Closing Bell: Nifty ends above 11,850, Sensex gains 170 pts; Infosys, ICICI Bank top gainers Sensex ended 170.42 points higher or 0.42 percent at 40286.48, and the Nifty was up 30 points or 0.25 percent at 11870.50. ICICI bank, Infosys and Bajaj Finance were the top gainers while Bharti Infratel, IndusInd Bank and Zee Entertainment were the top losers.
Market Live: Sensex, Nifty up in a volatile trade; Infosys, ICICI Bank gain 2% each Equity benchmarks are choppy as weak macro indicators kept the investor sentiment low. Retail inflation breached the Reserve Bank of India’s (RBI) medium-term target of 4 percent for the first time in 15 months.
Market update: Over 130 stocks, including Aurobindo Pharma, Chennai Petroleum Corporation, Equitas Holdings, GAIL, Glenmark Pharmaceuticals, Vodafone Idea, Parag Milk Foods and Sobha, hit 52-week lows on BSE in today’s trade so far.
Oil rises after OPEC’s Barkindo says US shale growth may slow in 2020
Oil prices rose on Thursday after industry data showed a surprise drop in US crude inventories while comments from an OPEC official about lower-than-expected US shale production growth in 2020 also provided some support for oil.
However, prices were capped by mixed signs for oil demand in China, the world’s biggest crude importer, as industrial output increased in October at a less-than-expected rate but oil refinery throughput last month rose 9.2% from a year earlier to the second-highest ever.
Brent futures rose 16 cents, or 0.3%, to $62.53 per barrel by 0250 GMT while U.S. West Texas Intermediate crude gained 22 cents, or 0.4%, to reach $57.34, Reuters reported.
European Markets: European stocks traded lower on Thursday morning as trade negotiations between the US and China are understood to have hit a roadblock. The pan-European Stoxx 600 edged 0.15 percent below the flatline, with autos slipping 1.5 percent to lead losses while food and beverages added 0.4 percent, CNBC reported.
PRECIOUS-Gold gains as weak China data dents risk appetite
Commodities1 hour ago.
Gold gains as weak China data dents risk appetite © Reuters. PRECIOUS-Gold gains as weak China data dents risk appetite
* China’s industrial production growth slows sharply in Oct
* Deterioration in Hong Kong will further support gold – analyst
* Fed Chair Jerome Powell signals rate-cut pause
Gold prices inched up on Thursday as Asian equities turned lower after weaker-than-expected economic data out of China weighed on risk appetite, boosting demand for safe-haven assets.
Spot gold XAU= was up 0.2% at $1,466.51 per ounce, as of 0752 GMT, while U.S. gold futures GCv1 rose 0.3% at $1,467.10 per ounce.
Asian stocks fell after China’s industrial output grew significantly slower than expected in October, as weakness in global and domestic demand and the drawn-out Sino-U.S. trade war weighed on activity in the world’s second-largest economy. MKTS/GLOB
“Gold is being supported as the Chinese industrial production and retail sales came way below expectations,” OANDA analyst Jeffrey Halley said.
“Another deterioration in Hong Kong this week will further support gold, but it’s really all about this ongoing trade talks, which is becoming like a broken record.”
China’s Commerce Ministry said cancelling tariffs is an important condition for reaching trade agreement with the U.S., a day after U.S. President Donald Trump threatened to ramp up tariffs on Chinese goods if the countries failed to reach a deal on trade. Federal Reserve Chair Jerome Powell on Wednesday told the Joint Economic Committee that negative interest rates sought by Trump are not appropriate for the U.S. economy right now. also added that the central bank would probably stop (with interest rate cuts) where it is unless there is a “material” change in the economic outlook.
“Investors are stuck with rising trade tensions with Trump threatening additional tariffs again, but what’s weighing on gold is the hawkish stance from the Fed overnight, saying rate cuts are on hold for now,” ANZ analyst Daniel Hynes said.
“In the long term, the backdrop is pretty conducive. With the global central banks being accommodative, gold will get its support.”
The Fed has cut interest rates thrice this year to help sustain U.S. growth. A lower interest rate reduces the opportunity cost for holding the non-yielding bullion.
In Hong Kong, anti-government protesters paralysed parts of the city for a fourth day, forcing school closures and blocking highways and other transport links. of the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust GLD fell 0.04% to 896.77 tonnes on Wednesday. GOL/ETF
Elsewhere, palladium XPD= climbed 1% to $1,726.50 per ounce. Silver XAG= rose 0.2% to $16.98 per ounce, while platinum XPT= gained 0.3% to $876.35 per ounce.
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