Business

New Delhi, Nov 9 (IANS) Gold and silver prices rallied up to 2 pc on Monday, supported by softer crude oil prices, a retreat in the US dollar and improving investor sentiment.

On the Multi Commodity Exchange (MCX), gold futures (December 4) rose as much as 1.29 per cent or Rs 1,848 to hit an intraday high of Rs 1,44,400 per 10 grams.

At around 12:55 pm, the yellow metal was trading at Rs 1,43,700, up Rs 1,148 or 0.81 per cent from its previous close.

Meanwhile, silver futures (December 4) gained as much as 2.32 per cent or Rs 4,299 to touch an intraday high of Rs 1,89,399 per kg.

At the last count, the white metal was trading at Rs 1,86,840 per kg, up Rs 1,740 or 0.94 per cent from its previous close.

According to commodity market experts, bullion prices resumed their gap-up rally as softer crude oil prices eased inflation concerns, while a modest retreat in the US dollar provided further support.

Gold gained fresh momentum following the US midterm elections, despite stronger-than-expected October job growth and a decline in unemployment to 4.1 per cent, which reinforced expectations of a December rate hike by the US Federal Reserve, according to them.

Experts said investors would closely monitor geopolitical developments, Russia-Ukraine peace talks, crude oil movements, US inflation data and signals from the Federal Reserve for further direction.

In the international market too, COMEX gold advanced around 1 per cent to nearly $4,130, while silver climbed around 2 per cent to approximately $53.10, outperforming gold.

On the domestic front, MCX gold has immediate support at Rs 143,000-Rs 143,700, while resistance is seen at Rs 145,300-Rs 146,000. A sustained move above Rs 146,000 could extend the recovery, while a decisive break below Rs 143,000 may expose the metal to further downside, the experts said.

“MCX silver has immediate support at Rs 186,000-Rs 188,000, with resistance at Rs 194,000-Rs 196,000. A sustained move above Rs 196,000 could extend the rally, while a break below Rs 186,000 may trigger a retreat towards Rs 180,000,” they added.

Experts said the near-term outlook for both precious metals remained cautiously constructive, although elevated US Treasury yields and expectations of a December Fed rate hike could limit further gains.

Meanwhile, crude oil prices remained under pressure as easing US-Iran tensions reduced concerns over potential supply disruptions.

--IANS

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New Delhi, Nov 9 (IANS) India's equity benchmark Nifty 50 may hit the 28,000 mark by the end of 2027, implying an upside of about 12 per cent from its last close of 24,986.4, supported by a strong earnings outlook, lower oil prices and the prospect of slower global artificial intelligence-related capital expenditure, a report has said.

The report from brokerage firm Citi Research said Indian equities had lagged global peers till recently as enthusiasm around the artificial intelligence trade and elevated crude oil prices weighed on the outlook for the world's third-largest oil importer.

The bullish outlook follows a surge of over 10 per cent in the Nifty 50 over the seven sessions through Friday, driven by a resurgence in foreign portfolio investor inflows as artificial intelligence-linked trades unwound and oil prices dropped.

"Over the past two years, AI has crowded out almost everything else. Our analysis suggests a 100 bps increase in India active weight could drive $12 billion of inflows," the report said.

Sentiment towards Indian equities improved after a Democratic victory in the US midterm elections led to expectations that artificial intelligence-related capital expenditure would slow down along with positive sentiment due to a drop in oil prices, amid hopes for an end to the conflict involving Iran.

"Post US midterms, risks of increased pace of data center moratoriums have aided rotation into other assets, and this could continue to benefit India," the report added.

The report mentioned an increase in price-to-earnings multiple for Nifty 50 to 18x from 17x, leading to the target of 28,000 points. The firm had earlier expected the Nifty 50 index at 26,000 by September 2027.

"Lower oil prices could help India's macro and earnings assumptions. A $10 (per barrel) lower oil price would help (current account deficit) by 30-40 bps and inflation by 50 bps," the report said.

—IANS

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New Delhi, Nov 9 (IANS) The Indian rupee appreciated by 25 paise to 93.68 against the US dollar in early trade on Monday, amid a decline in crude oil prices, improving foreign fund inflows, and hopes of de-escalation in West Asia.

Moreover, the currency extended its recent gains after recording its strongest weekly advance of 2026 last week, appreciating about 1 per cent to reach its highest level since April.

On Friday, the rupee surged 43 paise to close at 93.98 against the US dollar.

