Closing Bell: Sensex, Nifty end with marginal gains amid volatility; auto, power, pharma rally

In the highly volatile session, the benchmark indices ended on a flat note with above 20,900. At close, the Sensex was up 33.57 points or 0.05 percent at 69,584.60, and the Nifty was up 19.90 points or 0.10 percent at 20,926.30.

We wrap up today's edition of the Moneycontrol live market blog, and will be back tomorrow morning with all the latest updates and alerts. Please visit https://www.moneycontrol.com/markets/global-indices/ for all the global market action.

The Indian equity markets had a mild start, as suggested by the GIFT Nifty, but soon after the opening bell, the benchmark index Nifty50 underwent steep profit booking and slipped towards 20770. However, the bulls soon retaliated from the salient support zone and made a modest recovery throughout the latter half of the session. Amidst the tug of war, the Nifty50 index eventually settled the volatile session on a subdued note, with a mere gain of 0.10 percent to settle a tad above the 20900 level.

As indicated in the previous trading session, a bout of followed-up profit booking was expected, which indeed was seen in our market. However, being a robust undertone, the Bulls took this as an opportunity to have a strong resurgence and not only pared down the early losses but managed to settle higher. Technically, there have been insignificant alterations in the price chart, but with the ‘long-legged Doji’ formation, volatility is likely to inch higher in the near period. On the levels front, as we allude in our previous commentary, 20850-20800, followed by 20700 is likely to be seen as a strong demand zone, and till the market sustains above the same, dips are likely to favor bulls. On the higher end, 21000 withholds a daunting task, followed by 21100, which is the reciprocal Golden (161.8%) retracement of the recent fall.

As we advance, we maintain our positive stance with a ‘buy on dips’ approach in the current market conditions. Even though the indices might witness a range-bound move, there are still ample opportunities in the broader space, keeping the buzz for traders’ fraternity. Hence, it is advisable to have a stock-centric approach while staying vigilant regarding global developments.

Despite initial concerns, the Bank Nifty index displayed strength by not breaching the crucial support of 46800 and instead witnessed a sharp rebound from lower levels. To sustain and further advance the upward momentum, the index needs to maintain levels above 47200. A decisive close above 47500, where call writers are active, could pave the way for additional gains, targeting levels of 48000/48500 in the upcoming.

The Nifty opened on a flat note and has witnessed volatile trading action. Intraday it witnessed a sharp fall and an equally sharp rebound which helped the Nifty to close with gains of ~26 points. The dip was bought into indicating buying interest at lower levels. The hourly momentum indicator has reached the equilibrium line and is now on the verge of giving a positive crossover indicating that it can start a new cycle on the upside. On the upside immediate hurdle is placed at 21000 – 21050 however once it closes above that it can witness a quick surge to 21202 – 21447. On the downside, today’s low of 20770 is a crucial support from short-term perspective.

Bank Nifty found support at the 40-hour moving average placed at 46900 and witnessed a pullback which helped the Bank Nifty to close off the intraday lows. Going ahead we expect the Bank Nifty to be range bound between 47500 – 46900 from a short-term perspective. A decisive close above 47500 can lead to a surge till 48000 – 48200.

India's domestic industrial production and manufacturing PMI exceeded expectations, a clear reflection of the continuation of economic growth in H2FY24. However, a simultaneous challenge emerges as retail inflation stands at 5.5%, still much above the RBI's 4% target. This inflationary pressure, driven by high food inflation and the looming spectre of El Niño, is poised to persist.

The market's focus now shifts to the upcoming FOMC meeting. And the recent global upside is getting far stretched in anticipation of a rapid fall in US Fed rate in CY2024.

Markets ended marginally higher amid volatility, in continuation to the prevailing consolidation phase. Weakness in the IT majors was weighing on the sentiment in the first half however recovery in heavyweights from other sectors trimmed the losses as the day progressed. Eventually, the Nifty index settled around the day’s high at 20,932.35 levels. The broader indices outperformance amid choppiness and gained nearly a percent each.

Indications are in favor of further consolidation in the index but the bias would remain on the positive side. Participants should maintain their focus on stock selection and overnight risk management. We feel the performance of the US markets would play a critical role in setting the next leg of the directional move, so keep a close eye on them for cues.

Bulls have shown their presence with a sharp recovery from the lower levels to end the session at 20,926.35 with a gain of 19.95 points. The Power stocks were the outperformers of the day and almost all of them showed notable growth.

With gains of over 1%, Realty, Pharma and Auto sectors also performed well while beating in the frontline Tech stocks dragged the sector lower.

A strong recuperation was seen in the Broader markets as well with Mid and Smallcaps ending the session with gains of 0.88% & 0.87% respectively and outperforming the Benchmark Index.

With a long lower shadow, Nifty50 has made a Dragonfly DOJI candlestick pattern on the daily chart which indicates a reversal of a trend. Now the new range for the Index is 20,780-21,020.

Indian rupee ended flat at 83.40 per dollar versus previous close of 83.38.

In the highly volatile session, the benchmark indices ended on a flat note with Nifty above 20,900.

At close, the Sensex was up 33.57 points or 0.05 percent at 69,584.60, and the Nifty was up 19.90 points or 0.10 percent at 20,926.30. About 2087 shares advanced, 1553 shares declined, and 111 shares unchanged.

Top gainers on the Nifty were NTPC, Hero MotoCorp, Power Grid Corporation, Eicher Motors and Adani Ports, while losers were TCS, Infosys, Bajaj Finserv, HDFC Life and Axis Bank.

Among sectors, auto, power, pharma, capital goods, realty up 1 percent each, while Information Technology index down 1 percent.

The BSE midcap index rose 1 percent and smallcap index added 0.7 percent.

