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Fiscal deficit data unnerves markets, Sensex crashes 453 pts

The BSE Sensex plummeted over 453 points to close at 33,149.35, while the broader Nifty finished below the key 10,300-mark.

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Mumbai, Nov 30 : Stocks went into a tailspin today, with benchmark Sensex suffering its biggest single-day fall in one year, after growing fiscal deficit concerns triggered a flight to safety among investors.

The BSE Sensex plummeted over 453 points to close at 33,149.35, while the broader Nifty finished below the key 10,300-mark.

Investors’ wealth as measured by market capitalisation of BSE listed companies declined by over Rs 1.06 lakh crore.

India’s fiscal deficit at the end of October hit 96.1 per cent of the budget estimate for 2017-18, mainly due to lower revenue realisation and rise in expenditure, official data showed.

Participants also kept their portfolios at a low ebb ahead of the second quarter GDP numbers.

Squaring-up of positions following end of November series contracts in the derivatives segment and a weak trend at other Asian markets also weighed on sentiment, brokers said.

The Sensex, after a gap down opening at 33,542.50, continued its slide to touch a low of 33,108.72. It finally settled 453.41 points or 1.35 per cent lower at 33,149.35.

This was its biggest single session fall since November 15 last year, when it had lost 514.19 points.

The broader NSE Nifty, after cracking below the key 10,300-mark, touched a low of 10,211.25, before finally ending 134.75 points, or 1.30 per cent, down at 10,226.55.

This was its biggest single day fall since September 27 this year, when it had declined by 135.75 points.

“Market slid and rupee depreciated as widened fiscal deficit concerns and expectation of extension in oil production cut from OPEC influenced investors to offload funds from the market.

“Today’s F&O expiry led volatility and selling in other Asian market hurt the sentiment, banks underperformed and metal lost the sheen,” said Vinod Nair, Head of Research, Geojit Financial Services.

The rupee slipped 31 paise to 64.62 (intra-day) against the dollar at the forex market.

Kotak Bank emerged as the worst performer among Sensex constituents by plunging 2.63 per cent, followed by SBI Bank (2.54 per cent).

Other laggards included Reliance Industries, Axis Bank, Wipro, Tata Steel, Lupin, M&M, HDFC, Sun Pharma, Cipla, Power Grid, ITC, Adani Ports, TCS, ONGC, Infosys and Maruti Suzuki.

Dr Reddy’s and NTPC were the only gainers, rising up to 0.45 per cent.

The broader markets were mixed, with the mid-cap index falling 0.55 per cent while small-cap rose 0.10 per cent.

Sector-wise, BSE bank declined 1.88 per cent, followed by energy (1.58 per cent), metal (1.10 per cent), PSU (1.09 per cent), auto (0.98 per cent), IT (0.87 per cent), power (0.83 per cent), oil & gas (0.81 per cent) and teck (0.70 per cent).

Realty and consumer durables managed to close in the green.

Overseas, most Asian indices ended lower. Hong Kong’s Hang Seng fell 1.51 per cent, Shanghai Composite Index shed 0.62 per cent, while Singapore fell 0.16 per cent. However, Japan’s Nikkei rose 0.57 per cent.

European shares moved lower in their late morning deals.

Frankfurt’s DAX rose 0.66 per cent and Paris CAC 40 gained 0.37 per cent. London’s FTSE, however, shed 0.17 per cent.

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Brent hits highest since March, spurred by coronavirus vaccine hopes

This follows positive trial results from Pfizer/BioNTech and Moderna.

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Brent Crude Oil

SINGAPORE: Brent crude prices hit their highest levels since March as news of a third promising coronavirus vaccine candidate spurred hopes of a quicker recovery in oil demand, while U.S. President-elect Joe Biden received the go-ahead to begin his leadership transition.

Brent crude futures rose 43 cents, or 0.9%, to $46.49 a barrel by 0522 GMT, while U.S. West Texas Intermediate crude added 45 cents, or 1.1%, to $43.51 a barrel.

Brent rose to a session high of $46.56 earlier on Tuesday, the highest level traded since early March before Saudi Arabia initiated a price war with Russia, which sent oil prices crashing. Both oil benchmarks settled up about 2% on Monday after gaining about 5% last week.

“Progress on developing and distributing a vaccine de-risks the path back to normal for oil markets,” said Stephen Innes, chief global markets strategist at financial services firm Axi.

“If mobility data is a measure of oil price sentiment, in the not too distant future, the vaccine will get people back on airplanes and cruise ships.”

AstraZeneca said on Monday its COVID-19 vaccine was 70% effective in pivotal trials and could be up to 90% effective, giving the world’s fight against the global pandemic a third new weapon that can be cheaper to make, easier to distribute and faster to scale-up than rivals.

This follows positive trial results from Pfizer/BioNTech and Moderna.

