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Gold on Tuesday dropped to as low as $1,895.50 an ounce, its weakest level since end-June, as benchmark 10-year U.S. Treasury yields hit an almost 10-month high, making them more attractive than non-interest bearing bullion.

U.S. West Texas Intermediate crude was down 11 cents, or 0.13%, at $82.40 a barrel. Brent crude futures lost 8 cents to trade at $86.13 per barrel at 0015 GMT.

In his latest monetary policy statement, governor Shaktikanta Das imposed a temporary incremental cash reserve ratio (I-CRR) of 10% on incremental deposits received between 19th May and 28th July 2023 given the surge in surplus liquidity in the system. The I-CRR would be reviewed on 8th Sep’23

While the scale of the rise has triggered worries of more rate hikes, these concerns are partially offset by the easing in core inflation, which strips out the volatile components of food and fuel. While elevated food prices may spill over into the August CPI print as well, government interventions and fresh crop arrivals should rein in the rise in food prices going ahead, economists said.

"In accordance with the Sebi master circular, we would like to submit that there has been a delay in the preparation of the consolidated financial results on account of the unavailability of the management," said Balaji Amines in an exchange filing.

In any transaction, or business we are doing, we are trying to make commercial sense out of it, whether it is on the credit side or while taking deposits.

Firstly, the valuations have expanded by a lesser margin than the 16% rally, as nearly half of the year has elapsed and valuations should always be referenced with time. There is earnings growth with time.

ITC reported a 18% growth in net profit at Rs 4,903 crore in Q1. Revenue from operations declined 8% to Rs 15,828 crore. The net profit was higher than an ETNow poll of Rs 4,769 crore, but revenue was lower than the estimated Rs 16,893 crore.

The US downgrade has not had any meaningful impact on bond yields in India and despite the initial nervousness, we do not expect it to have any long-term impact on Indian equities.

The S&P 500 opened lower by 10.85 points, or 0.24%, at 4,478.87, while the Nasdaq Composite dropped 27.85 points, or 0.20%, to 13,760.48 at the opening bell.