Gold prices are expected to witness further consolidation in the coming week as investors brace for a slew of events, ranging from central bank meetings, including the US Federal Open Market Committee (FOMC) meeting's outcome, to global trade negotiations, analysts said.
People's Bank of China's holding in HDFC stood at 1,74,92,909 equity shares, accounting for 1.01 per cent of the share capital of the company as of March-end, as per exchange data.
With the first quarter earnings season coming to an end, the domestic equity markets would be driven by global trends and trading activity of foreign investors this week, analysts said. The movement of global oil benchmark Brent crude and the rupee against the dollar would also drive trends in the market. "Macroeconomic indicators, trends in global stock markets and FII activities will be pivotal in shaping market trends in the coming days," Pravesh Gour, senior technical analyst at Swastika Investmart Ltd, said.
Policymakers should aspire to restore the pre-Independence environment where the rupee was trusted and used all over South Asia, in Southeast Asia, in West Asia, and in East Africa, suggests Ajay Shah.
Ultratech Cement was the top gainer in the Sensex pack, surging 4.37 per cent, followed by Tata Steel, IndusInd Bank, L&T, Reliance Industries, SBI, HDFC, HDFC Bank, Axis Bank, ONGC and ITC.
Dealers attributed the fall to the dollar's gains after China devalued yuan, which pushed up demand from importers for the US currency.
Both central banks targeted interbank rates to control the supply of money, aiming for a more surgical monetary tool than orthodox bank reserves or policy interest rates.
The Chinese central bank on Monday warned the country could face huge uncertainties in the wake of slow world recovery process and the unstable economic and financial situation in Europe.
China keeps most of its foreign reserves in the United States Government securities.
The prospect of the Chinese central bank tightening rates is the biggest risk for the financial markets, says Abheek Barua.
The government on Saturday made its prior approval mandatory for foreign investments from countries that share land border with India to curb 'opportunistic takeovers' of domestic firms following the COVID-19 pandemic, a move which will restrict Foreign Direct Investment from China.
A surprise revaluation of the Chinese yuan on Thursday sent the rupee spiralling to a closing peak of Rs 43.20/25 per dollar
Ongoing trade-war rhetoric between the US and China added some nervousness on the trading front coupled with extremely bullish dollar sentiment overseas.
The domestic currency had last touched 65-level and ended at 65.24 on September 6, 2013. It moved in a range of 64.63 and 65.23 during the day.
BRICS countries may reach consensus at next month's G20 summit on creating a $100 billion currency reserve fund to help ease short-term liquidity pressure and safeguard financial stability of major emerging economies, a senior Chinese central bank official said.
World Bank lowered its global economic growth outlook for 2016 to 2.9% from 3.3% earlier.
The rupee's strength has had an overall negative effect on merchandise trade
The CSI300 of the leading Shanghai and Shenzhen A-share listings has lost almost 11 per cent this week.
'China could place the currency on a par with global biggies. But it has to wait to be a serious challenger.'
Technically speaking, US equities have seen net losses since January. India is strongly influenced by US trends.
The 30-share Sensex closed down 115 points at 28,444 and the 50-share Nifty ended down 31 points at 8,524.
China's economy is worse than it really is, but then these are emblematic of the baffling self-congratulatory mood that exists in India today.
The market could be influenced by events elsewhere in the world and regardless of what happens to India's economy
Global disinflation has finally caught up with India's high-cost economy.
The 30-share Sensex gained 321 points to end at 26,430 and the 50-share Nifty surged 100 points to end at 7,879.
'We want to make sure we stay in India and we have very high hopes from India,' says Mark Mobius.
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