04/06/26, Top Buyers and Sellers of Gold

Central banks are back to buying gold. After a surprising net sale of 30 tonnes in March, led by Turkey’s massive 60-tonne offload, April saw a sharp reversal.

The World Gold Council reported that central banks resumed net gold purchases in April, having bought 17 tonnes. This rebound signals that the appetite for gold among central banks remains intact, despite the pressures of a higher-for-longer interest rate environment.

Poland continued to be the month’s biggest buyer with 14 tonnes, bringing its year-to-date gold purchases to 45 tonnes, with gold reserves now at 595 tonnes, or about 30% of its total reserves.

Top Buyers in April

China accelerated its purchasing pace, reaching its largest net acquisition since December 2024 with 8 tonnes, extending its current buying run to 18 straight months. Official gold reserves now stand at approximately 2,322 tonnes, or 9% of total reserves.

The Czech Republic made its 38th consecutive monthly purchase of 3 tonnes, a remarkable streak of consistency that few central banks can match. Its gold reserves now stand at 79 tonnes, or 6% of total reserves.

Overall, China, the Czech Republic and Poland remain the most consistent buyers of gold globally.

Who Is Selling?

Not everyone is buying. The Central Bank of Russia continued its recent streak of net sales for the fourth consecutive month, with reported April net sales of 6 tonnes. On a year-to-date basis, Russia has sold 22 tonnes.

The Central Bank of Uzbekistan sold 1 tonne in April, though on a year-to-date basis, it remains a net purchaser of 24 tonnes and is second only to Poland. Uzbekistan’s gold reserves make up 88% of its total reserves, or around 414 tonnes.

March’s top seller, the Central Bank of Turkey, reported virtually flat gold reserves in April, with weekly data showing that short-term gold/USD swaps matured in April, leaving only longer-term (1–3 month) gold/USD swaps outstanding.

The Bigger Trend

Eastern European and Asian central banks continue to dominate gold purchases with consistent buying. Over the past 36 months, both regions have purchased 12 tonnes and 11 tonnes per month on average collectively. Global central bank activity shows average net purchases of 29 tonnes over the same period — underlining the structural shift towards gold in reserve management.

What Happened in March

In March, central banks sold a net total of 30 tonnes of gold, with Turkey as the largest seller at 60 tonnes, using its reserves for foreign exchange and liquidity purposes. Russia also contributed to the sales with 6 tonnes. In contrast, February had seen a net purchase of 19 tonnes by central banks collectively. April’s rebound to net buying of 17 tonnes suggests March was an outlier rather than a trend.

Where Does India’s RBI Stand?

India did not feature in the WGC’s April report, indicating no further gold buying by the Reserve Bank of India. The physical stock of gold held by the RBI as of March 31, 2026, was 880.52 tonnes, which has remained unchanged as of June 3.

However, gold’s share in India’s total forex reserves has risen significantly — from 8.3% of net foreign assets in March 2024 to 17.2% by March 2026. This rise has been driven primarily by revaluation gains from higher gold prices, not fresh purchases.

The RBI had been an aggressive buyer in 2024, purchasing 72.6 tonnes. But it dramatically slowed down in 2025, buying just 4.02 tonnes — and has barely bought any gold in 2026 either. The RBI bought 0.13 tonnes in January but none in February, after a four-month hiatus. After purchasing just 1.3 tonnes of gold during 2025, the RBI’s total gold holdings reached a record of 880.3 tonnes at the end of the year.

Gold Prices — Still Under Pressure

Gold Prices  remain significantly below their pre-war highs. Gold declined sharply following the onset of the Iran war, dropping 20% from a recent high of $5,602 to approximately $4,482. Gold is currently trading at $4,469, having recovered somewhat, but is still 13.5% lower than its pre-war price of $5,174. Year-to-date, gold has gained just 3% since January, lagging in a big way from the 65% surge seen in 2025.

written by Sunil Dhavan of FinancialExpress

Disclaimer: This article is for informational purposes only and does not constitute investment or financial advice. Gold prices are highly volatile and subject to geopolitical, macroeconomic, and monetary policy factors. Past central bank buying patterns are not indicative of future trends or gold price performance. Readers are strongly urged to conduct independent due diligence and consult a qualified financial advisor before making any gold investment decisions.

04/06/26, US President says

US President Donald Trump on Wednesday lashed out at both Democrats and a handful of Republicans after the House of Representatives voted to limit his war powers, arguing that the move came at a critical moment in ongoing negotiations aimed at ending the conflict with Iran.

In a post on Truth Social, Trump described the vote as "meaningless" and accused lawmakers of undermining his efforts to secure a diplomatic breakthrough with Tehran.

"Yesterday, in a meaningless vote, the House voted, 4 bad Republicans and all of the Dumocrats, to limit my War Powers, right in the middle of my final negotiations to end the War with the Islamic Republic of Iran," Trump wrote.

The president suggested that members of Congress were fully aware of the status of the negotiations and questioned their motives for supporting the measure.

"Who would do such an unpatriotic thing. They know where the negotiations stand," he said.

Trump reserved his sharpest criticism for Democrats, accusing them of placing partisan politics above national interests.

