Wednesday, October 24, 2012
The Indian markets were knocked down in today’s trade, after witnessing a sharp fall in afternoon trade. The Sensex declined 83 points and the Nifty ended 26 points lower. Major Headlines of the day: Lupin Q2 FY2013 profits better than expected Yes Bank Q2 net profit jumps 30% L&T Finance Holdings zooms in dull market
Gold settles at their lowest level since early September Bullion metal prices ended substantially lower on Tuesday, 24 October 2012 at Comex. Gold futures closed sharply lower on Tuesday to settle at their lowest level since early September as downbeat corporate-earnings reports prompted investors to flee equities and commodities and seek safety in the U.S. dollar. Gold for December delivery dropped $16.90, or 1%, to settle at $1,709.40 an ounce on the Comex division of the New York Mercantile Exchange. Prices fell by as much as $21 to a low $1,705.10 during the Comex session. December silver futures settled down 46 cents, or 1.4%, to $31.79 an ounce.
prices hit by a strong dollar and lack of robust demand Copper prices at Comex slid to a six-week low on Tuesday, 24 October 2012 hit by a strong dollar and lack of robust demand from top metals consumer China as the market gave up more gains from its September rally. Three-month copper on the London Metal Exchange traded lower by $93 (1.7%) at $7,860, down from $7,953 at the close on Monday. Earlier it dropped to an intraday low of $7,859.50. December copper closed down 5 cents, or 1.5%, to $3.57 a pound at Comex. US stocks traded sharply lower on Tuesday. As per latest reports, DuPont plans to cut 1,500 employees after reporting a quarterly profit below estimates. Two other Dow components added to investor worries. 3M declined 3.9% after the manufacturer reported a 6.7% profit gain in the third quarter, but reduced its outlook for the full year. Also, United Technologies pointed to soft demand from airlines in narrowing its sales outlook for 2012. Investors were cautious ahead of the Fed's two-day meeting which began on Tuesday, though the central bank is likely to hold off from fresh steps, opting to review the impact of action it took last month. Further weighing on the market was a stronger dollar against the euro, which makes dollar-priced commodities more expensive to Europeans, and losses on equities markets. The dollar index, which weighs the strength of the dollar against a basket of six other currencies, rose by almost 0.4% today.
Key benchmark edged lower in choppy trade on weak global equities. The barometer index, BSE Sensex, lost 83.42 points or 0.44%, off close to 105 points from the day's high and up about 20 points from the day's low. The market breadth was negative. Index heavyweight and cigarette maker ITC extended Monday's losses triggered by an announcement from the Ministry of Health and Family Welfare that it has notified new pictorial health warnings to be depicted on tobacco product packs which will come into effect from 1 April 2013. Another index heavyweight Reliance Industries (RIL) also edged lower. Yes Bank surged after strong Q2 results. The Sensex has fallen 52.72 points or 0.28% in October 2012 so far (till 23 October 2012). The Sensex has surged 3,255.10 points or 21.06% in calendar 2012 so far (till 23 October 2012). From a 52-week high of 19,137.29 on 5 October 2012, the Sensex has declined 427.27 points or 2.23%. From a 52-week low of 15,135.86 on 20 December 2011, the Sensex has risen 3,574.16 points or 23.61%.