Stock and commodity market updates

Stock and Commodity Market Updates Stock Market Updates: Sensex tanks 500 pts, Nifty sheds 160 pts on global weakness ICICI Bank and Tata Motors were the biggest losers, down 3-4 percent followed by HDFC, ITC, Axis Bank, L&T and SBI whereas Infosys bucked the trend.

Equity benchmarks made a mild recovery from opening lows due to short covering and buying on dips. The Sensex lost 391.76 points or 1.36 percent to 28405.49.

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The Nifty fell 127 points or 1.43 percent to 8739.70. More than five shares declined for every share advancing on the BSE. Commodity Market Updates: PRECIOUS METALS

MARKET ROUNDUP Precious metals prices fell again on Friday as hawkish comments on U.S. interest rates from a top Federal Reserve official helped lift the U.S. dollar, and as buyers continued to cash in on this week's price rally.

IN FOCUS SPDR Gold Trust GLD, the world's largest gold-backed exchangetraded fund, said its holdings stood at 939.94 down 10.68 tonnes, from previous business day.

Holdings of the largest silverbacked exchange-traded-fund (ETF), New York's iShares Silver Trust SLV, stood at 11281.84 tonnes, remain unchanged from previous business day.

FUNDAMENTAL OUTLOOK Precious metals are trading lower on COMEX today. We expect prices to trade lower for the day as hawkish comments from U.S. Federal Reserve officials late last week raised bets on a rate hike as early as September.

Spot gold had slipped nearly 0.2 percent to USD 1,325.60 an ounce by 0120 GMT. US gold futures dropped 0.3 percent to USD 1,329 an ounce.

The dollar index, which measures the greenback against a basket of currencies, was down 0.1 percent at 95.219.

US wholesale inventories were unchanged in July as previously reported and sales recorded their biggest drop in six months, suggesting a modest boost to third-quarter economic growth from inventory investment.

Hedge funds and money managers hiked their net long position in COMEX gold contracts to a nine-week high in the week to Sept. 6, as they also raised a bullish stance in silver, US Commodity Futures Trading Commission data showed on Friday.

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SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 1.12 percent to 939.94 tonnes on Friday.

MARKET REPORT Asian shares slipped on Monday with investors rattled by rising bond yields and talk the Fed might be serious about lifting US interest rates as early as next week.

BASE METALS MARKET ROUNDUP Industrial metal price slipped in thin trade on Friday, weighed by a stronger dollar, weak oil prices and concern about Europe's economy after German exports tumbled, with zinc at its lowest in more than a week.

FUNDAMENTAL OUTLOOK Industrial metals are trading lower on International bourses today. We expect prices to trade lower for the day, after risk aversion roiled wider markets, and investors turn increasingly bearish on the metal given prospects for rising supply.