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Gold prices declined slightly in early Asian trading due to a stronger U.S. dollar and concerns about potential interest rate hikes by the Federal Reserve. Spot gold fell by 0.1% to $1,917.19 per ounce, while U.S. gold futures dropped by 0.2% to $1,925.10. The dollar index remained steady near a two-week high, making gold more expensive for holders of other currencies. Investors are anticipating a rate hike in July and another in November, which could discourage investment in gold. Silver and platinum prices remained unchanged, while palladium saw a slight increase.

Equity benchmarks reached new record highs last week due to foreign fund inflows and a positive global market trend. Stocks in focus were HDFC AMC, which saw a 11.5% rise, KFin Technologies, with a gain of 6.77%, and Easy Trip Planners, which fell 3.22%. Analyst Pravesh Gour recommends buying HDFC AMC for the long term, as it has formed a double bottom formation and has strong volume support. He suggests buying KFin Technologies due to its impressive structure and positive trend. However, he advises avoiding Easy Trip Planners due to its continuous downtrend formation and negative technical indicators.

Indian crypto traders wait to break even in bull run

Updated at : 2023-07-03 07:35:01

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Chahal Verma, a Gurugram-based crypto investor said 2023 has proven to be an interesting year for the crypto markets, particularly Bitcoin, despite regulatory hurdles.

"This substantial growth - adding $3.5 trillion-4 trillion to our economy (in nominal terms) - equals what even the entirety of Europe is likely to achieve," he said. "It is no wonder that companies worldwide are recognising the significance of this opportunity."

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​Chart patterns suggest that the zone of 18,900-18,950 for the Nifty will be strong support going forward. Until the index sustains above the level of 18,900, we may witness the continuation of this strong momentum up to the level of 19,450-19,500. However, if the index slips below 18,900, profit booking up to 18,650-18,500 could be witnessed. Options data suggest a broader trading range of 18,900-19,500 for the upcoming week.

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some stocks that can give a minimum of 20% returns over the next twelve months, recommended by India’s top brokerages.

In the fiscal year 2023, the combined ratio - an indicator of profitability, which is calculated by measuring the sum of incurred losses and operating expenses as a percentage of earned premium - rose for almost all general insurers.

PSBs shelve deal to sell drug company loans to NARCL

Updated at : 2023-07-03 07:35:01

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State Bank of India (SBI) and Punjab National Bank (PNB) had given loans to Parenteral Drugs, a contract manufacturer of liquid formulations which is undergoing corporate insolvency. A binding offer by NARCL for the pharma company had triggered a Swiss Challenge auction, following which SBI invited counter offers from other asset reconstruction companies (ARCs).

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As much as 67.73% of the shareholders at the AGM voted in favour of the special resolution, while 32.27% voted against. "The resolution was defeated as it needed to be supported by 75% of the total voting," the company said in a regulatory filing on Saturday.

The Indian market continued its upward trend for the third consecutive day, with the S&P BSE Sensex rising over 800 points and the Nifty50 closing just below 19,200 levels. Stocks in the IT, auto, capital goods, and public sector sectors saw significant buying. Nippon Life AMC, HDFC Asset Management Company, and Mahindra & Mahindra were among the stocks that performed well. Technical analysis suggests that Nippon Life may experience further bullish momentum after a price dip, while HDFC AMC and Mahindra & Mahindra have shown positive breakout patterns.

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