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The third tranche of the SGB in this financial year is available for subscription December 18-22, while the fourth will open in February. Investors will have to pay ₹6,149 per gram of gold after a discount of ₹50 per gram for digital payments. This is ₹276 per gram higher than the price during the second tranche in September 2023 (₹5,873).
Indian stocks rose to fresh closing highs on Friday with the Nifty briefly crossing 21,000 in early trade led by gains in large-cap bank and IT stocks. Upsides were, however, limited with the market shuttling between gains and losses for most of the session on concerns whether the recent pace of run-up was excessive.
"If we were to look at consensus earnings estimates for FY24/FY25, this number has been upgraded with each passing quarter depicting the resiliency of earnings. We expect earnings resiliency to continue and be supportive of the markets in general. Banking has been trailed by the broader indices despite strong earnings and trade at reasonable valuation; we expect it to do well."
While from a medium-term perspective, outlook for bonds looks favorable supported by peaked policy rates, falling inflation trend, and favorable demand supply mix, noted Pathak in Monthly Fixed Income Outlook - November 2023.
Dussehra is considered to be an auspicious time to buy gold. The Middle East conflict and the US interest rate direction have been driving the prices of gold in recent times. However, gold ETF holdings worldwide are at a 3-year low. This suggests that investors aren’t buying gold enough.