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Markets surge in early trade tracking rally in global peers

Mumbai, Jun 25 (PTI) Benchmark indices Sensex and Nifty surged in early trade on Wednesday mirroring a rally in global markets amid signs of easing tensions in the Middle East following a ceasefire between Iran and Israel. The 30-share BSE Sensex jumped 426.79 points to 82,481.90 in early trade. The 50-share NSE Nifty climbed 123.25 points to 25,167.60. From the 30-Sensex firms, Titan, HCL Tech, Reliance Industries, UltraTech Cement, Hindustan Unilever and Tata Steel were among the major gainers. Kotak Mahindra Bank and ICICI Bank were the laggards. “Markets are expected to open on a positive note, supported by easing

Rupee rises 13 paise to 85.92 against US dollar in early trade

Mumbai, Jun 25 (PTI) The rupee gained 13 paise to 85.92 against the US dollar in early trade on Wednesday amid hopes of an end to hostilities between Israel and Iran, and a strong opening in domestic equity markets. However, rise in global crude oil prices which had declined for two consecutive sessions and FII outflows limited the gains for the local unit, according to forex traders. At the interbank foreign exchange, the rupee opened at 86.00 before rising to 85.92, up 13 paise from its previous close. The local unit had logged its steepest single-day gain in nearly five

RBI announces reverse repo to arrest fall in overnight rates

MUMBAI, June 24 (Reuters) – the RBI said on Tuesday it will conduct a seven-day variable rate reverse repo auction worth one trillion rupees ($11.62 billion) on June 27, following a review of liquidity conditions in the banking system. The Reserve Bank of India (RBI) added that after reviewing evolving liquidity conditions, it will not conduct the 14-day main operation scheduled for Friday, for the ensuing fortnight, according to a press release. India’s banking system liquidity surplus stood at 2.44 trillion rupees as of June 23, as per RBI data. The RBI in June announced a surprise 100-basis-point reduction in

Gold declines Rs 900 to Rs 98,900/10 g on Iran-Israel ceasefire hopes

New Delhi, Jun 24 (PTI) Gold prices plummeted Rs 900 to Rs 98,900 per 10 grams in the national capital on Tuesday as the expectations of a ceasefire between Iran and Israel reduced the precious metal’s safe-haven appeal in the global market. According to the All India Sarafa Association, the precious metal of 99.9 per cent purity had closed at Rs 99,800 per 10 grams in the previous market session. Gold of 99.5 per cent purity depreciated by Rs 800 to Rs 98,300 per 10 grams (inclusive of all taxes). It had finished at Rs 99,100 per 10 grams on

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