Auto, energy stocks lead slide in Indian shares
Indian shares fell on Tuesday, dragged by auto and energy stocks and tracking a dip in their Asian peers on concerns about elevated U.S. interest rates.
The NSE Nifty 50 index was down 0.78% at 19,484.70, as of 10:03 a.m. IST, and the S&P BSE Sensex lost 0.71% to 65,354.89.
High weightage financials and information technology (IT) lost 0.5% each, while auto stocks lost 0.8%.
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Centre may not float fresh sovereign gold bonds
With cost financing fiscal deficit through sovereign gold bonds (SGBs) reaching unsustainable levels, the Centre will take a call on whether to go for fresh issuance of SGBs in end-September, as outlined in the Budget.
The move is also in the wake of the sharp customs duty reduction in the Budget, which made the policy of discouraging physical gold holding, and imports redundant, sources said.
In the Budget presented on July 23, the government lowered the gross SGB issuances to Rs 18,500 crore from Rs 29,638 crore in the interim budget presented on February 1. Net borrowing through SGBs has been slashed to Rs 15,000 crore from Rs 26,138 crore estimated earlier. The Centre’s gross and net borrowings via SGBs were Rs 26,852 crore and Rs 25,352 crore respectively …
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