"The Democrats are fueled by Trump Derangement Syndrome. They would rather have our Country fail than give me another, of many, victories," he wrote.

The president also criticised the four Republicans who backed the effort, dismissing them as political opportunists.

"The four Republicans, that's a whole other story - They're GRANDSTANDERS! They should be ashamed of themselves. MAGA!!!" Trump said.

In a notable rebuke of Trump, four members of his majority Republicans joined Democrats on Wednesday in backing the measure, which passed 215-208 and now heads to the Senate.

The measure, which will ultimately face a presidential veto, marked the first time the Republican-controlled House approved a measure seeking to force Trump to wind down military operations against Tehran since the war began three months ago.

Democrats accuse Trump of violating the constitution by launching strikes on Iran alongside Israel in late February without congressional authorization.

Under the War Powers Act, presidents have 60 days to obtain congressional approval after introducing US forces into hostilities. That deadline passed weeks ago, and Democrats say Trump is now breaking the law.

Source: MoneyControl,  Network18 

04/06/26, Rajesh Exports vs SEBI

 The alleged Rs 15 lakh crore financial misreporting by the Bengaluru-based  Rajesh Exports has raised questions over the role of its statutory auditors and the accuracy of their audit.

Two relatively unknown auditors, PV Ramana Reddy, the proprietor at PV Ramana Reddy & Co, and PL Venkatadri, partner at BSD & Co, provided audit services to Rajesh Exports during the investigation period between FY21 and FY24.

The auditors seemingly failed to red flag not one or two but dozens of apparently questionable transactions, including related-party transactions, pumping up of domestic revenues and misreporting of trade payables. This allowed the alleged financial misreporting to go on for five years, causing losses to 2 lakh small investors holding shares of Rajesh Exports.

On June 3, market regulator the Securities and Exchange Board of India(Sebi) passed an ex parte interim order barring Rajesh Exports chairman and managing director Rajesh Mehta from dealing in securities markets. It also ordered the company to rectify the incorrect filings and cooperate with the investigation.

The Sebi order also said auditors did not cooperate with the investigation. It had asked them for various audit papers which were not provided.

“REL's Statutory Auditors, despite undertaking to furnish audit working papers during their depositions, have also not complied. This sustained non-cooperation is itself indicative of an intent to suppress material information and obstruct regulatory inquiry,” Sebi said.

Emails sent to BSD & Co and PV Ramana Reddy did not elicit a response by the time of publication. Moneycontrol will update the copy once comments are received.

A company's auditors are liable in case of any audit lapses, a responsibility which is significantly more serious in case of listed firms. In the past, Sebi has issued orders against some of the large audit firms for failing to ensure accurate documentation.

The National Financial Reporting Authority(NFRA), too, can issue orders against such auditors.

Key misses by Rajesh Exports' auditors

A large part of the Rs 15 lakh crore of allegedly misreported revenues was on account of revenue generated by the foreign subsidiaries of Rajesh Exports.

However, these statements are not audited by Indian auditors but by the designated professionals in the country where the company is incorporated. For foreign subsidiaries, Indian auditors rely on the audited statements of the foreign entity provided by the Indian company.

The Sebi order, however, also pointed to several domestic transactions, which violated rules but were neither detected nor flagged by the auditor.

For instance, standalone revenues of Rs 12,500 crore, representing 64 percent of the company's total standalone revenue between FY21 and FY24, were misrepresented. The auditor allegedly did not seek finer details such as invoices while auditing the company.

Also, Mehta executed gold derivative trades in his personal capacity. He sold Rs 11,487 crore worth of such contracts and purchased Rs 11,488 crore through a Sebi registered broker Affluence. These were reported as transactions carried out by the company.

The auditor also allowed reduction in long outstanding receivables worth Rs 2,914 crore through opaque netting arrangements without adequate disclosures explaining the nature and basis of such adjustments, the market regulator said.

The auditors also failed to present a true and fair view of the company's financial position by incorrectly including intra-group investments worth Rs 2,501 crore (as on March 31, 2025) and intra-group trade payables worth Rs 1,457 crore (as on March 31, 2025) and Rs 1,379 crore (as on March 31, 2024) in consolidated statements, the interim order said.

The auditors also failed to flag that REL's consolidated statements incorrectly included intra-group investments of Rs 2,501 crore and intra-group trade payables of Rs 1,457 crore (as on March 31, 2025) and Rs 1,379 crore (as on March 31, 2024), which should have been eliminated under standard consolidation accounting, the Sebi order said.

Report by Pawan Burugula & Swaraj of Network18

04/06/26, Stocks to Watch Today

 Bharat Heavy Electricals 

BHEL has received a contract worth Rs 2,000–2,500 crore from Dangote Petroleum Refinery & Petrochemicals Free Zone, Nigeria.

The contract involves the design, manufacturing, supply, and supervision of the erection and commissioning of eight gas turbine generators for its petroleum refinery and polypropylene plant located in the Dangote Industries Free Zone, Nigeria.

