Stock Market News: Mustard Seed prices ended lower by 0.27 % on Tuesday 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 ended at Rs. 3,377 per quintal, down by 0.27 %, after opening at Rs. 3,378 against the last ending price of Rs. 3,386. It touched the intra-day low of Rs. 3,372.
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Barley prices ended lower by 1.44 % on Tuesday 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. 1,126.5 per quintal, down by 1.44 %, after opening at Rs. 1,141 against the last ending price of Rs. 1,143. It touched the intra-day low of Rs. 1,106.5.
Chana prices ended lower by 0.39 % on Tuesday at the National Commodity & Derivatives Exchange Limited (NCDEX) as a result of the steady sowing progress of pulses along with high supplies in major producing states. At the NCDEX, chana futures for April 2015 contract ended at Rs. 3,613 per quintal, down by 0.39 %, after opening at Rs. 3,630 against the last ending price of Rs. 3,627. It touched the intra-day low of Rs. 3,604.
Maize prices ended lower by 0.24 % on Tuesday 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 NCDEX, maize futures for April 2015 contract ended at Rs. 1,258 per quintal, down by 0.24 %, after opening at Rs. 1,243 against the last ending price of Rs. 1,261. It touched the intra-day low of Rs. 1,233.
Jeera prices ended higher by 1.12 % on Tuesday at the National Commodity & Derivatives Exchange Limited (NCDEX) as the investors increased their holdings in the commodity in the midst limited arrivals from growing regions. At the NCDEX, jeera futures for April 2015 contract ended at Rs. 14,485 per quintal, up by 1.12 %, after opening at Rs. 14,360 against the last ending price of Rs. 14,325. It touched the intra-day high of Rs. 14,680.
Crude oil futures surged in the domestic market on Tuesday as investors and speculators booked fresh positions in the energy commodity after a lower than expected US stockpile build % week eased concerns over a widening global supply glut. The gauge measuring US manufacturing climbed to 55.3 in March from 55.1 in February, with a reading above 50 signaling expansion. US sales of new homes surged 7.8 % to a 539,000 annual pace, the most since February 2008, in February 2015. Oil may fall today ahead of EIA data which may show that US crude supplies expanded from more than a three-decade high % week. At the MCX, Crude oil futures, for the April 2015 contract, ended at Rs 2,995 per barrel, up by 2.22 %, after opening at Rs 2,929, against the last close price of Rs 2,930. It touched an intraday high of Rs 3,047 till the ending.
Gold futures increased in the domestic market on Tuesday as investors and speculators booked fresh positions in the precious metal tracking a positive trend in the overseas market as traders continued to weigh the US interest rate outlook. However, a stronger dollar curbed the demand for gold as an alternative asset in the overseas market, trimming gains in the bullion. Stronger greenback makes gold more expensive for those holding other currencies, thus dimming desired. Inflation in the US climbed for the first time in four months, supporting gold, a hedge against rising consumer prices. US consumer prices rose 0.2 % in February 2015 from the last month.
At the same time, a pickup in inflation will boost the prospects of the Fed moving towards a rate hike in the coming months, dimming gold’s appeal as a store of value.
Federal Reserve Bank of St. Louis President James Bullard warned that investors risk a US interest rate surprise unless market expectations over monetary tightening and FOMC’s outlook are on the same page.
Gold may fall today after better than expected US inflation data upped bets of US monetary tightening. At the MCX, Gold futures for April 2015 contract ended at Rs 26,351 per 10 gram, up by 0.58 % after opening at Rs 26,169, against the last ending price of Rs 26,198. It touched the intra-day high of Rs 26,389 till the ending.
Natural Gas futures surged in the domestic and overseas market on Tuesday as investors and speculators booked fresh positions in the energy commodity after a cold b% was set to hit the US Northeast region later in the week, lifting the demand outlook for the heating fuel. Latest weather forecasting models showed that a polar b% may hit the northern US through March 28, bringing rain and snow, bolstering the need for heating at homes and offices. At the MCX, Natural Gas futures for March 2015 contract ended at Rs 174 per 1 kg, up by 2.11 % after opening at Rs 170.90, against the last ending price of Rs 170.40 It touched the intra-day high of Rs 175.70 till the ending.
Zinc futures climbed in the domestic market on Tuesday as investors and speculators booked fresh positions in the industrial metal as Euro area private sector growth hit a four-year high in March, signaling a pickup in the 19-member economy, lifting the demand outlook for industrial metals. A combined gauge measuring Euro area manufacturing and services climbed to 54.1 this month from 53.3 in February, with a reading above 50 signaling expansion.
However, renewed contraction in Chinese manufacturing sector in March clouded the demand outlook for the base metal, trimming gains in Zinc futures. China’s manufacturing PMI slide to 49.2 this month from 50.7 in February, with a reading below 50 signaling shrinkage. At the MCX, Zinc futures for March 2015 contract ended at Rs 129.75 per 1 kg, up by 0.15 % after opening at Rs 128.80, against the last ending price of Rs 129.55. It touched the intra-day high of Rs 130.25 till the ending.
About Forex Updates
Rupee gains profit against dollar on increased selling of USD
Rupee strengthened by 12 paise at 62.34 against the US dollar today at the Interbank Foreign Exchange market on increased selling of the American currency by exporters. Besides bigger opening in domestic equity market, a weakening dollar against other currencies overseas after the US Federal Reserve moistened expectations for an early interest rate hike, supported the rupee. The rupee had ended higher by six paise at 62.46 in the last session on Friday on sustained selling of dollars, wrapping upward its best weekly performance in about two months.
About Derivatives Updates
Nifty futures opened downward at 8551.25 with -13.75 point from the last day ending at 8565.00. Nifty opened at 8551.25 and near 1.30 O’clock Nifty Futures traded with day low of 8548.00 and moved upward with constantly buying and near 2.45 O’clock Nifty Futures traded with day max of 8653.35 and at the end of the market Nifty Futures ended positive at 8578.65 with +0.16%, +13.65 points upward. And the full day Nifty Index traded between 8653.35 to 8548.00. At the end of the day Nifty futures Gained profit of +0.16%, +13.65 points upward to end at +8578.65 from the last day ending at 8565.00 with premium of +35.70 points and percent change in open interest of -11.28%.
Bank Nifty Index opened downward at 18348.35 with -100.65 points from the last day ending at 18449.00 and ended negative at 18331.45. From the opening we saw constantly selling in Bank Nifty, and near 1.30 O’clock Bank Index traded with day low of 18289.75 and near ending of the market Bank Nifty moved upward with constantly buying and traded with day max of 18546.25, at the end of the market day Bank Index ended negative at 18331.45 with -0.64%, -117.55 points downward. At the end of the market day Bank Nifty futures Loosed -0.57%, -105.95 points downward to close at -18390.00 from the last day ending at 18495.95 with premium of +58.55 points and percent change in open interest of -9.03%.
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