LOW DEMAND
FPIs lap up realty stocks amid low inventories, sustained demand scenario
The increase in the weight of the sector can be attributed to capital appreciation and steady inflow of overseas funds. The Nifty Realty index has outperformed the benchmark Nifty 50 by 32% year-to-date.
Oil inches higher on summer demand outlook
Oil prices rose on supply deficit forecasts and OPEC+ cuts amid global economic challenges. Traders are cautious about rising non-OPEC+ output. Monitoring includes China's oil demand, the Atlantic hurricane season, and the impact of Hurricane Beryl.
Gold prices hover near two-week low on firm dollar, yields
Gold prices reflect global economic uncertainties amidst discussions on interest rates by central banks, impacting market sentiments. The interplay between various economic indicators and policy decisions continues to shape the trajectory of gold as an investment choice.
Rupee at new low of 83.65 on strength in greenback
The Indian rupee weakened to a record low against the US dollar due to broad gains in the American currency and corporate outflows. The Reserve Bank of India intervened but refrained from significant action. The Chinese Yuan's weakness and corporate outflows also contributed to the rupee's decline, as noted by Shinhan Bank's vice-president.
Rupee falls to record low hurt by likely outflows, importer dollar demand
The currency fell to a record low of 83.6650 against the U.S. dollar in the latter half of Thursday's trading session, closing at 83.6425. This marks a decline from the previous session's close of 83.4550. Traders attributed the currency's weakness to a broadly stronger dollar and a weakening Chinese yuan, which exerted additional pressure on the Indian currency throughout the day.
Rupee falls to record low hurt by likely dollar outflows, importer dollar demand
The rupee declined to a lifetime low of 83.62 against the U.S. dollar in the latter half of Thursday’s trading session and was last quoted at 83.5975. The local currency had closed at 83.4550 in the previous session.
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Oil hits seven-week high on demand hopes, war jitters
Oil prices hit seven-week highs on Wednesday as summer demand optimism and concerns over escalating conflicts offset an industry report that said U.S. crude inventories unexpectedly rose.
Oil prices inch down on weaker US consumer demand ahead of China data
Oil prices slipped on weaker U.S. consumer demand. China's economic data indicated deflation, impacting markets in Singapore and other countries.
Low domestic demand, Chinese dumping depress steel prices
Besides these, sustained Chinese steel output is also eating into India's share of metal exports to Vietnam and the United Arab Emirates (UAE). These are the two most prominent destinations for Indian steel products after the European Union.
Rupee ends nearly flat after RBI prevents record low; US Fed, CPI in focus
The Indian rupee closed nearly flat on Wednesday even as dollar demand from local oil companies and other importers put pressure on the currency but likely intervention from the Reserve Bank of India helped avert a drop towards its all-time low.
Oil prices climb as OPEC+ reassures markets, ECB cuts interest rate
Oil prices rose as OPEC+ members Saudi Arabia and Russia hinted at output adjustments. Brent crude futures reached $80.03 per barrel, and U.S. West Texas Intermediate crude futures hit $75.71. Europe's interest rate cut raised expectations of a similar move in the U.S. Analysts await Chinese commodity trade data for insights into global oil demand.
India airline industry to report wider loss in FY25, consultancy says
India's airline industry is projected to face widening losses of $400-600 million in fiscal 2025 due to escalating costs despite increased passenger demand. CAPA India forecasts a rise in yields by 1% this year, with overall costs to increase by 3.8%. The market is dominated by low-cost carrier IndiGo, while the Air India group and newer carriers like Akasa Air and SpiceJet also play significant roles. Domestic passenger traffic is expected to grow to 161-164 million, with international traffic reaching 75-78 million, reflecting India's status as the world's fastest-growing aviation market.
India's services sector softens to five-month low in May: PMI report
India's services growth slowed to a five-month low in May due to weaker domestic demand, despite record export growth and a 21-month high in job creation. The services PMI fell to 60.2 from 60.8 in April. Input costs rose, intensifying price pressures and possibly delaying interest rate cuts by the RBI.
Oil falls more than $1 on worries of supply rising later in 2024
Oil prices fell more than $1 on Tuesday, extending losses from a four-month low in the previous session, as investors worried about supply rising later in the year amid signs of weakening U.S. demand.
Oil prices extend losses on worries of supply rising later in 2024
Oil prices fell with Brent crude at $78.16 and U.S. West Texas Intermediate at $74.05. OPEC+ extended output cuts into 2025. GasBuddy data indicated a decline in U.S. gasoline prices.