 Agarwal Industries Corporation 

The company has secured an order worth Rs 477.5 crore from Hindustan Petroleum Corporation for the supply of bulk bitumen at its Mumbai and Mangalore locations, aggregating 1,30,000 MT.

 Jain Irrigation Systems

The company has commissioned a high-tech, industrial-scale biochar facility with an annual capacity of around 20,000 tonnes in Jalgaon, Maharashtra, along with its partners. The facility advances climate-smart agriculture, circular manufacturing, and engineered carbon removal at a commercial scale.

Hero Motocorp 

Hero MotoCorp has unveiled its first flex-fuel vehicles—the iconic Splendor+ and HF Deluxe.

With this launch, India welcomes its first flex-fuel motorcycles in the 100cc segment, marking a defining milestone in the country's transition towards cleaner, self-reliant, and future-ready mobility.

JBM Auto

The company emerged as the leading player in India's electric bus segment, capturing a 49% market share in May 2026, up from 33% in April.

The company recorded 157 electric bus registrations during the month, the highest in the industry.

Steel Strips Wheels 

Mohan Joshi retired as the Deputy Managing Director of the company, effective June 3.

LTM

The company launched its new managed Secure Service Edge (SSE) solution in collaboration with Cisco.

Built on Cisco Secure Access—Cisco's dedicated SSE solution—the offering is designed for cloud-first and hybrid work environments.

By combining the robust security of Cisco Secure Access with LTM's AI-powered managed services, the solution secures access to applications and enables the secure use of AI applications and models for modern enterprises.

Indiabulls 

The Board has approved raising up to Rs 1,000 crore through the issuance of 51.55 crore warrants, convertible into an equivalent number of fully paid-up equity shares, at an issue price of Rs 19.40 per share.

The warrants will be issued to promoter group entities and non-promoter group entities through a preferential issue on a private placement basis.

 Aurobindo Pharma

The company has inaugurated TheraNym, one of India's largest dedicated biologics contract manufacturing organisations (CMOs).

The facility is intended to support MSD's supply chain for both domestic and export markets.

Central Bank of India 

The Board has approved the appointment of Vivek Kumar, General Manager (Finance & Accounts), as the Chief Financial Officer of the bank for a period of three years, effective June 3.

 Rajesh Exports 

SEBI has passed an interim ex-parte order against Rajesh Exports and its Chairman and Managing Director, Rajesh Mehta, citing prima facie findings of financial misrepresentation, fund-routing irregularities, and non-cooperation during an ongoing investigation.

According to the interim order, SEBI alleged that Rajesh Exports misrepresented consolidated revenues aggregating approximately Rs 15.15 lakh crore, representing 99.80% of its total consolidated revenue during the period from FY2020-21 to FY2024-25.

SEBI has restrained Rajesh Mehta from buying, selling, or dealing in the securities of Rajesh Exports until further orders and has also directed a fresh forensic audit.

Monthly Business Update

 Indian Energy Exchange (May YoY)

Electricity traded volume grows 18.6% to 12,983 MU

Day-ahead market (DAM) volume increases 24.9% to 4,417 MU

Real-time electricity market volume soars 15.9% to 5,529 MU

Bulk and Block Deals

 Lenskart Solutions 

SVF II Lightbulb (Cayman), an investment vehicle owned by SoftBank Group, sold 5.65 crore equity shares, representing a 3.25% stake in Lenskart Solutions, for Rs 2,873.3 crore.

Goldman Sachs Bank Europe, Societe Generale - ODI, International Monetary Fund, Fidelity Funds, Manulife Singapore, Wasatch Emerging Markets, WhiteOak Capital Mutual Fund, Quant Mutual Fund, North Rock SG VCC, Mirae Asset Mutual Fund, Kotak Funds, ICICI Prudential Mutual Fund, HDFC Life Insurance, Canara Robeco Mutual Fund, Ashoka India Equity Investment Trust, and BNP Paribas Financial Markets were the buyers of the 3.25% stake sold by SoftBank.

The transaction was executed at Rs 508.55 per share.

GMR Airports 

GQG Partners Emerging Markets Equity Fund sold 19.5 crore equity shares, representing a 1.84% stake in GMR Airports, for Rs 1,906.12 crore.

Fidelity Investment Trust, through Fidelity International Small Cap Fund, was the buyer of the 1.84% stake sold by GQG Partners.

The transaction was executed at Rs 97.75 per share.

Inventurus Knowledge Solutions 

Kedaara Capital Public Markets IFSC Fund I acquired 1.55 lakh shares in Inventurus Knowledge Solutions from Scott Hayworth for Rs 25.31 crore.

The transaction was executed at Rs 1,633 per share.

Balu Forge Industries 

Minerva Ventures Fund purchased 6.25 lakh shares in Balu Forge Industries for Rs 30.37 crore at Rs 486.04 per share.

Source:Network18

04/06/26, The Union Cabinet on Wednesday recommended an ordinance to ease tax rules for foreign investors in some categories of securities, the Times of India reported. The proposal was moved by the finance ministry, though the details were not immediately available, the report said. The move comes at a time when the rupee has weakened 6 percent against the US dollar, and foreign portfolio investors have pulled out a record Rs 2.25 lakh from Indian equities since January.

