Stock Market LIVE: Sensex climbs 200 pts, Nifty up 50 pts; Metal, PSU Bank gain.

PSU Bank index shines as it jumps more than half a per cent in today’s sessions with most stocks trading in the green

Total vehicle retail sales in April decline, two wheeler sales still down by 19% as compared to pre-covid levels: FADA

Powergrid Corporation drags as it sheds more than a per cent and is one of the biggest laggards in today’s session

A wild card — particularly for stock markets — is the Federal Reserve’s bond holdings. (AP)

Share Market LIVE Updates: Benchmark indices are trading in the green on Thursday despite negative global cues. Sensex is above 61,300 and Nifty tops 18,100. Metal and PSU Bank sectors trade higher, while FMCG and Realty shed. SBI Life, Adani Ent, and Bajaj Finance shine; Powergrid drags. 

Investors currently hold a positive outlook on the Indian growth story, which has been supported by better-than-expected earnings reports, and the markets have seemingly taken into account the Fed’s 25 bps interest rate increase. However, any indication from the Fed of additional rate hikes may negatively impact the already-fragile economy and potentially lead to a recession.

It is strongly advised to remain invested in Gold for further 10-15% returns on base case and 15-20% on bull case scenario

Gold prices in last FY 23 have jumped a massive 8000 rs in Domestic markets from 52000 to 60000 which is 15% returns beating all other asset classes. Nifty has given flat to negative returns in this FY23, as the geopolitical tension in Russia & Ukraine escalation brought the Gold has been proven a perfect hedge in the Portfolio giving out strong returns. Going ahead Gold still looks lucrative in terms of ROI from a safety perspective where the Inflation still remains high globally and interest cycle which is yet to ease, will also provide the push needed for Gold to run and give 10-15% return in coming FY24. The prices can easily touch 66000-68000 on base case performance before we reach the FY24 end next year. On the back of weak and uncertain performance in risky assets it is strongly advised to remain invested in Gold for further 10-15% returns on base case and 15-20% on bull case scenario.

Gold rate today at 14-month high on MCX after US Fed rate hike. Will it climb to a new peak?

Gold rate today opened higher and tested ₹61,000 per 10 gm levels in early morning deals on Multi Commodity Exchange (MCX). The gold price has been rising after the US Fed’s rate hike announcement by 25 bps on Wednesday. After this outcome of US Fed meeting on the expected lines of the market observers, gold price climbed to a new peak of $2081.80 per ounce in international spot market on Wednesday whereas MCX gold price is quite close to its life-time high of ₹61,371 per 10 gm as it has made an intraday high of ₹61,319 per 10 gm within few minutes of commodity market’s opening bell today. Speaking on reason for rise in gold price today, An analyst “Gold prices are rising due to weakness in the US dollar after US Fed rate hike. Even though US Fed’s rate hike of 25 bps is on the expected lines of the market observers, but the inflation is much above the comfort zone of the US Central Bank. This has put US dollar under pressure and the Dollar Index has hit one month low after this US Fed news.”

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