Rising heat cools mfg PMI to 3-mth low as input costs bite
Manufacturing activity decreased to 57.5 in May from 58.8 in the previous month due to heatwaves and rising costs, as per a private survey by HSBC. The sector saw a softer rise in new orders and output, impacting work hours and production volumes for manufacturing firms.
Oil dives 3%, OPEC+ decision fails to allay demand worries
OPEC+ on Sunday agreed to extend most of its deep oil output cuts into 2025 but left room for voluntary cuts from eight core members to be gradually unwound from October onwards. The group also agreed to a new output target for the United Arab Emirates, which has been pushing for higher quota.
Oil prices slip despite OPEC+ production cut extension
Oil prices fell as OPEC+ extended output cuts, impacting Brent and WTI futures. Goldman Sachs analysts view meeting as bearish. Gaza conflict mediators urge Israel-Hamas ceasefire. Israel considers alternative to Iran-backed group.
10-year bond yield falls to near-one-year low on RBI’s record surplus dividend transfer to govt
A fall in government bond yields lowers borrowing costs across the economy as sovereign debt yields are the benchmarks for determining price of corporate borrowing.
Gold prices hover near two-week low as rate cut bets ease
Gold edged up near a two-week low as investors reduced expectations of a U.S. interest rate cut post the Federal Reserve's meeting, indicating a likely delay in monetary policy easing.
21 international organisations write to CJI for speedy resolution of Adani coal imports case in SC
The letter comes after a report by the London-based Financial Times, citing documents from George Soros-backed Organized Crime and Corruption Reporting Project (OCCRP), alluded to a "fraud" by the Adani Group by selling low-grade coal as high-value fuel in 2013.
Oil flat as firming US gasoline demand offsets rate jitters
Oil market cautious ahead of OPEC+ meeting on June 1 to discuss extending 2.2M bpd output cuts. U.S. fuel demand and Fed's inflation concerns impact prices.
Gold slips to over one-week low on hawkish Fed, US data
Gold prices fell on Thursday due to concerns over U.S. rate cut timings and strong U.S. business activity, with spot gold declining 1.4% to $2,346.07 per ounce. This was its lowest since May 14, as of 1557 GMT.
Indian economy likely grew at a 4-quarter low in Q4: ICRA
Economists predict India's economy to grow at a four-quarter low of 6.7% in Q4FY24. The growth in 3 FY24 was 8.4%. Agricultural GVA is likely to contract for 2nd straight quarter, amid rabi output concerns. Overall GVA growth expected to ease to 5.7% in Q4, driven by industrial and services sectors. ICRA forecasts FY2024 GDP and GVA growth at 7.8% and 7.0%, respectively.
Gold Price Today: Yellow metal drops over Rs 600 per 10 grams; silver dips Rs 1800/kg
Gold Price Today: Gold and silver prices fluctuated with MCX June futures down 0.85% and July silver contracts down 1.9%. Gold rose 18% this year due to central-bank purchases and strong demand from Asia despite higher Treasury yields and hawkish comments from Federal Reserve officials. The US Dollar Index was near 104.67.
Oil set for weekly gain on signs of improving demand
Brent crude oil prices rose 21 cents, or 0.3%, to $83.48 a barrel by 0018 GMT. U.S. West Texas Intermediate (WTI) crude futures rose 18 cents, or 0.2%, to $79.41 a barrel.
RBI may delay rate cuts, strong bond demand keeps market rates low
The Reserve Bank of India may postpone anticipated policy interest rate cuts, but strong demand for bonds from long-term investors like retirement funds and insurers will keep market interest rates low, particularly for top-rated borrowers. Soumyajit Niyogi, Director at India Ratings, noted that while hopes for significant rate cuts may be diminishing, elevated rates in the banking system will be favored. However, institutional investors' robust demand will keep bond yields low, especially for high-rated issuances.
Oil prices slide 1% to 11-week low on weaker IEA 2024 demand forecast
Crude prices slid about 1% to an 11-week low on Wednesday after data from the International Energy Agency (IEA) showed oil demand in developed countries likely would flag this year.
Crude oil prices near 2-month lows. What’s next?
The global benchmark, US WTI crude currently clinging below $80 a barrel, has lost more than 10% from a near two-year high tested last month. A similar correction was witnessed in the Asian Brent and the domestic MCX futures as well.
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