Platinum is 27.52 per cent percent cheaper than gold, making the noble metal a favourite this wedding season. Besides, high gold prices have seen jewellery made of polki, or uncut diamond, and other precious gemstones become new trends among wedding shoppers.
On Friday Nifty Services sector index was trading in the green in afternoon session. Shares of GAIL (India) (up 2.71 per cent), State Bank of India (up 2.1 per cent), NTPC (up 1.8 per cent), Infosys (up 1.7 per cent), Bajaj Finance (up 1.06 per cent), HDFC Bank (up 1.06 per cent), Kotak Mahindra Bank (up 1.01 per cent), LIC Housing Finance (up 0.88 per cent), Axis Bank (up 0.75 per cent) and HCL Technologies (up 0.63 per cent) were among the top gainers.
Saudi Aramco announced in a prospectus Saturday that its much-anticipated initial public offering will begin on November 17, with a final share price to be determined on December 5, a day after subscriptions close. After years of delay and false starts, the state-owned company last week said it will sell an unspecified number of shares on the Riyadh stock exchange in what is expected to be the biggest IPO in history.
MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.3%. Japan’s Nikkei slid 0.81%. Australian shares were down 0.92%. Yield on the two-year US Treasury note fell and the curve steepened in Asia after Federal Reserve Chair Jerome Powell signaled further interest rate cuts and the resumption of bond purchases to address a recent spike in money markets rates.
BSE Sensex and Nifty fell sharply on the back of negative global cues on growing fears about economic recession in the US. The S&P BSE Sensex fell as much as 1 per cent or 378 points to 37,786.98 and the NSE Nifty 50 Index dropped 1 per cent or 114 points to 11,352.20. Losses in early trading were led by Reliance Industries, Larsen & Toubro, HDFC, ICICI Bank, HDFC Bank, Infosys and Kotak Mahindra Bank.
The Gold price declined slightly in Monday’s session amid weak cues from the global market and fall in demand from local jewellers.