Stock Market News: Crude oil futures fell in the domestic market on Monday as a rise in the Indian rupee against the US dollar more than offset the gains witnessed in the energy commodity in the overseas market. A stronger rupee tends to exert downward pressure in the fuel in the domestic market. Further, Saudi Arabian Oil Minister Ali al-Naimi said that the Saudi Kingdom is pumping nearly 10 million barrels of oil per day, which is close to a record, signaling worries over a worsening global supply glut. US economic data came in mixed as sales of existing homes rose last month while a gauge of national activity fell, clouding the demand outlook for the fuel in the world’s biggest crude consumer. US sales of existing homes climbed 1.2 per cent to a 4.88 million annual rate in February 2015 while the Chicago Fed National Activity index fell to -0.11 in February from -0.10 in January, with a reading below 0 signaling contraction.
Crude futures may extend losses today ahead of data which may show that US crude supplies rose from over a three decade high last week. At the MCX, Crude oil futures, for the April 2015 contract, closed at Rs 2,930 per barrel, down by 0.61 per cent, after opening at Rs 2,930, against the previous close price of Rs 2,948. It touched an intraday low of Rs 2,859 till the closing.
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Gold futures ended tad higher in the domestic market on Monday as investors and speculators booked fresh positions in the precious metal tracking a firm trend in the overseas market as a weaker dollar boosted the demand for the bullion as an alternative asset. Stronger greenback makes gold cheaper for those holding other currencies, thus bolstering demand. While the FOMC in its latest policy statement stressed that it will wait before raising interest rates until it is “reasonably confident” of inflation returning to target levels, a top official from the central bank, Federal Reserve Bank of San Francisco President John Williams saw the case for a hike in rates in mid-summer, curbing the lure for gold as a store of value. Gold may extend gains today after Fed vice chairman Stanley Fisher stressed that there won’t be a “smooth upward path” for rates.
At the MCX, Gold futures for April 2015 contract closed at Rs 26,198 per 10 gram, up by 0.06 per cent after opening at Rs 26,162, against the last ending price of Rs 26,182. It touched the intra-day high of Rs 26,220 till the closing.
Natural Gas futures plummeted in the domestic and overseas market on Monday as forecasts for mild spring weather threatened to curb the demand for the heating fuel. The Commodity Weather Group expects mostly average temperatures in the contiguous US from April 2 to April 6.
At the MCX, Natural Gas futures for March 2015 contract closed at Rs 170.40 per 1 kg, down by 2.46 per cent after opening at Rs 173.50, against the previous closing price of Rs 174.70. It touched the intra-day low of Rs 167.90 till the closing.
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Zinc futures surged in the domestic market on Monday as investors and speculators booked fresh positions in the industrial metal amid a pickup in physical demand for zinc in the domestic spot market. Investor confidence in the Euro area climbed this month, signaling a pickup in the 19-member economy, lifting the demand outlook for industrial metals. The gauge measuring Euro area consumer confidence rose to -3.7 in March from -6.7 in February. At the MCX, Zinc futures for March 2015 contract closed at Rs 129.55 per 1 kg, up by 1.25 per cent after opening at Rs 127.70, against the last ending price of Rs 127.95. It touched the intra-day high of Rs 129.90 till the closing.
Barley prices closed lower by 0.78 per cent on Monday at the National Commodity & Derivatives Exchange Limited (NCDEX) as the investors booked profits at the higher on account of the weak physical markets and also due to the fall in the demand from beer and cattle-feed makers. At NCDEX, barley futures for April 2015 contract ended at Rs. 1,139 per quintal, down by 0.78 per cent, after opening at Rs. 1,143 against the previous closing price of Rs. 1,148. It touched the intra-day low of Rs. 1,138. Barley is a cereal grain derived from the annual grass Hordeum vulgare. This mostly adaptable crop is popular in temperate areas where it is grown as a summer crop and tropical areas where it is sown as a winter crop
Jeera prices closed lower by 1.98 per cent on Monday at the National Commodity & Derivatives Exchange Limited (NCDEX) on account of a surge in the supply from the producing regions in the midst of a decline in the export desired. At NCDEX, jeera futures for April 2015 contract closed at Rs. 14,320 per quintal, down by 1.98 per cent, after opening at Rs. 14,590 against the previous closing price of Rs. 14,610. It touched the intra-day low of Rs. 14,200.
Chana prices closed higher 0.72 per cent on Monday at the National Commodity & Derivatives Exchange Limited (NCDEX) as the traders enlarged their holdings in the commodity on account of the good demand in the market. At the NCDEX, chana futures for April 2015 contract closed at Rs. 3,637 per quintal, up by 0.72 per cent, after opening at Rs. 3,607 against the previous ending price of Rs. 3,611. It touched the intra-day high of Rs. 3,642.
Mustard Seed prices closed lower by 0.5 per cent on Monday at the National Commodity & Derivatives Exchange Limited (NCDEX) as a result of the profit booking by the traders on account of the weak crushing and export demand of mustard meal. At the NCDEX, Mustard Seed futures for April 2015 contract closed at Rs. 3,381 per quintal, down by 0.5 per cent, after opening at Rs. 3,405 against the previous closing price of Rs. 3,398. It touched the intra-day low of Rs. 3,410.
Maize prices ended lower by 1.5 per cent on Monday at the National Commodity & Derivatives Exchange Limited (NCDEX) as a result of heavy selling activity by the traders on account of higher global supplies and weak offtakes from the local buyers. At the NCDEX, maize futures for April 2015 contract closed at Rs. 1,245 per quintal, down by 1.5 per cent, after opening at Rs. 1,269 against the previous closing price of Rs. 1,264. It touched the intra-day low of Rs. 1,238.
About Nifty Futures
Nifty futures opened upward at 8619.95 with +14.90 point from the last day of ending at 8602.05. From the morning we saw constantly selling in Nifty Futures, Nifty Futures opened with day max of 8625.00 and slide downward, near ending of the market Nifty traded with day low of 8552.75 and at the end Nifty closed negative at 8565.00 with -0.43%, -37.05 points downward. And the full day Nifty Index traded between 8625.00 to 8552.75. At the end of the day Nifty futures Loosed -0.43%, -37.05 points downward to close at -8565.00 from the last day ending at 8552.75 with premium of +14.10 points and percent change in open interest of -3.99%.
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Sliding euro lifts summer plans for Indian With the euro deploring by more than 15 percent over the previous year, Indians are packing their bags for trips to European countries as summer vacations approach. Currency fluctuations have led to a decreased of at least 10 percent in rates of European tour packages and travel companies claim 30 to 35 percent growth in queries and conversions for Europe this season.
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