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Markets bounce back in early trade as inflation cools to 6-yr low in April

Mumbai, May 14 (PTI) Equity benchmark indices Sensex and Nifty rebounded in early trade on Wednesday as retail inflation eased to a nearly six-year low of 3.16 per cent in April, creating enough room for the Reserve Bank to go for another round of rate cut in the June monetary policy review. Also, a cooling US April inflation data added to the positive trend in the equity markets. The 30-share BSE benchmark gauge Sensex climbed 281.43 points to 81,429.65 in early trade. The NSE Nifty went up by 96.65 points to 24,675. From the Sensex firms, Tata Steel, Bharti Airtel,

Rupee rises 31 paise to 85.05 against US dollar in early trade

Mumbai, May 14 (PTI) The rupee appreciated 31 paise to 85.05 against the US dollar in early trade on Wednesday, supported by gains in domestic equities and positive macroeconomic data. Forex traders said a surge in global crude oil prices may weigh on the rupee. Over the last few sessions, Brent crude prices have surged to near USD 66 per barrel, which could widen India’s trade deficit. Moreover, foreign fund outflows also contained the appreciation of the domestic unit to some extent. At the interbank foreign exchange, the domestic unit opened at 85.05 against the greenback, registering a gain of

Former defence secretary Ajay Kumar appointed UPSC chairman

New Delhi, May 14 (PTI) Former defence secretary Ajay Kumar has been appointed chairman of the UPSC, according to a Union Personnel Ministry order. The post of Union Public Service Commission (UPSC) chairman fell vacant after the completion of Preeti Sudan’s tenure on April 29. Kumar’s appointment was cleared by President Droupadi Murmu, according to the order issued on Tuesday. A 1985-batch retired Indian Administrative Service (IAS) officer of the Kerala cadre, Kumar worked as defence secretary from August 23, 2019 to October 31, 2022, according to his service records. The UPSC conducts civil services examinations to select officers for

Gold surges Rs 950 to Rs 97,500/10 g amid firm global cues

New Delhi, May 13 (PTI) Gold price rallied by Rs 950 to Rs 97,500 per 10 gram in the national capital on Tuesday amid firm trend in overseas markets, according to the All India Sarafa Association. The precious metal of 99.5 per cent purity jumped Rs 1,000 to Rs 97,100 per 10 gram. On Monday, gold of 99.9 per cent and 99.5 per cent fell sharply by Rs 3,400 each to Rs 96,550 and Rs 96,100 per 10 grams, respectively. Meanwhile, silver depreciated Rs 250 to Rs 99,450 per kg against the previous close of Rs 99,700 per kg. “Gold

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