According to experts, the USD/INR pair opened near 93.90 and was trading around 93.70, extending its recent weakness after breaking below the 94.40-94.50 range.

The 94 level which had previously acted as support has now turned into immediate resistance with the 93.90-94.00 zone emerging as the first hurdle and 94.40-94.50 as the next significant resistance band, they added.

On the downside, immediate support for the currency pair is placed at 93.40-93.50, followed by 92.90-93.00, experts said.

The Relative Strength Index (RSI), near 25, indicates deeply oversold conditions, while the Moving Average Convergence Divergence (MACD) continues to signal strong bearish momentum, although a technical rebound cannot be ruled out.

The near-term bias for the USD/INR pair remained bearish, with a sustained move above 94 needed to signal stabilisation. A decisive break below 93.50 could extend the decline towards 93, according to the experts.

The domestic currency’s recent recovery has been supported by foreign portfolio investment inflows of around $1.5 billion, a softer US dollar, declining crude prices and easing concerns over India's energy import exposure.

Meanwhile, crude oil prices declined on Monday with Brent crude -- the global oil benchmark -- trading 0.15 per cent lower at $98.17 per barrel in futures trade.

The market sentiment improved after US President Donald Trump indicated over the weekend that further military strikes against Iran were unlikely if negotiations over its nuclear programme and the Strait of Hormuz made significant progress.

Trump also noted that the conflict had pushed up oil and gasoline prices, contributing to Republican losses in the midterm elections.

Meanwhile, the US dollar index slipped towards 102 but retained most of its previous gains after stronger-than-expected US employment data reinforced expectations of tighter monetary policy.

Markets are now pricing in an approximately 81 per cent probability of a Federal Reserve rate hike in December, compared with 71 per cent before the employment report.

--IANS

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New Delhi, Nov 9 (IANS) The Confederation of All India Traders (CAIT) will hold a national meeting of senior trade leaders from across the country in the national capital on November 13 to deliberate on protecting businesses from disruptions caused by protests and agitations and formulate a coordinated strategy to safeguard traders’ livelihoods.

The meeting will also discuss seeking designated locations for protests and demonstrations on the outskirts of cities along with issues such as GST reforms, cyber fraud protection, ‘One Trader-One Licence’ and the repeal of outdated laws.

CAIT Secretary General and Chandni Chowk MP Praveen Khandelwal said senior representatives of major trade organisations from different states would participate in the meeting.

The deliberations will include an assessment of business losses caused by political agitations, sit-ins and demonstrations in Delhi over the past month and their impact on traders, shopkeepers, small businesses, street vendors and people dependent on commercial activities.

Khandelwal said disruptions in the national capital affect not only shops and sales but also supply chains, movement of goods, employment, cash flows of small businesses and the broader economy, particularly during crucial festive and wedding seasons.

He said the trading community would advocate designating suitable locations on the outskirts of cities or at other appropriate places for protests and demonstrations, allowing people to exercise their democratic right to protest peacefully without disrupting commercial centres, markets, transport routes and essential business activities.

The proposal would be taken up for consideration across states and cities and the meeting would formulate a coordinated national strategy to pursue the issue with governments and the judiciary, CAIT said.

Meanwhile, CAIT National President B.C. Bhartia said the meeting would also deliberate on reforms aimed at making the trading sector simpler, safer and more competitive.

GST reforms, including simplification of procedures, return filing and compliance requirements, resolving technical difficulties and reducing unnecessary notices and litigation, would be among the key issues.

The meeting would also discuss measures to protect traders against cyber fraud involving digital payments, UPI, banking transactions and online commerce along with speedy grievance redressal mechanisms and concerns over bank accounts being frozen.

In addition, trade leaders would also examine outdated laws, rules and procedures that impose unnecessary compliance burdens on businesses and formulate recommendations for their repeal or amendment.

Other issues on the agenda include simplifying business procedures, improving coordination among government departments, expanding online permissions and single-window clearances and reducing unnecessary inspections.

Moreover, the meeting would also explore opportunities in digital commerce, e-commerce, Bharat e-Mart, promotion of Swadeshi products, strengthening MSMEs, exports, access to new markets and adoption of modern technology, according to the CAIT.

CAIT said it would present a comprehensive action plan to the government and relevant institutions based on the recommendations emerging from the meeting, with the aim of balancing democratic rights with the need to protect commercial activities and livelihoods.

