Market Outlook:-
- Gold languished near an eight-week low on Friday and was set to post its biggest weekly drop.
- Gold is now heading for a third year of declines and is 40 percent below the record high of $1,920 an ounce, reached on Sept. 6, 2011. While this looks ominous, it's worth noting that gold has stabilised in a range around $1,070 to $1,300 for much of the past two years.
- Spot gold dropped to $1,103.90 an ounce on Thursday, the weakest since Sept. 16, and is getting close to the 5 1/2-year low of $1,077 reached in July this year.
- Public sector lender Bank of Baroda 's July-September quarter earnings disappointed street on Friday. Profit has seen a massive degrowth of 88.7 percent to Rs 124.48 crore during the quarter compared to Rs 1,104 crore in year-ago period.
- The market gained strength after flat opening. The Sensex rose
130.08 points or 0.49 percent to 26434.28 and the Nifty rose 44.05 points or
0.55 percent to 7999.50.
NTPC, Cipla, Infosys, Lupin, Larsen & Toubro, Kotak Mahindra Bank and Power
Grid were early gainers.
The Indian rupee opened marginally lower by 5 paise at 65.80 per dollar today versus 65.75 Thursday. - The BSE Sensex and Nifty closed at five-week lows after the U.S. Federal Reserve Governor reiterated the possibility of raising interest rates in December, while caution ahead of Bihar state exit polls accelerated the selloff.
- The benchmark BSE index ended down 0.94 percent, closing at its lowest level since Oct 1.
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