The reported tax relief proposal is being viewed as part of broader policy efforts to address pressure on the rupee and sustained foreign investor outflows from domestic markets.

According to the Times of India report, the move is likely to be part of a coordinated response with the Reserve Bank of India. The central bank is expected to announce measures on Friday after the Monetary Policy Committee meeting, which began on Wednesday.

The government has also been seeking to

 address concerns raised by various sectors through other policy steps, the report said. These include a government-guaranteed credit line for businesses, a package for exporters and adjustments in duties, including fuel, to shield the economy from the impact of the West Asia war.

The rupee's decline and continued FPI withdrawals have emerged as key areas of concern for policymakers, the report said.

Foreign investors currently pay a withholding tax, or tax deducted at source, of 20 percent on interest income from government bonds. Until July 1, 2023, the rate stood at 5 percent on income from government securities, state development loans and rupee-denominated bonds.

In the run-up to the Union Budget, representatives of foreign portfolio investors had sought tax changes, including a review of the capital gains tax regime for listed securities. They had also argued against the levy of both the capital gains tax and the securities transaction tax.

Tax experts cited in the report said the government has, over the years, increased long-term and short-term capital gains tax while also levying securities transaction tax. They said this has made investments in India less attractive.

The proposed ordinance, if notified, would mark another step in the government's attempt to respond to concerns around foreign investor participation at a time of currency weakness, market outflows and external pressure from the West Asia conflict.

source:Network18

04/06/26, Trade Setup for today by FinancialExpress

The global markets are cautious as the uncertainty over the US and Iran negotiations has led to a jump in crude oil prices. Following this, the GIFT Nifty is indicating a negative start, down 17 points or 0.07% to trade at 23,315.

Earlier on Wednesday, the NSE Nifty 50 closed the session 78 points or 0.33% lower at 23,406, while the BSE Sensex fell 304 points or 0.41% to close at 74,346.

Key global and domestic cues to know on June 04, 2026

👉Asian Markets

Asia-Pacific markets opened deep in the red on Thursday following losses on Wall Street overnight, as tension between the US and Iran led to a rise in crude prices. South Korea’s Kospi fell 2%, but the small-cap Kosdaq advanced over 2% as trading resumed after a holiday. Japan’s Nikkei 225 fell 1.4% after hitting a record high in the previous session, while the Topix declined 0.91%. Hong Kong Hang Seng index futures were at 25,312, lower than the index’s last close of 25,633.21.

👉US markets

The futures tied to the US equity benchmarks fell on the back of elevated geopolitical tensions. Futures tied to the S&P 500 index fell by 0.5%, while Nasdaq 100 futures shed 0.7%. Dow Jones Industrial Average futures were trading near the flatline.

Overnight, the Dow Jones Industrial Average pulled back 620.72 points, or 1.21%, to end at 50,687.07. The S&P 500 fell 0.74% to end at 7,553.68, while the tech-heavy Nasdaq Composite declined 0.89% to 26,853.98.

👉Crude oil

West Texas Intermediate (WTI) crude futures are hovering around $95.43 per barrel. On the other hand, Brent crude futures traded at $97.07 this morning. To put this in perspective, Brent crude was trading around $90 a barrel on May 29, due to geopolitical uncertainty, the prices have risen in the past few sessions. On COMEX, crude prices dropped 0.59% to trade at $95.45 a barrel. 

👉Gold rate today

The rate for 24-carat gold today is Rs 1,58,340 per 10 grams. The price of gold has fallen by 0.50% from yesterday. The 24 kt gold rate today in Delhi is Rs 1,58,050 per 10 grams. The 18-carat gold price today in India is Rs 1,18,755. The 24-carat gold rate in Dubai today is Rs 1,49,590. On COMEX, the precious metal was trading at a price of Rs 4,476.80 an ounce, up 0.22%.

👉Silver rate today

In India, the silver rate declined 1.3% to Rs 2.63 lakh per kilogram. On COMEX, Silver prices traded 0.20% lower at $73.55 per troy ounce. Silver had surged to record highs in January amid geopolitical tensions and economic uncertainty, with heavy speculative buying pushing prices higher, but soon faced volatility.

👉FII, DII data

Foreign institutional investors (FIIs) were the net sellers of shares worth Rs 5,616.56 crore. On the other hand, the Domestic institutional investors (DIIs) were the net buyers of shares worth Rs 5,740.89 crore on June 03, 2026, according to the provisional data available on the NSE.

👉US dollar 

The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, was trading 0.09% lower at 99.45. The index evaluates the strength or weakness of the US dollar in comparison to major currencies. The basket contains currencies such as the British Pound, Euro, Swedish Krona, Japanese Yen, Swiss Franc, etc. The rupee depreciated 0.45% to close at 95.71 to the dollar on June 03.