--IANS

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New Delhi, Nov 9 (IANS) State-owned oil marketing companies (OMCs), including Bharat Petroleum Corporation Ltd (BPCL), on Monday reaffirmed the quality of E20 petrol amid allegations of excessive ethanol blending in Karnataka citing a test conducted in the presence of customers that recorded 19.9 per cent ethanol in a petrol sample.

BPCL, in a post on X, said a test conducted in the presence of customers recorded 19.9 per cent ethanol in a petrol sample, reaffirming its commitment to transparent testing and assuring fuel quality.

“Facts verified, confidence reinforced,” the company said.

Meanwhile, HPCL cited the findings from the 56 samples tested by public sector OMCs in Karnataka, saying the results offered a clearer picture amid the controversy.

“When claims make headlines, facts deserve the final word,” HPCL said in a post on X, adding that an average ethanol content of 19.3 per cent had been recorded across the samples.

The company also emphasised the importance of prescribed testing methods and certified reference materials in determining fuel quality, saying reliable results depended not just on the figures but also on the scientific methodology used.

The latest statements come after the government earlier this month rejected claims of excessive ethanol blending in petrol at certain retail outlets in Karnataka.

The ministry had said all 56 samples tested in the state under a nationwide quality monitoring exercise complied with the prescribed E20 specifications, recording ethanol content between 19 per cent and 20 per cent.

It had also questioned the sampling and testing methodology adopted during an October exercise in Karnataka, saying reported claims of 26-31 per cent ethanol blending were not supported by tests conducted under prescribed statutory and technical procedures.

According to the ministry, E20 petrol supplied by Indian Oil Corporation Ltd (IOCL), BPCL and HPCL across the country, including Karnataka, conforms to IS 17021, the Bureau of Indian Standards specification for ethanol-blended motor gasoline.

The ministry said the prescribed procedure under the Motor Spirit and High Speed Diesel (Regulation of Supply, Distribution and Prevention of Malpractices) Order, 2005, read with the Marketing Discipline Guidelines 2024, provides for a defined process for sampling, retention, testing and communication of results.

It had also said the OMCs were not provided with corresponding retention samples, complete outlet-wise details or laboratory reports from the October exercise, despite seeking them through the State Level Coordinator.

The government further noted that all 893 E20 samples collected from 27 states and Union Territories under a nationwide quality monitoring exercise were found to contain ethanol within the prescribed 19-21 per cent range.

--IANS

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New Delhi, Nov 9 (IANS) Tesla CEO Elon Musk and billionaire investor Bill Ackman on Monday backed NVIDIA CEO Jensen Huang amid a controversy, urging people to support the technology leader and his family and endorsing a defence of Huang’s importance to US artificial intelligence leadership.

Taking to the social media platform X, Ackman, CEO of Pershing Square Capital Management, said Huang was human and that even exceptional individuals could make mistakes.

Ackman said Huang had taken responsibility for his actions and urged people to stand by him and his family.

“An alert: @JensenHuang is human. And he is an incredible human. Even incredible humans make mistakes. He takes full responsibility as he should. We should all support him and his family. Onward,” Ackman wrote.

In another post, Ackman clarified that he was not suggesting Huang should receive a “free pass”, adding that the nature of the controversy would determine its seriousness.

“I like the guy. He has done a lot of good for the world and I hope the damage here is minimal,” he said, adding that he hoped the issue was limited to a personal affair rather than a national security risk.

Separately, Sequoia Capital partner Shaun Maguire described Huang as “one of the greatest entrepreneurs of this generation”, while acknowledging that the NVIDIA chief had made a serious mistake.

Maguire listed five points in his post, saying Huang had done something “incredibly dumb” and that it was “bad for America”. However, he added that he believed there was probably no malicious intention behind the actions.

“Two mistakes don't make a right, and I believe Jensen is irreplaceable for America's AI leadership,” Maguire wrote.

Musk responded to Maguire’s post with a brief endorsement, saying, “I agree.”

Meanwhile, NVIDIA’s board of directors announced that it was launching an independent investigation following reports that Huang had been targeted by a Chinese espionage operation.

The board said in a statement that it was initiating an independent investigation in light of recent reports that the company’s founder and CEO had been the target of a foreign intelligence effort.

The reports came after Huang acknowledged having an affair with a former executive at a Singapore-based chip company. US policymakers have alleged that the woman involved had been recruited by China’s Ministry of State Security to spy on NVIDIA’s CEO.

Meanwhile, Huang sent an email to NVIDIA employees, apologising to his family and the company’s staff.