Also helping to ease uncertainty in financial markets, President Donald Trump on Monday allowed officials to proceed with a transition to Joe Biden’s incoming administration, giving his rival access to briefings and funding even as he vowed to persist with efforts to fight the election results.

U.S. crude oil inventories likely edged lower last week, while distillate stockpiles were seen decreasing for a 10th straight week, a preliminary Reuters poll showed on Monday, ahead of reports from the American Petroleum Institute and the Energy Information Administration (EIA).

Traders also focused on a week of technical meetings by OPEC and its allies to prepare the ground for next week’s ministerial gathering, which is set to discuss extending oil output curbs into next year due to weak demand amid a second wave of COVID-19.

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Amazon Quiz Answers Today, November 24, 2020: Answer and Win Xbox Series X

The Amazon Quiz contest is live at 8:00 AM and it ends at 12:00 PM.

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Amazon

Amazon quiz Answers Today, November 24, 2020: The Amazon Quiz for November 24, 2020, is live and today you have the chance to Win Xbox Series X. The trivia quiz gives a chance to users across the country to win exciting gifts every day by answering a set of simple questions.

After giving the right answers to the questions users can win mobile phones, other gadgets, and Amazon Pay Balance. E-commerce giant Amazon never disappoints its users and today’s gift is special for all the online shopping lovers.

Today’s Amazon Quiz Information

Today’s Amazon Quiz Prize:

Win Xbox Series X
Amazon Quiz Date: November 24, 2020:
Amazon Quiz Time: 8 am–12 pm
Winners List Declaration Date: To be announced

Answers for today’s Amazon quiz contest- November 24, 2020

Question 1. Who has been named as the new Ambassador for World Wide Fund (WWF) India’s Environment Education Programme?

Answer 1: Viswanathan Anand

Question 2. As per Global Finance magazine, KfW Bank is considered to be the “World’s Safest Bank”. In which country is KfW Bank headquartered?

Answer 2: Germany

Question 3. Starlink is a satellite constellation being constructed by which company to beam satellite Internet access across the world?

Answer 3: SpaceX

Question 4. These ladies are on a tour of which country?

Answer 4: Egypt

Question 5. Considered “the most influential environmental photograph ever taken”, on which mission was this photograph taken?

Answer 5: Apollo 8

How to Play Amazon Quiz Contest Daily?

1. Download the Amazon India App from Google Play Stores or Android App
2. Sign up or log in to your Amazon account
3. Once login you can check the homepage banner of the App click on Amazon Quiz for today.
4. Start playing the Amazon quiz contest.

Where to find the latest answers for Amazon Quiz?

You can find all the right Answers for Amazon Quiz here. With Amazon Quiz you can win various exciting prizes. Choose the right answers for the Amazon daily quiz and you can be the lucky winner. The Amazon Quiz contest is live at 8:00 AM and it ends at 12:00 PM.

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Gold Rates and Silver rates, November 24: Yellow metal price struggles today by 0.23%, check here

Gold prices in India on Tuesday, November 24 have gone down following the global rates. On MCX, the gold rates have decreased to ₹49,504. Today, silver price in India has gone up to ₹60,549 rupees per kilogram.

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Gold Wealth Price

Gold Rates and Silver rates, November 24: Gold prices in India on Tuesday, November 24 have gone down following the global rates. On MCX, the gold rates have decreased to ₹49,504. Today, silver price in India has gone up to ₹60,549 rupees per kilogram. When it comes to the gold metal, the prices vary based on the city or state due to excise duty, state taxes, and making charges.

  • CITY 24 KARAT 22 KARAT
  • CHENNAI ₹52,034 ₹47,674
  • MUMBAI ₹50,950 ₹49,950
  • BANGALORE ₹51,441 ₹47,161
  • DELHI ₹53,637 ₹49,197
  • KERALA ₹51,468 ₹47,148
  • HYDERABAD ₹51,454 ₹47,144
  • KOLKATA ₹52,537 ₹50,127
  • PUNE ₹50,805 ₹48,355

GOLD PRICE IN INDIA (*MCX) ₹49,504 ₹45,379

Know why Gold and Silver rate rise and decline

Gold tends to increase when people prefer investing in gold due to inflation and concerned about the risks in the financial system. On the other hand, at times gold rates also decrease due to the fact that the fall in international markets, an increase in dollar value, and other tensions between the countries. Off late the gold prices have come down due to the US-China dispute.

How Gold rate is calculated?

As there is no specific measure for the gold and the prices differ from jeweller to jeweller. Final price of the jewellery = Price of gold X (Weight in grams) + Making charges + GST at 3% on (Price of jewellery + making charges)

How many times gold rates change in a day?

As the yellow metal gold is traded at Multi Commodity Exchange whGGolere the gold rates change at every moment in the business times. The price alter is mainly due to various factors such as political and economical issues happening in the world.

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