👉Top sectors in Wednesday’s trade

The Artificial Intelligence (AI) sector stocks rose the most in Wednesday’s trade, rising 4.11% in market capitalisation. Further, Information Technology stocks were followed by the Electronics sector stocks, which were further followed by the Digital sector stocks. However, the Insurance stocks fell the most, declining 0.73%.

click on blues for more

Source:The FinancialExpress

04/03/26, Retail Investors

India’s stock markets are among the world’s largest and most technologically advanced, processing millions of trades within fractions of a second every day. Yet beneath the speed and sophistication lies a striking contradiction: while the market ecosystem has become increasingly efficient, ordinary investors continue to lose heavily.

An analysis by Ahaana Bisarya of NIST International School examines this widening divide, questioning whether India’s modern financial markets are truly efficient for all participants.

According to data from the Securities and Exchange Board of India (Sebi), 91% of individual derivative traders ended FY2025 with losses, collectively losing nearly Rs 1.05 trillion. Between FY22 and FY24, 93% of retail traders in the futures and options (F&O) segment lost money, with aggregate losses reaching Rs 1.8 lakh crore.

The findings challenge the Efficient Market Hypothesis (EMH), the long-standing theory that stock prices reflect all publicly available information, leaving little room for investors to consistently outperform the market.

India presents a more complicated reality

The National Stock Exchange (NSE), now among the world’s largest exchanges with a market capitalisation exceeding $5 trillion, has witnessed a rapid rise in algorithmic and high-frequency trading since SEBI introduced the framework in 2010. Today, algorithmic traders account for more than half of NSE equity volumes.

Research based on one-minute Nifty 50 spot and futures data suggests the derivatives market now leads the cash market in price discovery. Studies show futures account for 54.6% of price discovery compared with 45.4% for the spot market. In permanent price changes, the gap widens even further.

The reason is largely structural. Futures markets attract institutional investors equipped with sophisticated algorithms, lower transaction costs and the ability to execute trades within milliseconds. Retail investors, by contrast, often respond after information has already been priced in.

Behavioural patterns further widen the gap. Many first-time investors entered the F&O segment during the recent retail trading boom, influenced heavily by social media trends and herd behaviour during volatile sessions.

Although Sebi introduced reforms in October 2024 to curb excessive derivatives activity, trading volumes remain elevated.

The result, the analysis argues, is effectively two parallel markets operating within the same exchange: one fast, data-driven and institutionally advantaged; the other slower, emotionally driven and structurally disadvantaged. India’s markets may indeed be efficient — but that efficiency is far from evenly distributed.

Source: FinancialExpress

04/06/26, Indian Rupee

 The Indian rupee fell on Wednesday for a second straight day as renewed US–Iran attacks pushed oil prices higher. The currency weakened to a low of 95.80 against the dollar before settling at 95.71, down 44 paise from the previous close. 

Oil prices rose 2.34% to $98.25 per barrel on Wednesday. The rupee has surrendered most of its earlier gains. During the past two weeks, the rupee rose to 95 per dollar from the record low of 96.83.  

“Buying pressure was driven mainly by demand from oil importers and FPIs. Renewed Middle East hostilities pushed oil prices higher and led to a decline in the currency. However, the RBI likely sold dollars at 95.80, capping further losses,” said Anil Kumar Bhansali, head of treasury, Finrex Treasury Advisors LLP. 

In 2026 so far, the domestic currency declined 6.5%, with the bulk of depreciation happening after the onset of the West Asia war in late February. This marks the rupee as the second worst-performing Asian currency in 2026. Over the past one year, the rupee has fallen 10.4%. 

In the near-term, currency traders and analysts expect the rupee to trade in the range of 95-96.

“Report on the government considering measures to attract inflows into the debt market and opening up more bonds under the fully accessible route has eased pressure. That news gave markets relief and the rupee strengthened marginally thereafter,” said Dilip Parmer, research analyst, HDFC Securities.

Bloomberg reported on Wednesday that the government may announce measures as early as this week to attract more foreign investment, including tax cuts and lifting ownership limits on certain bonds.

Market participants now await the outcome of the monetary policy committee meeting, which is scheduled to be announced this Friday. They expect the RBI to announce some measures to support the currency. However, the majority of the participants are not of the view that RBI should deploy a rate hike to manage the exchange rate.  

click on blues for more 

Source: FinancialExpress

04/06/26, Investigation into Rajesh Exports

The Securities Exchange Board of India has ordered an investigation into Rajesh Exports and its Executive Chairman Rajesh Mehta for allegedly misrepresenting financial statements aggregating ₹15 lakh crore. This represents 99.8% of the company’s total consolidated revenue during FY21-FY25. The regulator also restrained Mehta from trading the company’s securities in any form until further orders. 

 A series of violations were found, as per Sebi’s interim order, including non-disclosure of material consolidated financial information, non-availability of financial statements of subsidiaries and step-down subsidiaries, non-availability of information at consolidated levels, misrepresentation of financial statements in annual reports, false claim of investment in gold mine in Africa, and non-cooperation by the company and its chairman, as per Sebi’s interim order. 

Regulator says company hampered SEBI’s probe

The regulator alleged that the company hampered its probe by not providing the required financial information and “furnishing varying and inconsistent submission” at different stages of investigation. 