“I was unfaithful to my wife. My actions hurt her and our children. There is no excuse for what I did. I am deeply sorry. Throughout my life, my family has given me love and support. They deserve my honesty and loyalty. Instead, I let them down and damaged the life we built together. I take full responsibility for what I did and the hurt I caused, and I accept the criticism that comes with it,” Huang wrote.

The developments come amid a broader debate over Huang’s role in maintaining US leadership in artificial intelligence, given NVIDIA’s central position in the global AI chip industry.

--IANS

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Mumbai, Nov 9 (IANS) Indian equity benchmarks opened higher on Monday, tracking positive global cues and gains in financial and banking stocks.

Sensex gained 327.89 points or 0.4 per cent to open at 81,327.29, while Nifty rose 90 points or 0.36 per cent to 25,076.40.

Sector-wise, the Nifty Financial Services 25/50 index led the gains, rising 0.57 per cent in early trade, followed by Nifty PSU Bank which advanced 0.47 per cent.

Nifty Private Bank gained 0.37 per cent, while Nifty Healthcare Index rose 0.35 per cent. Nifty Metal and Nifty Pharma were up 0.33 per cent and 0.24 per cent, respectively.

On the downside, Nifty IT declined 0.47 per cent, while Nifty MidSmall IT & Telecom fell 0.39 per cent.

Market experts said the strong rally last week had significantly improved investor sentiment, supported by a rare convergence of favourable factors, including aggressive FII buying, attractive valuations, easing crude oil prices, declining US bond yields and improving corporate earnings as reflected in the second-quarter results.

“Concerns over a slowdown in artificial intelligence (AI) spending and a sharp correction in AI-related stocks also contributed to the shift in global market dynamics,” they said.

The experts said FII buying in India is likely to sustain, potentially paving the way for further gains in large-cap stocks.

They added that foreign investor allocations tend to track index weights during major market shifts.

Apart from that, the domestic market sentiment remained upbeat following a strong rally last week, with the Nifty surging 8.6 per cent amid sustained foreign institutional investor (FII) buying and improving global cues.

Globally, US equities ended higher in the previous session, with the Nasdaq gaining 1.09 per cent and the S&P 500 advancing 0.31 per cent.

US equity futures and Asian markets edged higher on Monday, stabilising after a volatile week during which concerns over chip demand triggered sharp losses across technology-heavy Asian markets.

In addition, crude oil prices opened lower on Monday after US President Donald Trump indicated that further strikes on Iran were unlikely as peace talks progressed.

--IANS

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Seoul, Nov 9 (IANS) The South Korean economy appears to be continuing to grow at a "solid pace" on the back of global investment in artificial intelligence (AI) infrastructure, a state-run think tank said on Monday.

"Semiconductor production and investment continue to grow strongly, supported by robust external demand," the Korea Development Institute (KDI) said in its monthly economic assessment.

"Other sectors related to AI infrastructure investment also appear to be improving," it added, reports Yonhap news agency.

In October, South Korea's outbound shipments soared 93.7 percent to a record US$115.3 billion on the back of strong global demand for semiconductors, coupled with continued investment by major technology companies in AI infrastructure.

"Exports of products closely linked to AI data centre construction, including steel products, nonferrous metals and electronic devices, rose sharply," the KDI said in the report. "Equipment investment in machinery also grew at a solid pace overall."

The think tank, however, noted that economic growth appears to be "spreading only gradually across households," with consumption also improving at a "modest pace."

"Private consumption growth was relatively low in the third quarter as income gains from the semiconductor boom still showed no clear signs of spreading broadly across households, and high oil prices continued to weigh on household finances," the KDI added.

The think tank pointed out that South Korea's inflation remained high amid volatility in global oil prices, while higher market interest rates also constrained households' spending capacity.

South Korea's consumer prices rose 2.8 percent on-year in October, compared with 2.9 percent in September and 3.1 percent in August.

The KDI also warned against continued conflict in the Middle East, as well as escalating policy uncertainties in major economies.

—IANS

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Seoul, Nov 9 (IANS) South Korea's antitrust regulator said on Monday it will fine Woowa Brothers, the operator of delivery app Baemin, 331.1 billion won ($243 million) and Coupang 300.8 billion won for abusing their market dominance to restrict competition.

The two companies, which operate Baemin and Coupang Eats, respectively, pressured partner restaurants to offer terms at least as favorable as those available on competing platforms, according to the Fair Trade Commission (FTC).

The watchdog said the so-called most favored nation (MFN) requirements undermined competition, drove up food prices and made it harder for new players to enter the delivery app market, reports Yonhap news agency.

