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Gold prices rose Rs 250 to Rs 80,550 per 10 grams in the national capital on Friday as rupee hit record low amid consistent buying from retailers and stockists, according to the All India Sarafa Association. The precious metal ended the previous session at Rs 80,300 per 10 grams.
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Nifty closed below key support at 23,500, signaling further downside risk. Analysts highlight bearish momentum, with potential declines toward 23,260 or lower. Immediate resistance lies at 23,55023,600, while sentiment remains subdued.
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The Indian rupee could drop below 90 per dollar this year as the monetary authority moves away from its implicit quasi-peg to the dollar, according to Gavekal Research. Analysts Udith Sikand and Tom Miller noted that a larger depreciation of about 10%, bringing the rupee to 95, is "not out of the question." They also mentioned that the authority faces the challenge of lowering interest rates without triggering a more significant currency decline.
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British telecom firm Vodafone has sold its entire stake in Indus Towers for Rs 2,800 crore, the telecom infrastructure firm said on Friday. Vodafone has sold 7.92 crore or 3 per cent stake in Indus Towers and used Rs 890 crore from the proceeds to clear lenders dues, the company said in a regulatory filing.
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Ambit initiated a "Buy" rating on GMM Pfaudler with a 24-month target of 2,400, citing an 89% upside driven by end-user capex rebound and diversification strategies.
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News and Media
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