The regulator’s primary investigation showed that the company falsely recorded derivatives transactions of Mehta as its own – sales worth ₹11,487 crore and purchases worth ₹11,488 crore. It also incorrectly recorded exchange fluctuation amounting ₹867 crore as revenue from operations and ₹716 crore as purchases. 

In March 2024, Sebi had received a complaint from a shareholder who alleged potential financial misrepresentation in the company’s books for a large sum of trade receivables outstanding for more than 2 years. The regulator found that Rajesh Exports artificially reduced long-outstanding receivables amounting ₹29.14 crore through opaque netting arrangements without giving adequate public disclosures explaining the basis of such adjustments. 

The company also failed to give access to its books of accounts and had also refused to share data about its foreign subsidiaries, “taking shelter under the Swiss Federal Act on Data Protection,” as per the interim order. Ledgers of the company were found to be deficient since narrations were only partially visible, Sebi said, adding that the omission of corresponding ledger account names rendered it impossible to identify the true nature or purpose of the recorded transactions. 

While Rajesh Exports stated its audited financial statements of overseas entities for FY21-FY23 were consolidated at its subsidiary Rajesh Singapore’s level, available records showed that this arm itself did not prepare any such statements, Sebi said. When the regulator was further given access to these statements, it found the subsidiary had no revenue from operations and that another arm ACC Energy also reported negligible revenues. 

“…the conduct of REL (Rajesh Exports) prima facie reveals a coordinated pattern of financial misrepresentation, concealment and regulatory noncompliance extending across multiple financial years,” Sebi Whole Time Member (WTM) Kamlesh Chandra Varshney said in the order. The company also defrauded investors by portraying an inflated and misleading picture of its operational scale, balance sheet size, and financial health, Varshney added.

On Wednesday, shares of the company closed almost 3% higher at ₹109.99 on the National Stock Exchange. However, the stock has fallen more than 38% so far in 2026 and has also lost almost 80% of its value in the last 5 years. 

Written by AnjanaTherese Anthony,  FinancialExpress

03/06/26, Iran vs America and Israel cum UAE

Iran War latest news: Key Developments June 3

1. The military adviser to Iran’s supreme leader Mojtaba Khamenei warned of more missile and drone strikes should the United States renew its attacks on Iran.
2. US President Donald Trump said Iran has agreed it will not obtain a nuclear weapon and claimed that Iran’s supreme leader is involved in negotiations with the United States. Trump also said he could meet Iran’s supreme leader at some point in the future.
3. Tensions across the Middle East rose sharply after Iran launched missiles toward Kuwait and Bahrain, while the United States carried out fresh strikes on Iran’s Qeshm Island, opening a new front in the already volatile regional conflict.
4. US Central Command (CENTCOM) said the military action on Qeshm Island was a direct response to attempted Iranian attacks across the Middle East and involved strikes on an Iranian military ground control station.
5. Kuwaiti civil aviation authorities said the country’s main airport has partially reopened after sustaining damage in an Iranian attack.
6. CENTCOM stated that Iran fired several ballistic missiles toward regional neighbours, but none successfully reached their intended targets.
7. Earlier on the same day, the US military said it had disabled an oil tanker traveling toward an Iranian port by striking the vessel with a Hellfire missile.
8. The IRGC said it launched missiles at a Liberian-flagged vessel identified as the Panaya near the Strait of Hormuz
9. Rubio has ruled out lifting sanctions on Iran in return for a full reopening of the Strait of Hormuz, saying any sanctions relief would depend on Tehran giving up its stockpile of enriched uranium.
10. Brent crude oil is trading at approximately $95.95 to $96.15 per barrel.
11. Trump denied reports that US-Iran talks had stalled, calling them “fake news.”

03/06/26, Did RBI sell Gold?

The Reserve Bank of India has issued a sharp clarification following claims that it had sold gold to ‘save’ forex reserves. The central bank said its physical stock of gold “remained unchanged at 880.52 tonnes as on date” — urging people to rely solely on official information. The fact-check came soon after a Bloomberg report suggested the RBI may have sold gold worth roughly $12 billion ⁠in the two ​weeks through May 22. 

“The Reserve Bank of India (RBI) has come across reports in certain sections of the media about RBI’s sale of gold. The RBI emphasizes that these reports are not correct. In this context, it is clarified that the physical stock of gold is disclosed by RBI in its Monthly Bulletin,” the Central bank wrote in a press release.

Controversy had erupted earlier on Wednesday after a Bloomberg report suggested that India “may have offloaded a portion of its gold holdings to shield its foreign-currency assets from the cascading fallout of the war in the Middle East”. The publication cited an analysis by Bloomberg Economics “based on publicly available data” to underscore its assertion — claiming in its headline that “RBI May Have Sold Gold to Save FX Reserves”. The report had also promoted a fact check from the Press Information Bureau.

“This claim is fake. According to RBI, the share of gold in India’s foreign exchange reserves rose from 13.92% at the end of September 2025 to 16.70% on March 31, 2026, and further to 16.85% as of May 22,” the Press Information Bureau fact-checked.

A separate X post from the central bank also confirmed that its physical gold stock has remained constant at 880.52 tonnes for most of 2026. The RBI had purchased a small amount of gold — 0.13 tonnes — in January 2026 after a four-month hiatus.

