After being at the top of the charts in terms of activity and quality of performance with regard to the outcomes in the markets Tuesday turned out to be a damp squib as it failed to live up to the expectations. The story of the day was something that was going in terms of the script and gold along with silver another set another lifetime best and was looking for new records. Menthaoil that was dictating terms in the markets failed to live up to the billing and ended the day in red along with the pulses and the guars. On a day in which the activity was quite low the declining scrips dominated the breadth of the markets.

Market watch

Wheat prices plummeted as the ghost was laid to rest with regard to the wheat output as the government came out with expectations of the wheat output for the year and it clearly stated that the nation will not be importing the same in the current fiscal.

Sowing of Indias major winter crop, wheat, is higher year-on-year, according to latest government data released Monday. Rabi wheat sowing, which began November 1, is at 5.1 million hectares as of today, the data showed. The sowing of wheat has started in all the states and a total of 5.1 million hectares have been brought under cultivation thus far. Higher coverage has been reported from Haryana and Rajasthan, while sowing is lagging in Punjab.

Spices with the exception of chilli ended the day posting good enough gains especially for pepper and cardamom while turmeric and jeera the day ended with marginal gains. The heartening thing to come out of the day was the revival shown by cardamom and the resurgence of pepper.

Courtesy: Geojit Commodities Ltd