Stock Market News: Gold futures increased in the domestic and overseas market on Wednesday as the US dollar weakened following comments from Federal Reserve chair: Janet Yellen. While Ms. Yellen specified that its benchmark Federal Funds Rate could be raised later this year, she highlight that it will not occur until after the Federal Open Market Committee’s in upcoming meeting in April, at the earliest. A weaker dollar boosted the desired for gold as an alternative asset, cutting losses in the bullion. Weaker greenback makes gold cheaper for those holding other currencies, thus booming desired. Gold may trade on a bigger note today after the US Fed policy meet. At the MCX, Gold futures for April 2015 contract ended at Rs 25,637/10 gram, upward by 0.08 % after opening at Rs 25,631, against the last ending price of Rs 25,617. It touched the intra-day max of Rs 25,697 till the ending.
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Chana prices closed lower by 0.44 per cent on Wednesday 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. Chana futures for April 2015 contract ended at Rs. 3,628/quintal, downward by 0.44 %, after opening at Rs. 3,645 against the previous closing price of Rs. 3,644. It touched the intra-day low of Rs. 3,606.
Barley prices closed lower by 1.19 per cent on Wednesday 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 the NCDEX, barley futures for April 2015 contract closed at Rs. 1,159 per quintal, down by 1.19 per cent, after opening at Rs. 1,172 against the previous closing price of Rs. 1,173. It touched the intra-day low of Rs. 1,155.
Maize prices closed higher by 0.76 per cent on Wednesday at the National Commodity & Derivatives Exchange Limited (NCDEX) as a result of a rise in the demand from exporters and poultry industries. NCDEX maize futures for March 2015 contract ended at Rs. 1,325/quintal, upward by 0.76 %, after opening at Rs. 1,325 against the previous closing price of Rs. 1,315. It touched the intra-day high of Rs. 1,325
Mustard seed prices closed higher by 0.27 per cent on Wednesday at the National Commodity & Derivatives Exchange Limited (NCDEX) as a result of the decline in the supply for the commodity in the major markets. Mustard seed futures for April 2015 contract ended at Rs. 3,390/quintal, upward by 0.27 per cent, after opening at Rs. 3,377 against the previous closing price of Rs. 3,381. It touched the intra-day high of Rs. 3,397.
Copper futures closed lower in the domestic market on Wednesday as mounting concerns over the health of China's property sector moistened appetite for the red metal. Copper prices may decline as traders keep an eye on upcoming global data. At the MCX, Copper futures for April 2015 contract ended at Rs. 358.30/1 kg, downward by 2.89 % after opening at Rs. 367.15 against the last ending price of Rs. 368.95. It touched the intra-day low of Rs. 357.30 till the ending.
Crude oil futures fell in the domestic market on Wednesday after US crude oil inventories rose more-than-expected last month, official data showed on Wednesday signaling weak demand in US which reduced the demand prospects for the fuel. In a report, Energy Information Administration said that US Crude Oil Inventories rose to a seasonally adjusted annual rate of 9.622M, from 4.512M in the previous month. Sentiment weakened further after Property prices fell again in most major Chinese cities in February indicating weak sentiment in the region which further reduced the demand outlook for the fuel. Crude oil may fall today on account of the recent EIA data which threatens to worsen a global supply glut. At MCX, Crude oil futures, for the March 2015 contract, ended at Rs 2,666/barrel, downward by 3.37 %, after opening at Rs 2,752, against the last close price of Rs 2,759. It touched an intraday low-lying of Rs 2,643 till the ending.
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Rupee rises to 2- week maximum
The rupee strengthened to its biggest level in 2 weeks on Thursday after a peaceful Fed statement, but further profit gains will depend on foreign fund flows into equity markets during the day. The U.S. Federal Reserve on Wednesday raised a step closer to increasing rates for the first time since 2006, but degraded its economic growth and expansion projections, signalling it is in no rush to push borrowing costs to more normal levels.
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