Market may be cautious ahead of key events; auto, gold in focus

The government has issued a clarification to quell rumours surrounding gold. The centre has clarified that there is no limit on any gold holding provided it is acquired from explained sources of income including inheritance.
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Home » News » Markets » Market Cues

Dec 02, 2016, 09.05 AM | Source: Moneycontrol.com

Market may be cautious ahead of key events; auto, gold in focus

The government has issued a clarification to quell rumours surrounding gold. The centre has clarified that there is no limit on any gold holding provided it is acquired from explained sources of income including inheritance.

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Market may be cautious ahead of key events; auto, gold in focus

The government has issued a clarification to quell rumours surrounding gold. The centre has clarified that there is no limit on any gold holding provided it is acquired from explained sources of income including inheritance.

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Market may be cautious ahead of key events; auto, gold in focus
Moneycontrol Bureau

The market is likely to remain cautious ahead of key events this month. Weakness across Asia and SGX Nifty indicates a weak start. Asian shares were flat in early trade following mostly sluggish sessions on Wall Street and Europe, as 10-year US Treasury yields surged to near 18-month highs and crude futures soared to 16-month highs.

MSCI's broadest index of Asia-Pacific shares outside Japan was little changed, but remained on track to end the week up 0.6 percent. Japan's Nikkei , which jumped to an 11-month high on Thursday, slipped 0.6 percent early on Friday as the yen strengthened. It is set for a weekly gain of 0.1 percent.

Yields on 10-year US Treasuries touched 2.492 percent on Thursday, the highest since June 2015, after data showed factory activity accelerating in November and construction spending at a seven-month high in October.

While the increase in risk appetite helped lift the Dow Jones Industrial Average to a record closing high, the S&P 500 and the Nasdaq ended the day with losses as expensive technology stocks pulled back.

Back home, the 30-share BSE Sensex was down 92.89 points at 26559.92 and the 50-share NSE Nifty lost 31.60 points to 8192.90 amid consolidation while the broader markets underperformed benchmarks on Thursday.

Auto stocks may be in focus after November sales data.

The government has issued a clarification to quell rumours surrounding gold. The centre has clarified that there is no limit on any gold holding provided it is acquired from explained sources of income including inheritance.

Citing a circular issued 22 years ago, the central board of direct taxes said married women can hold 500 grams of gold even if it does not seem to be matching with their income records. However, this limit is just 250 grams for unmarried women and 100 grams for men.

Tax officers have also been given discretionary powers not to seize even higher quantity of gold jewellery based on factors like family customs and traditions.

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Market may be cautious ahead of key events; auto, gold in focus

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