The rupee appreciated by 27 paise to 71.85 against the US dollar in early trade on Thursday as gains in domestic equity market enthused investors. At the interbank foreign exchange the rupee opened at 71.87, then gained further ground and touched a high of 71.85, registering a rise of 27 paise over its previous close.
The domestic unit however could not hold on to the gains and was trading at 71.93 against the dollar at 0955 hrs.
Rupee had settled at 72.12 against the US dollar on Wednesday.
Shares of Oil and Natural Gas Corporation Ltd. (ONGC) rose over 9% intraday on Thursday after the oil and gas company issued a clarification on the fire accident at ONGC's oil and gas processing plant in Uran processing unit.
ONGC formed a gap up chart pattern with the opening bell and later rose 9.03% to touch an intraday high of Rs 129.8 on BSE, against the last closing price of Rs 119.05.
"The accident occurred near Demineralized Water Plant (Oily Water Sewage Pit) and CISF security cabin which was outside the main process area. All out efforts were made to control the situation and fire was brought under control within a short span of time with the internal safety provisions aided by MARG (Mutual Aid Resource Group)," the company said in its BSE filing.
"Gas processing was restricted to maintain supplies to internal power generation and also to meet the requirements of Mahanagar Gas Limited and the remaining gas quantities are diverted to the other processing unit of the Company at Hazira Plant", the filing added.
The company further said that the offshore crude supply remained unaffected from the unfortunate accident.ONGC jumps 9% after clarification on fire incident in Navi Mumbai plant
Gold prices dropped on Thursday as risk-on sentiment got a boost after China and the United States agreed to hold talks to end their protracted trade dispute.
Spot gold fell 0.5% to $1,545.37 per ounce as of 0327 GMT, set to snap a three-day gaining streak. Prices touched $1,557 on Wednesday, their highest since April 2013.
U.S. gold futures dropped 0.4% to $1,554.00 per ounce.Gold prices slip as China-U.S. trade talk hopes lift risk appetite
Power Grid gained 3% after being declared successful bidder for developing transmission systems in MP. #MOMarketUpdates— Motilal Oswal Financial Services Ltd (@MotilalOswalLtd) September 5, 2019
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