Gold valuation surges in forex reserves

The Reserve Bank has steadily increased its exposure to gold in forex reserves — with valuation rising more than 64% over the past year to nearly Rs 11 lakh crore. This has been driven by a sharp rise in global gold prices and a decline in the rupee’s value relative to the dollar. Both factors remain heavily tied to the ongoing Iran war and broader geopolitical uncertainties. Weekly data reveals that the total gold valuation had climbed to Rs 10,98,889 crore by May 22.

Gold prices slipped on Wednesday as renewed hostilities in the Middle East pushed crude higher and US-Iran talks stalled yet again. US ⁠Secretary of State Marco Rubio said on Tuesday that President Donald Trump’s negotiating team has not offered ‌Iran sanctions relief in exchange for reopening the Strait of Hormuz.

“The market is now looking at the possibility that this ceasefire with Iran may not hold, even though Trump is going to push for a peace ⁠deal resolution. If we start to see further escalation, that could ⁠also dampen whatever ‌recovery that gold might have had,” Kelvin ⁠Wong, a senior market analyst at OANDA, told Reuters.

Iran war ramps up pressure on economy

The RBI bulletin released on May 22 noted that the conflict in West Asia continued to exert pressure on commodity markets, global trade flows and supply chains — contributing to volatility in financial markets. But the missive assured that “robust services exports, positive net FDI flows, foreign exchange reserve buffers and a number of proactive policy measures” were likely to cushion the economy against external headwinds.

Source:FinancialExpress

03/06/26, Market Early Hours News

 The benchmark equity indices Sensex and Nifty fells sharply on Wednesday as uncertainty over ​a U.S.-Iran peace deal kept ‌investors risk-averse, while higher oil prices and persistent foreign outflows also weighed on ​sentiment.

At around 9:30 a.m., the Sensex was down 796.56 points or 1.07 percent at 73,853.28, while the broader Nifty declined to 23,268.60, down 214.95 points or 0.92 percent.

Key factors behind market decline

1) US-Iran tensions: Gulf hostilities flared anew, with the ​U.S. military saying Iranian missile attacks on ⁠Bahrain, Kuwait and other regional ​targets either were thwarted or unsuccessful, ​as diplomacy between Washington and Tehran showed little progress.

2) Rising crude oil prices: The brent crude oil prices surged more than 1 percent to over $97 a barrel.

3) Rising Vix: The fear gauge or the volatility index rose nearly 8 percent to 16.57 level, indicating hightened uncertainity.

Technical Outlook

Anand James, Chief Market Strategist at Geojit Investments, said "Lower bollinger band support helped prices swing higher from the opening low yesterday, while the gains were limited to the 23500, on expected lines. If the dips are contained in the 23400-380 region today, a renewed push towards 23700 could be seen. Inability to do so should expose 23126-22800 again."

Source: Network18, Money control 

03/06/26, PreOpening News

Benchmark indices Sensex and Nifty are likely to open little changed on Wednesday, with GIFT Nifty indicating a flat-to-negative start. Rising crude oil prices and renew8ed hostilities in the Middle East have offset positive cues from Wall Street and record highs across several Asian markets.

GIFT Nifty was trading at 23,473 in early trade, down 20 points or 0.08 percent from the previous close, signalling a subdued opening for domestic equities. The indication comes after Indian markets ended higher on Tuesday, with the Sensex rising 383 points and the Nifty gaining 101 points as broad-based buying helped benchmarks recover from early weakness

Global cues were mixed. Wall Street ended marginally higher overnight, with the Dow Jones Industrial Average rising 229 points, or 0.45 percent, to 51,307.79. The S&P 500 gained 0.13 percent to 7,609.90, while the Nasdaq Composite edged up 0.03 percent to 27,093.90 as enthusiasm around artificial intelligence continued to support technology shares.

Asian equities also remained resilient. MSCI's Asia-Pacific index rose 0.3 percent to a record high, while Japanese stocks advanced. Several regional benchmarks remained near all-time peaks, extending the AI-driven rally that has propelled global equities higher in recent weeks.

However, sentiment remained restrained by renewed geopolitical tensions in the Middle East. Oil prices climbed for a third consecutive session after reports that Iran fired missiles towards Kuwait and Bahrain, prompting retaliatory action by U.S. forces near the Strait of Hormuz. The latest flare-up comes despite tentative progress in U.S.-Iran negotiations, which have yet to result in a formal agreement.

Brent crude rose more than 1 percent to around $97 per barrel, while U.S. West Texas Intermediate crude climbed above $94.5 per barrel. The rise in crude prices is likely to remain a key concern for Indian investors given its implications for inflation, corporate margins and the country's import bill.

Foreign institutional flows also remain a headwind. FIIs sold equities worth Rs 8,362 crore on June 2, extending their selling streak to five consecutive sessions. Domestic institutional investors continued to absorb much of the pressure, purchasing equities worth Rs 9,589 crore during the session.

