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Gold futures on MCX retreated about 0.15 per cent or Rs 77 to Rs 50,725 per 10 grams. However, silver futures traded lower by 0.32 per cent or Rs 180 at Rs 56,947 per kg.

Indian bonds have declined in tandem with a slide in the rupee. The currency is now hovering close to a record low against the dollar as elevated commodity prices stoke inflation and boost the subsidy bill. The options market is pricing in a 64% chance that the rupee will weaken to 82 per greenback in the next six months from around 79.6 now.

Berkshire also owns $10 billion of Occidental preferred stock that throws off $800 million of annual dividends, and has warrants to buy another 83.9 million common shares for $5 billion.

On the technical charts, the 200-day moving average of the stock stood at Rs 801.17.

The producer of pig iron and ductile iron pipes reported a sharp fall in net profit to Rs 1.22 crore during the June quarter, mainly on account of higher expenses. Its net profit stood at Rs 94.72 crore in the same quarter the previous year.

The decision was given the nod at the meeting of the board of directors held on Wednesday, the company said. The interim dividend will be paid within stipulated timelines as prescribed under the law, the exchange filing further noted.

“For the quarter we are expecting pharma earnings to decelerate further with the third consecutive quarter of year-on-year decline. It is an under owned sector and because of the sector rotation that we are witnessing, some of the stocks might come into limelight. We are underweight on pharma at least for the next one year.”

On the technical charts, the RSI of the stock stood at 56.01.

The market opened with strong gains despite negative global cues. US stocks closed in the red as retail inflation in the US accelerated to 9.1% which is the highest in 41 years.

This strong performance is likely to be driven by a sharp shift in mix towards its high-margin tractor segment (44 per cent of the total in Q1 from 32 per cent QoQ). Even auto volumes have remained stable QoQ, given the strong order backlog and chip shortage impact gradually reducing,” it said in a report.