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Stock Market Update -Sensex, Nifty fall, Gold price hits lifetime high

Gold price hits a lifetime high on global cues- As the price of gold hit a lifetime high, bullion dealers have started luring customers with 1 percent discount for rolling over their working capital, to remain afloat in this business. Gold futures for delivery in August gained by 0.35 percent on the MCX for trading at Rs 34,150 per 10 grams in early evening trade.

The current spurt in gold prices has, however, reduced jewelry sales by 50 percent as customers prefer to exchange old jewelry with new ones with a mere making charge on it. Also, scrap jewelry sales have intensified in the last two days.

MARKET WRAP - 

Sensex, Nifty fall amid a hike in crude oil price, deficient monsoons- The Sensex closed at 39,194, down 407 points or 1.03 percent, while the Nifty ended at 11,724, down 108 points or 0.91 percent. Both indices logged their third straight weekly fall. The rupee ended at 69.57, compared to the previous day’s close of 69.44.
On Friday, the India Meteorological Department said the cumulative rainfall during this year’s southwest monsoon season was below the long period average (LPA) by 43 percent.

Here is a look at the top gainers and losers for the week:

1 Hexaware Technologies, up 21 percent - The share price of software firm Hexaware Tech gained over 20 percent for the week. Japanese brokerage Nomura upgraded to the company to “neutral” from “reduce” after the acquisition of Mobiquity. 

2 Suzlon Energy, up 10 percent - Suzlon Energy added over 10 percent for the week. The stock jumped the most in five months on June 20. Lenders are likely to consider the beleaguered wind-turbine maker's plan to sell its operations and maintenance business to pare debt.

3 Godrej Properties, up 4.65 percent - Real estate major Godrej Properties registered gains of over 4 percent for the week. However, the scrip fell 3 percent intraday on June 21 after global investment firm Morgan Stanley downgraded the stock on valuation concerns. 

4 Jain Irrigation Systems, down 32 percent - The share price of Jain Irrigation Systems plunged as much as 32 percent for the week after India Ratings cut its long-term issuer rating. 

5 Reliance Communications, down 13 percent - The stock price continued to slide even further after Reliance Communications reported a consolidated net loss of Rs 7,767 crore in the fourth quarter of 2018 -19.

SOURCE

Market Wrap |Buzzing Stock | Nifty | Top Gainers |Sensex | Gold | Rupee | Crude Oil

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