According to Ponmudi R, CEO of Enrich Money, markets are expected to remain cautious and highly headline-driven as investors await clearer signals from the U.S.-Iran diplomatic process. Elevated crude oil prices and continued foreign fund outflows remain key risks, though strong domestic liquidity is helping cushion the impact of external pressures.

On the technical front, Ponmudi said the Nifty has defended the crucial 23,250 support zone and now faces immediate resistance in the 23,500-23,550 range. A sustained move above this zone could trigger a recovery towards 23,750-23,800, while a decisive break below 23,150 could expose the index to the 23,000 mark. For Bank Nifty, the key hurdle remains the 54,000 level, with support placed in the 53,200-53,000 zone.

Source: Network18 

03/06/26, Macroeconomic Report

India’s macroeconomic outlook has weakened following the ongoing West Asia conflict, but Kotak Institutional Equities remains constructive on corporate earnings and the broader market. In a strategy note authored by Sanjeev Prasad and the Kotak Institutional Equities team, the brokerage said  Nifty50 earnings are likely to grow 18% in FY27 and 14% in FY28 after muted growth of 8% in FY26. 

Kotak said stronger profit growth from financials, global commodities, global services, global products and utilities should support earnings despite mounting concerns over crude oil prices. The brokerage warned that higher energy prices could pressure growth, inflation, the fiscal deficit and the current account deficit. 

However, Kotak said the eventual economic outcome will largely depend on the duration of the conflict. It will also depend on the availability of oil and natural gas supplies through the Strait of Hormuz.

Kotak says earnings growth remains the biggest support for the market

Despite rising macroeconomic risks, Kotak said earnings expectations remain relatively healthy.

The brokerage expects Nifty50 net profit growth of 18% in FY27 and 14% in FY28. It expects recovery is supported by the composition of listed-market earnings. Global commodities, global services, global products, and utilities account for a large share of profits. The brokerage also pointed to a favourable base effect in financials after a relatively weak FY26.

Kotak said, “We expect FY27 and FY28 net profits of the Nifty-50 Index to grow 18% and 14% after a muted 8% in FY26.”

The brokerage said stronger earnings from these sectors could help offset pressures emerging from higher energy costs and slowing domestic demand. However, Kotak added that risks remain if disruptions to oil and gas supplies continue for an extended period.

India’s economic outlook now hinges on developments in West Asia

Kotak said the conflict has significantly altered the macroeconomic outlook.

India’s growth trajectory, inflation outlook, fiscal position, and external balances remain closely linked to crude oil and natural gas prices. The developments in the Strait of Hormuz will remain critical. India’s dependence on energy imports routed through the region makes the waterway particularly important.

“India’s macro-economic outlook has deteriorated given higher global oil and gas prices since the start of the West Asia war and 1HFY27/FY27 macro-economic situation will depend on the extent and duration of the ongoing conflict,” said the domestic broker.

The brokerage said its base-case scenario assumes the conflict eases over the coming weeks and energy supplies gradually normalise. Kotak added that a prolonged disruption could result in significantly greater economic pressure.

Oil remains the biggest risk factor

A sharp rise in crude oil prices remains one of the most important risks identified by the brokerage.

Around 42% of India’s crude oil imports during FY26 passed through the Strait of Hormuz. Around 55% of liquefied natural gas imports came through the region. Nearly 88% of liquefied petroleum gas imports also originated from the Middle East. According to the brokerage, any prolonged disruption could have meaningful consequences for the economy.

“High oil prices are negative for India’s CAD/BoP, fiscal deficit, growth and inflation and the impact of crude oil prices is non-linear,” said Kotak.

The brokerage estimates India’s current account deficit at 2.5% of gross domestic product in FY27 under its base-case scenario. This estimate assumes an average crude oil price of $95 per barrel. In a more adverse environment, the current account deficit could widen to 3% of gross domestic product.

Kotak warns inflation could become a bigger challenge in FY27

Inflation risks have increased despite the benign trend seen in FY26. Kotak expects average consumer price inflation to rise to 5% in FY27 from 2.5% in FY26. 

The brokerage said higher crude oil prices are one source of risk. Elevated raw material costs, food inflation, and weather-related challenges could also contribute to higher inflation during the year.

Kotak said, “Inflation may surprise negatively.”

The brokerage noted that companies have already begun raising prices to offset higher costs. Kotak added that any increase in retail fuel prices would have a direct impact on inflation. Higher transportation costs could spread inflationary pressures across the economy.

The brokerage also pointed to the India Meteorological Department’s forecast of below-normal monsoon conditions in 2026, which could create additional pressure on food prices.

Valuations remain uneven across sectors

Kotak said market valuations continue to vary significantly despite recent volatility.

The brokerage said consumption stocks remain expensive. Financials trade at attractive-to-fair valuations. Investment-linked sectors continue to command rich valuations. Information technology services and pharmaceutical companies trade at fair-to-expensive levels.

Kotak said, “The Indian market’s valuation is a mixed bag after the helter-skelter price movements in the past few weeks.”

The brokerage also said pockets of excess valuation remain visible within sections of the mid-cap and smal-cap universe. Investor enthusiasm remains elevated in several thematic segments. The brokerage also noted strong enthusiasm among certain public-sector companies.