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Spot gold XAU= was down 1.7% at $1,642.79 per ounce by 1058 GMT and was heading for its second straight weekly decline, down 1.8%. U.S. gold futures GCv1 fell 0.5% to $1,672.10.

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Dow Jones Industrial Average futures fell by 340 points, or 1.1%, while the S&P 500 slid 1.3%. The Nasdaq Composite lost 1.2%.

It was noted that during the period of April 2015 till December 2016, Ficus transferred Rs 48.28 crore to Ficus Commodities and received Rs 48.94 crore during the said period from Ficus Commodities. This transaction was done at the same time when Ficus was not in a position to repay or settle funds due to its credit clients.

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Investors unloaded short-dated British government bonds as fast as they could, with the cost of borrowing over 5 years seeing its biggest one-day rise since 1991, as Britain raised its debt issuance plans for the current financial year by 72.4 billion pounds ($81 billion). The pound slid below $1.11 for the first time in 37 years.

Some of the world’s biggest banks are, however, forecasting a rebound in prices because of low inventories, and sustained demand despite recession concerns. JPMorgan Chase & Co. forecasts Brent at $101 a barrel for the final quarter of 2022, while Goldman Sachs Group Inc. sees $125.

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"A rise in the US 10-year bond yield and a strong dollar index influenced FIIs to flee emerging markets. A fall in liquidity in the banking system, a weak currency and a current premium valuation set the market outlook bearish for the near term,” Vinod Nair, Head of Research at Geojit Financial Services, said.

“SEBI’s move to allow REITs to issue commercial papers provides an additional avenue of financing through short-term debt instruments at comparatively lower costs and shorter timelines. This aids in bringing down the cost of capital for AAA-rated REITs,” said Vinod Rohira, CEO, Mindspace Business Parks REIT.

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The only index that ended in the green during the day was the fear gauge index India VIX which shot up over 9%. PSU banks, realty, financial services and media stocks were among the worst hit during the selloff.After hitting an all-time peak of 18,604.45 on October 19 last year, Nifty hit a 52-week low of 15,183.40 earlier on June 17

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“In the UK and Europe markets, we are seeing the biggest falls. We are importing inflation and for imported inflation, we have to increase rates. That is what the markets are starting to now recognise fully, which they had not done prior to the Federal Reserve meeting on Wednesday, says Andrew Holland.”

Stock market update: Nifty Auto index falls 1.71%

Updated at : 2022-09-23 18:20:01

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The Nifty Auto index closed 1.71 per cent down at 13093.5.

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