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Deflationary pressure persisted for the sixth month in a row as fall in prices of fuel and manufactured items pulled inflation to a new low of (-)2.65 per cent in April, prompting industry to demand a rate cut by the Reserve Bank.
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Inflation, as measured on the Wholesale Price Index (WPI), has been in the negative zone since November, 2014. In April last year, it was 5.55 per cent.
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Brushing aside rate cut hopes fulled by soft inflation and IIP data, the benchmark BSE Sensex today fell by 45 points to 27,206.06 on sell-off in export-oriented stocks after rupee surged over 20 paise against dollar.
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The NSE Nifty also edged lower by 11.25 points or 0.14 per cent to end at 8,224.20. Intra-day, it cracked the 8200-mark to touch a low of 8,137.30.
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Extending its rally for the second day, gold surged by Rs 325 to trade at over three-month high of Rs 27,890 per 10 grams at the bullion market today amid a firming trend in global markets and wedding season demand. Silver also recorded a handsome gain of Rs 1,000 at Rs 39,500 per kg on increased offtake by industrial units and coin makers.
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Extending gains for the second straight day, the rupee today surged by 35 paise to 63.65 on persistent selling of dollars by banks and exporters on weakness of the American currency in overseas market.
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Mineral production in March, 2015.
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Aditya Birla Nuvo Ltd Q4 profit.
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Essar Ports Ltd Q4 profit.
‘I’m regretting it…makes me feel suffocated’: Employee shares struggles after switching from remote to office job
