Market breadth remained weak, with 2,756 stocks declining against 1,278 advancing on the BSE, where 4,218 stocks were traded. | Photo Credit: istock.com

Benchmark indices staged a recovery on Monday afternoon, reversing subdued opening trades to climb into positive territory as investors regained composure following the sharp Budget-led sell-off from the previous session. The BSE Sensex rose 583.49 points or 0.72 per cent to 81,306.43, while the NSE Nifty gained 133.05 points or 0.54 per cent to 24,958.50 as of 1.10 pm.

The indices opened lower, with the Sensex starting at 80,555.68 against its previous close of 80,722.94, and the Nifty opening at 24,796.50 against 24,825.45. However, steady buying interest through the session lifted both benchmarks into positive territory by early afternoon.

TMT Power and Infra led Nifty gainers with a surge of 4.35 per cent to ₹359.65, followed by Power Grid Corporation which jumped 4.12 per cent to ₹261.70. Adani Ports climbed 3.31 per cent to ₹1,389.40, Tata Consumer Products advanced 3.21 per cent to ₹1,122.20, and Reliance Industries gained 2.70 per cent to ₹1,383.40.

On the losing side, Shriram Finance declined 5.05 per cent to ₹947.20, emerging as the top Nifty loser. Max Healthcare fell 2.77 per cent to ₹949.65, Cipla dropped 2.14 per cent to ₹1,300.50, Axis Bank slipped 1.66 per cent to ₹1,318.10, and Infosys declined 1.39 per cent to ₹1,631.50.

Market breadth remained weak, with 2,756 stocks declining against 1,278 advancing on the BSE, where 4,218 stocks were traded. A total of 310 stocks hit 52-week lows compared to 68 touching 52-week highs, while 211 stocks were locked in lower circuits against 163 in upper circuits.

Sectoral indices showed mixed performance, with Nifty Next 50 down 0.12 per cent at 66,278.65, Nifty Financial Services declining 0.21 per cent to 26,644.20, and Nifty Bank falling 0.33 per cent to 58,224.45. Mid and small-cap indices underperformed, with Nifty Midcap 100 down 0.44 per cent at 56,870.95 and Nifty Smallcap 100 sliding 0.90 per cent to 16,270.80.

Amnish Aggarwal, Director of Institutional Research at PL Capital, said the Budget carried forward focus on infrastructure, renewables, defence, logistics clusters, tourism, value-added farming and data centers which would help sustain strong growth momentum. He added that while markets were spooked by lack of direct announcements, increased STT rates on F&O and dashed hopes of LTCG reduction, a bottom-up approach would be better to navigate current uncertainty, remaining constructive on banks, NBFCs, automobiles, select staples, jewellery, select durables, hospitals, defence, ports and telecom stocks.

Published on February 2, 2026

FILE PHOTO: Gold rate today. | Photo Credit: Hollie Adams

Gold prices in India saw a decrease in all key cities. The price for 8 grams of 24-carat gold also dropped in all cities compared with the previous session. Below is a detailed breakdown of gold prices in key cities.

Gold rates in India:

Gold prices in India were as reported today ₹13,940 for 1 gram of 22-carat gold (down by ₹830) and ₹1,11,520 for 8 grams of 22-carat gold (down by ₹6,640).

Gold Rate in Mumbai:

22 Carat: gold price in mumbai were ₹13,940 for 1 gram of 22-carat gold (down by ₹830) and ₹1,11,520 for 8 grams of 22-carat gold (down by ₹6,640).

24 Carat: gold price in mumbai as reported today were ₹14,637 for 1 gram of 24-carat gold (down by ₹872) and ₹1,17,096 for 8 grams of 24-carat gold (down by ₹6,976).

Gold Rate in Chennai:

22 Carat: gold price in chennai today were ₹13,950 for 1 gram of 22-carat gold (lower by ₹950) and ₹1,11,600 for 8 grams of 22-carat gold (down by ₹7,600).

24 Carat: gold price in chennai today were ₹14,648 for 1 gram of 24-carat gold (down by ₹997) and ₹1,17,184 for 8 grams of 24-carat gold (down by ₹7,976).

Gold Rate in Hyderabad:

22 Carat: gold price in Hyderabad today were ₹13,950 for 1 gram of 22-carat gold (lower by ₹950) and ₹1,11,600 for 8 grams of 22-carat gold (down by ₹7,600).

24 Carat: gold price in Hyderabad today were ₹14,648 for 1 gram of 24-carat gold (down by ₹997) and ₹1,17,184 for 8 grams of 24-carat gold (down by ₹7,976).

Gold Rate in Delhi:

22 Carat: gold price in delhi today were ₹13,990 for 1 gram of 22-carat gold (down by ₹830) and ₹1,11,920 for 8 grams of 22-carat gold (down by ₹6,640).

The gold price in delhi today were ₹14,690 for 1 gram of 24-carat gold (down by ₹871) and ₹1,17,520 for 8 grams of 24-carat gold (down by ₹6,968).

Gold Rate in Ahmedabad:

22 Carat: gold price in Ahmedabad today were ₹13,994 for 1 gram of 22-carat gold (down by ₹830) and ₹1,11,952 for 8 grams of 22-carat gold (down by ₹6,640).

24 Carat: gold price in Ahmedabad today were ₹14,694 for 1 gram of 24-carat gold (down by ₹871) and ₹1,17,552 for 8 grams of 24-carat gold (down by ₹6,968).

