After numerous U.S. banks crashed and FII unloading resulted, the market saw strong selling for the second consecutive week ending March 17 amid negative global cues. The second part did experience some recovery, though, as a result of financial aid provided to U.S. banks, a decline in the price of crude oil, and predictions that…
Ravindra V Rao, VP-Head Commodity Research at Kotak Securities, said Investors were paralyzed by fear this week as the banking crisis moved from the U.S. to Europe, raising concerns about contagion in the international financial markets. The U.S. regulators announced plans to reduce systemic risk at the beginning of the week in a joint statement…
The Reserve Bank of India’s (RBI) data supplement revealed on Friday that foreign exchange reserves dropped $2.4 billion to $560 billion for the week ending March 10, its lowest level since early December. After dropping steadily during the whole month of February, the foreign exchange reserves increased $1.45 billion to $562.4 billion last week. According…
The Solvent Extractors’ Association (SEA) of India provided data that revealed India exported 37.69 lakh tonnes (lt) of oil meals from April through February of the current fiscal year as opposed to 21.32 lt during the same period of the previous fiscal. According to BV Mehta, Executive Director of SEA of India, the price of…
After Thursday’s selloff, there was a slight recovery in metal stock prices on March 17. Today, when steel producers signed contracts with the government for the PLI scheme, investors flocked to acquire steel stocks. Union Minister of Steel Jyortiraditya Scindia stated at the PLI Scheme for Specialty Steel MoU signing event that the government intends…
The cotton crop for the 2022–23 season (October–September) is predicted to be a low of 313 lakh bales (each weighing 170 kg), down from the earlier expectation of 321.50 lakh bales, driven by a decline in production in the cotton-growing states of Telangana and Maharashtra. 307 lakh bales of cotton were thought to have been…
Oil prices were little altered on Friday following a meeting between Saudi Arabia and Russia that helped to calm the markets, but crude benchmarks were still on track to drop for a second consecutive week after this week’s sell-off in the global financial markets was started by a banking crisis. After ending three days of…
The Indian rupee fell against the dollar on Thursday as worries over a European lender dampened overall risk sentiment, but it still managed to hold onto the higher side of a previous resistance level of 82.80. Compared to its previous closing of 82.59, the rupee closed the day at 82.73 to the dollar. Traders reported…
A safe-haven-fueled rise that had propelled gold prices to their highest level since early February was reversed on Thursday in the global markets. Once Credit Suisse became the latest target for concerns about a banking crisis, traders sought more clarity on the financial industry. Spot gold was down 0.3% at $1,912.48 per ounce after increasing…
Ahead of the start of the harvest for plants that have already experienced some heat stress, industry, and meteorological department officials warned that untimely rains and hailstorms could harm India’s important winter-sown crops including wheat, rapeseed, and chickpeas. The central, northern, and western areas of India, which are important growth regions, have been cautioned by…
