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Adani Power shares gain 5.21% as Sensex rises

Updated at : 2023-08-21 10:20:01

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A total of 1,761,132 shares changed hands on the counter till 10:00AM (IST)

Gold futures are down 2% or Rs 1,193 on the month-to-date basis while up 6.10% or Rs 3,358 on the year-to-date basis, Anuj Gupta, Head Commodity & Currency at HDFC Securities told ETMarkets. As for Silver futures, the declines are to the tune of 6.88% or Rs 5,192 in August while the gains this year stand at 1.18% or Rs 822, he said.

"Jio Financial Services will be able to do well despite entering a highly competitive space with established players on both the banking and NBFC sides. Overall, India remains a global economy short on credit. But the value of the company is in terms of the market capitalisation not the business because there is no business per se to speak of. So, we will have to give it time."

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The dollar made a gain of 0.7% on the euro last week, inched ahead on the yen and surged by more than 1% on the Antipodean currencies as U.S. Treasury yields leapt in anticipation of interest rates staying higher for longer.

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The Fed is likely done raising interest rates, according to a strong majority of economists polled by Reuters, and a slight majority now expect the central bank to wait at least through end-March before cutting them.

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Disappointment at the meagre move saw Chinese blue chips ease 0.3%, while the Australian dollar took a dip as a liquid proxy for China risk. Investors have been hoping for a repeat of the massive fiscal spending that has juiced the economy in the past, but Beijing seems reluctant to add to its borrowing tasks.

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A relentless Treasury-market selloff this month wiped out what was left of year-to-date gains that at one point exceeded 4%. Next week, the US Treasury will sell 20-year bonds and 30-year inflation-protected bonds, demand for which is notoriously unpredictable.

Marquee investor Ashish Kacholia sold part of his stake in aesthetic solutions provider SJS Enterprises for Rs 11.6 crore through the open market on Friday.

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It is a one-day candlestick pattern wherein there is a small green real body and lower shadow extending from the body and is formed at the bottom of a downtrend.​

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Economists are slashing their Chinese GDP growth forecasts and many doubt Beijing will meet its 2023 goal of 5.0%. Deflation, slumping trade activity and an imploding property sector are the familiar and increasingly serious risks.

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