Gold Rate in Bengaluru:

22 Carat: gold price in Bengaluru today were ₹14,000 for 1 gram of 22-carat gold (down by ₹830) and ₹1,12,000 for 8 grams of 22-carat gold (down by ₹6,640).

24 Carat: gold price in Bengaluru today were ₹14,700 for 1 gram of 24-carat gold (down by ₹872) and ₹1,17,600 for 8 grams of 24-carat gold (down by ₹6,976).

Gold Rate in Kolkata:

22 Carat: gold prices in kolkataa today were ₹14,040 for 1 gram of 22-carat gold (down by ₹830) and ₹1,12,320 for 8 grams of 22-carat gold (down by ₹6,640).

24 Carat: gold price in Kolkata today were ₹14,742 for 1 gram of 24-carat gold (down by ₹872) and ₹1,17,936 for 8 grams of 24-carat gold (down by ₹6,976).

Gold Rates Courtesy: bankbazaar.com

Published on February 2, 2026

Indian gold and silver spot and futures continued to tumble on Sunday, when trading was open for the Budget presentation by Finance Minister Nirmala Sitharaman. The white precious metal, in particular, plunged in the spot market by over 25 per cent compared with the Friday’s close.

In the Mumbai spot market, gold closed at ₹1,48,697 per 10 gm compared with the previous close of ₹1,68,475, a fall of almost 12 per cent. Silver was quoted at ₹2,65,751 a kg against the previous close of ₹3,57,163.

At end of trading on MCX, gold April futures ended over ₹3,100 lower to ₹1,48,104 per 10 gm. Silver March futures recovered a tad but was till lower by over ₹26,000 to ₹2,65,652 a kg.

The price fall in the futures market is in line with the crash that was witnessed on Friday in the global market. Gold, which soared to $5,608 an ounce earlier in the week, plunged to $4,887 at the end of trade on Friday. On COMEX, gold April futures ended at $4,763.

Silver, which peaked at $122 an ounce earlier in the week, plunged to $84.63 an ounce. Silver March futures closed even lower at $78.32 an ounce.

Published on February 1, 2026

gold and silver Prices traded in a volatile range on Monday as markets digested last week’s sharp correction, with both metals holding above key support levels despite continued pressure from a stronger US dollar and higher Treasury yields.

COMEX gold traded near $4,580-$4,700, down from highs above $4,900, while MCX gold futures hovered in the ₹1,38,000-₹1,48,000 range after marking all-time highs near ₹1,80,779 last week. COMEX silver traded around $75-$85, significantly below record highs above $121.6, while MCX silver consolidated near ₹2,50,000-₹2,60,000 after touching ₹4,20,048.

“Gold and silver prices fell sharply from their record highs after the US President selected Kevin Warsh as the next Fed Chairman. Investors reacted negatively because Warsh is considered more aggressive on interest-rate policy than earlier leaders,” said Rahul Kalantri, VP Commodities, Mehta Equities Ltd.

“The decline was further supported by a stronger US dollar, higher Treasury yields, and upbeat US inflation data (PPI and core PPI). In India, no change in import duty in the Union Budget removed the domestic premium in bullion,” Kalantri added.

Market observers noted the correction appeared technical rather than structural. “COMEX Gold is trading near the $4,580-$4,700 key reference zone, cooling off after the sharp spike above $4,900. While the broader market trend remains constructive, the recent vertical rally pushed momentum indicators into overbought territory, leading to heat-driven profit booking,” said Ponmudi R, CEO of Enrich Money.

“Despite this, prices continue to hold above major moving averages, indicating that the ongoing correction is technical and orderly rather than trend-reversing. Strong buying interest is emerging in the $4,500-$4,400 support band,” Ponmudi added.

For MCX gold, analysts maintained a cautiously optimistic outlook. “MCX Gold futures are trading near major structural points within the ₹1,38,000-₹1,48,000 range. The broader structure remains bullish, though the market is witnessing sharp intraday swings, reflecting short-term overheating and tactical profit booking after the recent vertical rise,” Ponmudi said.

“The rising channel remains intact, and pullbacks continue to attract buyers, suggesting selling pressure is being absorbed efficiently. The ₹1,43,000-₹1,45,000 zone continues to act as a strong dynamic support,” he added.

Silver markets showed similar patterns of consolidation. “COMEX Silver is trading around key consolidation points in the $75-$85 zone, after testing record highs above $121.6. The metal remains within a broader rising structure, but the recent move left prices overbought, resulting in sharp rise-sharp fall price action driven by aggressive profit booking,” Ponmudi noted.

“Importantly, prices are holding above key moving averages, suggesting the current pause is a healthy consolidation rather than trend exhaustion. Support is placed in the $73-$75 zone,” he said.

Kalantri provided specific technical levels for the week ahead. “Bullion markets remain highly volatile, but silver could find support near $68, while gold may hold around $4,510 this week. Gold has support at $4,655-$4,575, while resistance is at $4,840-$4,950. Silver has support at $74.8-$69.75 while resistance is at $88.15-$93.80,” he said.

For domestic markets, Kalantri added: “In INR gold has support at ₹1,39,650-₹1,36,310 while resistance at ₹1,48,850-₹1,50,950. Silver has support at ₹2,48,810, ₹2,37,170, while resistance is at ₹2,78,810, ₹2,95,470.”

The USD/INR pair traded near 91.64-92.00, providing continued support to domestic bullion prices. “USD/INR is trading near the key 91.64-92.00 reference band, holding firmly within its long-term ascending channel. The firm USD/INR trend continues to amplify MCX bullion prices, even during phases of global profit booking,” Ponmudi said.

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Published on February 2, 2026