Baemin and Coupang Eats accounted for 58.45 percent and 34.44 percent of South Korea's food delivery app market by order value in 2025, respectively.

According to the FTC, Coupang enforced the requirements from July 2023 to January 2026 by stripping restaurants of their "Wow restaurant" status if they failed to comply with conditions covering menu prices, minimum order amounts and other trading terms.

The status allowed customers subscribing to Coupang's Wow membership program to receive delivery-related benefits when ordering from participating restaurants.

Baemin imposed similar requirements from May 2024 to October 2025, limiting delivery fee discounts for Baemin Club subscribers to orders from restaurants meeting its conditions.

The FTC pointed out that restaurants had little choice but to accept the requirements, as exclusion from the membership programs could lead to a "significant" decline in sales.

Accordingly, the proportion of partner restaurants designated as Wow restaurants rose from 13 percent in July 2023 to 94 percent in October 2025, while the corresponding figure for Baemin Club stores increased from 63 percent in May 2024 to 80 percent in January 2025.

"The FTC has concluded that Baemin and Coupang abused their dominant market positions by imposing unreasonable conditions on partner restaurants that deviated from conventional trade practices, disrupting the business operations of both partner restaurants and competing platforms," the watchdog said.

With the two businesses accounting for more than 90 percent of the market, the FTC said their simultaneous imposition of MFN requirements and alignment of trading terms restricted competition in a manner similar to collusion.

The watchdog also sanctioned Baemin for effectively forcing restaurants to switch from its "Market Place" (MP) service, under which restaurants arrange deliveries themselves, to its "Own Delivery" (OD) service, under which the platform handles deliveries.

According to FTC estimates, Baemin's revenue as a share of transaction value stood at 28 percent for OD orders in 2024, compared with 7.8 percent for MP orders.

—IANS

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New Delhi, Nov 8 (IANS) Oil marketing company Indian Oil Corporation (IOC) plans to buy some ships of its own for importing crude oil and liquefied petroleum gas (LPG) in order to establish a more reliable supply chain and minimise disruptions due to geopolitical uncertainties such as the West Asia conflict.

Indian Oil's Director, Finance, Anuj Jain, said during the company’s earnings call last week that tenders for the purchase of a few vessels were issued some months ago. The company currently has three crude oil tankers and nine LPG carriers on time charter, which have helped it manage shipping costs during the West Asia conflict when spot rates for shipping have soared.

Freight rates for LPG have also increased sharply. Spot rates have risen to around $160–$180 per tonne from normal levels of about $40 per tonne. The increase comes amid the increasing attacks on merchant ships passing through the Strait of Hormuz, a waterway through which 20 per cent of the world’s energy exports transit during normal times.

During the October 31 earnings call, Jain said Indian Oil was working on three areas of its shipping operations. These include managing its existing chartered fleet, purchasing vessels, and exploring options to build ships in India.

Apart from buying ships, Indian Oil is also looking at options to place orders for ships with Indian shipyards under the government’s Make in India policy.

The refiner had earlier explored plans to acquire four medium-range vessels through an arrangement involving Shipping Corporation of India and other state-run oil companies.

Indian Oil has long-term shipping contracts in place which have cushioned the company from the sharp hike in freight rates due to the Iran war. With the Houthi rebels taking control of the coastal areas in Yemen around the Red Sea, the situation has become worse, according to senior officials.

The oil giant pays around $2–$2.50 per barrel to transport crude oil under its long-term charter arrangements, while spot market rates have surged to $8–$10 per barrel.

The company also has nine LPG carriers on time charter. Spot freight charges for LPG shipments have shot up to around $160–$180 per tonne, compared with about $40 per tonne earlier.

Indian Oil has also diversified its crude imports amid the closure of the Strait of Hormuz, with more supplies being sourced outside West Asia from countries such as Russia, Venezuela, Brazil and countries in Africa.

During the first half of FY27, around 87 per cent of Indian Oil's crude purchases were made in the spot market, compared with about 50 per cent in the previous financial year. Russian crude accounted for around 55 per cent of the purchases during the six-month period, while West Asian supplies came down to around 24 per cent.

The Indian basket of crude imports, which averaged around $65-70 per barrel before the Iran war broke out in February, shot past the $100 mark in March and averaged about $120 per barrel in October, Jain said.

Apart from cutting costs by buying more Russian crude, the company has been buying cheap heavy crude from Venezuela, which can be processed at its Paradip refinery on the Odisha coast.

--IANS