Five “O” Clock
Currency Commodity Report
Closing
prices:
Usd/Inr: 69.9750
Sensex: 37644.90
Nifty: 11355.75
Current rates
Spot Gold: $1199.25
Spot Silver: $15.17
MCX Gold October: Rs.29835
MCX Silver September: Rs.38010
It was a really impressive performance by the Indian stock
markets. Corrections upto five percent are a part of any bull rally. Tomorrow,
global factors will dictate the Sensex and Nifty more than domestic factors. Turkey
and its issues can last for a few days to a few weeks. Turkey is too small for
global financial markets. Sector churning will be there globally due to Turkey.
US dollar Index is over brought. Euro and pound have not fallen much against
the US dollar. Spot gold price fell below $1200 for the first time after a many
months. Investors and traders are either sitting on cash or are fence sitters.
For the past few months I have seen that Monday’s trend has been fake for the
global financial markets. I hope that today’s trend is also not the actual
trend for the week. Rupee nosedived on short covering and option covering.
Value date is for Thursday due for holiday on Wednesday. Importers were forced
to cover their near term payables.
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