to 5 per cent on Monday after after the company said it will not be able to declare financial results on the scheduled date.

The scrip tanked 4.95 per cent to Rs 21.10 on the BSE. At the NSE, it declined 4.95 per cent to Rs 21.10.

Crippled mortgage lender DHFL, whose management has been taken over by the RBI, on Friday informed stock exchanges that it will not be able to declare financial results on the scheduled date as the new administrator needs to have detailed discussions with the statutory auditors. Click here to read the report

Banks and finance companies have a Rs 1,415-crore exposure to Karvy Stock Broking, which was banned by the Securities and Exchange Board of India (Sebi) on Friday for default of Rs 2,000 crore to clients.

Karvy had unauthorisedly sold pledged client shares via off-market transfer and transferred Rs 2,000 crore to its group company Karvy Realty in violation of Sebi rules. ICICI Bank has the maximum exposure of Rs 875 crore, which was created only on October 1, 2019. HDFC Bank has an exposure of Rs 195 crore, IndusInd Bank Rs 105 crore, DCB Bank Rs 55 crore and Axis Bank Rs 85 crore, according to banking circles. Click here to read

A Balasubramanian, MD and CEO of Aditya Birla Sun Life AMC Ltd, says the slowdown in equity flows is the function of economic slowdown and also global sentiment. In an interview to the Indian Express, Balasubramanian — who manages assets worth Rs 253,838 crore — said the government should consider reducing the highest tax slab for individuals in order to boost investment. Click here to read the interview

The Nifty Metal index on the National Stock Exchange (NSE) was trading 2.5 per cent higher led by gains in Jindal Steel & Power and Hindalco Industries:

Moody’s Investors Service on Monday said that the cost rationalisation of Tata Steel’s European operations is credit positive as it will support a turnaround in the private steel major’s wholly-owned arm TSUKH’s less profitable operations.

On November 18, Tata Steel outlined a programme to reduce costs and improve product mix at its European operations, which are held by wholly-owned subsidiary Tata Steel UK Holdings (TSUKH), Moody’s Investors Service said in a statement. Click here to read the report

India’s largest e-payments platform Paytm on Monday announced that it has raised fresh funds from a group of investors which include existing shareholders such as Ant Financial, Softbank Vision Fund.

The company, however, did not disclose the volume of funds it has raised from them. But according to a report by news agency Reuters, the company has raised $1 billion in the latest round of funding. Click here to read the report

India’s economic growth is expected to slow further in the second half of the year, Singapore’s DBS Bank said on Monday.

“Real GDP is likely to print 4.3 per cent YoY in 3Q vs 2Q’s 5 per cent, nearing the trough for this cycle,” DBS said in its daily economic report.

Weakness in the crucial consumption sector is likely to be extended into the quarter along with tepid private sector activity. Click here to read the report

Delhi:

Petrol- 74.66 per litre
Diesel- 65.73 per litre

Kolkata:

Petrol- 77.34 per litre
Diesel- 68.14 per litre

Mumbai:

Petrol- 80.32 per litre
Diesel- 68.94 per litre

Chennai:

Petrol- 77.62 per litre
Diesel- 69.47 per litre

Bengaluru:

Petrol- 77.22 per litre
Diesel- 67.97 per litre

Source: IOCL

Gold prices edged down to a one-week low on Monday after the United States and China expressed willingness to sign an initial trade deal by the year-end, lifting demand for riskier assets and boosting the dollar.

Spot gold was down 0.1 per cent to $1,461.24 per ounce by 0335 GMT, having fallen to its lowest since November 18 earlier in the session. US gold futures were down 0.2 per cent to $1,461.

(Reuters)

The rupee on Monday fell 2 paise to 71.73 against the US dollar in early trade, amid increased demand of the greenback by banks and importers.

At the interbank foreign exchange, the rupee opened strong at 71.68, showing a rise of just 3 paise over its previous closing. The domestic unit, however, paired all its early gains to trade lower at 71.73 against the dollar. The rupee on Friday had closed at 71.71 against the US dollar.

(PTI)

At 10:02 am, both the S&P BSE Sensex as well as the Nifty 50 index were over 0.5 per cent up each. The Sensex was trading at 40,591.04, up 231.63 points or 0.57 per cent, while the broader Nifty was up 63.35 points or 0.53 per cent at 11,977.75.