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Markets extend losses for 3rd session amid broad-based selloff; Sensex slips below 81k

Mumbai, Jun 3 (PTI) Equity benchmark indices Sensex and Nifty tumbled nearly 1 per cent on Tuesday, weighed down by a widespread selloff amid renewed foreign fund outflows and growing geopolitical uncertainties. The 30-share BSE Sensex tanked 636.24 points or 0.78 per cent to settle at 80,737.51. During the day, it dropped 798.66 points or 0.98 per cent to 80,575.09. The NSE Nifty plunged 174.10 points or 0.70 per cent to 24,542.50. From the Sensex firms, Adani Ports declined 2.42 per cent. Bajaj Finserv, Bajaj Finance, Power Grid, Eternal, IndusInd Bank, Maruti, Tata Consultancy Services and UltraTech Cement were among

Rupee declines 21 paise to 85.60 against US dollar

Mumbai, Jun 3 (PTI) The rupee declined 21 paise to settle at 85.60 (provisional) against the US dollar on Tuesday, weighed down by a firm American currency and outflow of foreign funds. According to forex traders, the local unit remained under pressure, tracking negative domestic equity markets amid geopolitical uncertainties. Investors are also awaiting cues from the Reserve Bank’s monetary policy announcements. RBI’s Monetary Policy Committee (MPC) will begin deliberations on its bi-monthly policy on Wednesday and the outcome is scheduled to be announced on June 6. At the interbank foreign exchange, the domestic unit opened at 85.55 and moved

Gold climbs Rs 330 to Rs 98,930/10 g amid strong global cues

New Delhi, Jun 2 (PTI) Gold prices climbed Rs 330 to Rs 98,930 per 10 grams in the national capital on Monday following a firm trend in the global markets, according to the All India Sarafa Association. The yellow metal of 99.9 per cent purity had closed at Rs 98,600 per 10 grams on Friday. Gold of 99.5 per cent purity appreciated by Rs 300 to Rs 98,400 per 10 grams (inclusive of all taxes). It had settled at Rs 98,100 per 10 grams in the previous market session. Additionally, silver prices rose by Rs 100 to Rs 1,00,100 per

RBI may go for ‘jumbo rate cut’ of 50 bps on Friday: SBI research

New Delhi, Jun 2 (PTI) The RBI (Reserve Bank of India) may go for a “jumbo rate cut” of 50 basis points on Friday to reinvigorate the credit cycle and counterbalance uncertainties, said SBI research report. RBI’s rate-setting panel Monetary Policy Committee (MPC) will start deliberations on the next bi-monthly monetary policy on June 4 and announce the decision on June 6 (Friday). The central bank reduced the key interest rate (repo) by 25 bps each in February and April, bringing it to 6 per cent. The six-member MPC, headed by RBI Governor Sanjay Malhotra, also decided to change the

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