Gold futures on MCX are holding above key support levels as rupee weakness nears record lows, boosting domestic prices despite global softness. Analysts say MCX gold is showing early signs of base formation, with consolidation above Rs 1.58 lakh potentially paving the way for further upside if momentum sustains.
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Indian stock markets are caught between global worries and strong domestic company profits. Foreign investor activity, oil price swings, and economic news are shaping market mood. Samir Arora of Helios Capital believes current market jitters are more about perception than lasting damage. He notes corporate earnings are exceeding expectations.
Narendra Modi has urged citizens to conserve fuel, avoid non-essential spending, and work from home where possible amid rising geopolitical tensions in West Asia. While aimed at tackling short-term economic pressures, the appeal is also accelerating an ongoing shift in India’s housing market, as remote work continues to influence home-buying preferences and living patterns.
The National Stock Exchange of India (NSE) has launched live trading in its Electronic Gold Receipts (EGR) segment, enabling investors to trade gold digitally via demat accounts. Backed by physical gold stored in regulated vaults, EGRs allow flexible denominations and exchange-based trading. The initiative aims to deepen India’s bullion market and improve transparency in gold pricing.
Indian bank stocks tumbled, dragging the Nifty Bank index down as a weakening rupee and rising global bond yields soured market sentiment. Several major banks saw significant declines, with analysts pointing to key technical levels. The rupee hit an all-time low against the dollar, exacerbating concerns for the financial sector.
Bharti Airtel has overtaken HDFC Bank to become India’s second most valuable listed company. Airtel shares rose over 2%, taking its market capitalisation to around Rs 11.8 lakh crore, while HDFC Bank shares fell more than 2%, reducing its market cap to nearly Rs 11.7 lakh crore. Reliance Industries remains India’s most valuable company with a market capitalisation of about Rs 18 lakh crore.
Hindustan Zinc shares fell as silver prices crashed sharply on Multi Commodity Exchange of India. MCX silver plunged over Rs 5,000 per kg in a day and has corrected nearly 13% from recent highs following the government’s import duty hike, amid rising Iran war tensions and fading hopes of a rate cut.
Global markets remain resilient despite the prolonged Iran conflict, rising oil prices and bond volatility, as AI optimism drives equities higher. Investors await G7 discussions, Nvidia earnings and key global economic data.
Hindustan Aeronautics (HAL) shares fell sharply in three days post-Q4 results, even as major brokerages like Jefferies, Nuvama and Equirus raised target prices. Despite a modest profit and revenue rise, execution delays and softer margins weighed on sentiment. However, strong order backlog and upcoming Tejas Mk1A deliveries keep long-term outlook positive.
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