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Market Close:
Market extended the winning run on the second consecutive day on March 28 with benchmark indices went closer to record high.
Biggest gainers on the Nifty included Bajaj Finserv, Grasim Industries, Hero MotoCorp, Bajaj Finance and Eicher Motors, while losers were Shriram Finance, Tech Mahindra, Axis Bank, Reliance Industries and HCL Technologies.
All the sectoral indices ended in the green with auto, healthcare, power, capital goods up 1 percent each, while oil & gas, bank, realty FMCG gained 0.5 percent each.
The BSE midcap index added 0.6 percent and the smallcap index was up 0.4 percent.
Copper Settled Flat Amid Growing Concerns About The Chinese Economy’s Resiliency.
Copper prices saw a modest increase of 0.18% yesterday, settling at 759.05, amid growing concerns regarding the resilience of the Chinese economy, particularly in light of weak consumer sentiment and challenges within the debt-laden property sector. The industrial sector in China, the world’s largest consumer of copper, continued to display signs of sluggishness, as reflected in the seventh consecutive decline in factory activity according to official manufacturing PMI data. Worries over the Chinese economy’s ability to sustain demand weighed on copper markets, with stocks of deliverable copper remaining steady and the Yanghsan copper premium sharply lower, indicating reduced demand for physical copper from factories.
Crude oil prices experienced a decline of -0.6% yesterday, settling at 6776, primarily driven by surging U.S. stockpiles and indications that the OPEC+ group is unlikely to alter its output policy at an upcoming technical meeting. The Energy Information Administration (EIA) reported an increase in U.S. crude stocks and gasoline inventories, with crude inventories rising by 3.2 million barrels to 448.2 million barrels. Additionally, crude stocks at the Cushing, Oklahoma delivery hub surged by 2.1 million barrels.
Copper Settled Flat Amid Growing Concerns About The Chinese Economy’s Resiliency.
Copper prices saw a modest increase of 0.18% yesterday, settling at 759.05, amid growing concerns regarding the resilience of the Chinese economy, particularly in light of weak consumer sentiment and challenges within the debt-laden property sector. The industrial sector in China, the world’s largest consumer of copper, continued to display signs of sluggishness, as reflected in the seventh consecutive decline in factory activity according to official manufacturing PMI data. Worries over the Chinese economy’s ability to sustain demand weighed on copper markets, with stocks of deliverable copper remaining steady and the Yanghsan copper premium sharply lower, indicating reduced demand for physical copper from factories.
Copper Settled Flat Amid Growing Concerns About The Chinese Economy’s Resiliency.
Copper prices saw a modest increase of 0.18% yesterday, settling at 759.05, amid growing concerns regarding the resilience of the Chinese economy, particularly in light of weak consumer sentiment and challenges within the debt-laden property sector. The industrial sector in China, the world’s largest consumer of copper, continued to display signs of sluggishness, as reflected in the seventh consecutive decline in factory activity according to official manufacturing PMI data. Worries over the Chinese economy’s ability to sustain demand weighed on copper markets, with stocks of deliverable copper remaining steady and the Yanghsan copper premium sharply lower, indicating reduced demand for physical copper from factories.
Zinc Dropped As Global Zinc Market Moved To A Surplus Of 58,700 MT In January.
Zinc prices experienced a slight decline, settling at 216.75, down by -0.34%. This dip was influenced by the shift in the global zinc market from a deficit to a surplus of 58,700 metric tons in January, according to data from the International Lead and Zinc Study Group (ILZSG). The surplus contrasts sharply with previous months, notably January 2023, when a surplus of 54,000 tons was recorded. Additionally, exchange stocks of zinc in Shanghai increased slightly, nearing last year’s seasonal build levels.
Silver Gains As The Fed Will Cut Interest Rates In June Remain Firm.
Silver prices saw a modest increase, settling at 74662, up by 0.19%, propelled by steadfast expectations of a potential interest rate cut by the Federal Reserve in June. Despite uncertainties surrounding inflation, particularly in housing, Chicago Fed Bank President Austan Goolsbee expressed confidence in the fundamental narrative of inflation eventually reaching the 2% target.
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Zinc Dropped As Global Zinc Market Moved To A Surplus Of 58,700 MT In January.
Zinc prices experienced a slight decline, settling at 216.75, down by -0.34%. This dip was influenced by the shift in the global zinc market from a deficit to a surplus of 58,700 metric tons in January, according to data from the International Lead and Zinc Study Group (ILZSG). The surplus contrasts sharply with previous months, notably January 2023, when a surplus of 54,000 tons was recorded. Additionally, exchange stocks of zinc in Shanghai increased slightly, nearing last year’s seasonal build levels.