-Overweight call, target Rs 493 per share
-Analyst meet takeaways show near-term demand trends similar to Q2
-Urban growth leading rural growth
-High prevalence of illicit trade to likely keep the cigarette tax increases moderate
-FMCG focus on driving growth & improving margins (80-100 bps/year) reiterated
-New value added opportunities in agri business, especially nicotine & derivatives
-New food tech business introduced in to build digital-first fresh food brands & business

Indian Rupee depreciated on Wednesday on weak domestic markets and positive tone in the US Dollar. However, overnight decline in crude oil prices and favourable macroeconomic data from India cushioned the downside. India’s CPI inflation declined to 5.55% in November 2023 compared to 4.87% in October 2023. India’s IIP increased by 11.7% in October 2023 compared to 6.2% in September 2023.

US Dollar rose today due to weak Pound which fell on disappointing GDP and industrial production data from UK. US CPI declined to 3.1% in November versus 3.2% in October but in line with forecast. Core CPI was steady at 4% and in line with estimates.

We expect Rupee to trade with a slight negative bias on strong US Dollar and weak domestic markets. Some foreign outflows, due to profit booking, may also weigh on Rupee. However, weakness in crude oil prices and slower than expected inflation may support Rupee at lower levels.

Traders may take cues from FOMC meeting outcome. Investors would look for cues on timing of rate cut in the Fed Chair, Jerome Powell’s speech. USDINR spot price is expected to trade in a range of Rs 83.10 to Rs 83.80.

Sensex Today | BSE Midcap index touched fresh record high of 35870.29 led by REC, POwer Finance, GMR Airports:

The dollar ticked up slightly on Wednesday as traders prepared for the conclusion of a Federal Reserve policy meeting that could offer some insight into when the U.S. central bank will begin lowering interest rates.

Sterling was among the weakest performers on the day, after data showed the UK economy contracted in October, raising the risk of a recession and potentially complicating the efforts of the Bank of England (BoE) to stick to its stance against cutting rates when it meets on Thursday.

The U.S. dollar index, which gauges the currency against six others, added 0.1% to 103.86 as of 0540 GMT, recouping a little of the previous day's 0.31% drop.

-Hold call, target Rs 270 per share
-Management stated that loan growth should stay healthy
-NIMs can inch up 20 bps to 6.8% versus Q2FY24 levels by Q4FY24
-Opex to assets should stay elevated
-Target is to reduce GS3 below 4%
-Expect asset quality & earnings trends to be seasonally stronger in H2
-Valuations seem reasonable, but RoA should be capped at 1.8-1.9% over FY24-25

Sensex Today | BSE Power index rose 1 percent led by NTPC, JSW Energy, NHPC: 

Tata Power Renewable Energy Limited (TPREL) entered into a Power Delivery Agreement (PDA) with Dr. Abhay Firodia Group of Companies - Force Motors Limited and Jaya Hind Industries Private Limited, for supplying Green power for 25 years under Group Captive scheme.

Under the agreement Force Motors Limited will be utilising 6.2 MW AC power and consuming 13.64 Million Units (MUs) power annually. While the other group company, Jaya Hind Industries Private Limited will be utilising 7.0 MW AC power, consuming 15.40 MUs annually.

The company has carved its growth plan very well by focusing on growing the core businesses, building-up the emerging business and investing in new vectors in the coming years that will be supported by prudent capital investment funded by higher cashflows.

This will help earnings grow in double digits in the coming years. The stock continues to trade at attractive valuation of 23x/20x its FY2025E/26E earnings. Maintain Buy recommendation on the stock with an unchanged Price Target of Rs 515.

SRF has infused additional equity share capital in the wholly owned subsidiary SRF Altech by way of subscribing 35,50,00,000 fully paid up equity shares of Rs 10 each in cash for an aggregate consideration of Rs 355,00,00,000

The infusion of funds by way of equity shall be utilized to repay the existing debt of the wholly owned subsidiary.

Sundram Fasteners has informed that the Government of Tamil Nadu has approved the application submitted by the company under the Tamil Nadu State Incentive Schemes for a. Incentive Scheme as per Tamil Nadu Industrial Policy 2021 and b. Incentive Scheme as per Tamil Nadu Electric Vehicle (EV) Policy 2023.

The company is eligible to receive incentives of Rs 211.80 crores in equal installments over a 10 year period.

The public issue of India Shelter Finance Corporation has been subscribed 0.77 times so far on the first day of bidding on December 13, receiving bids for 1.38 crore shares against an issue size of 1.79 crore shares. Retail investors bought 1.23 times and non-institutional investors picked up 0.73 times the allotted quota.

DOMS Industries Rs 1,200-crore IPO was subscribed 3.4 times on first day of the issue, with bids coming in for 3.05 crore shares against the issue size of 88.37 lakh.

Retail investors had bought 13.14 times their allotted quota of shares. The portion set aside for non-institutional investors was subscribed 3.8 times, while qualified institutional buyers were off to a slow start.

Sensex Today | BSE FMCG index up 0.5 percent led by Radico Khaitan, Godrej Agrovet, Eveready Industries India:

-Outperform call, target Rs 494 per share
-Analyst meet key takeaways shows focus on FMCG in bolstering existing business
-Driving adjacencies & 80-100 bps EBITDA margin increase/year
-Cigarette growth is likely to consolidate in the near-term on a high base
-The medium-term outlook is for positive volumes if taxation is stable
-Company is opening new higher margin vectors such as nicotine in the agri business
-Company’s next strategy particularly on innovation, digital & supply chain issues in focus

Sensex Today | Market at 2 PM

The Sensex was down 129.17 points or 0.19 percent at 69,421.86, and the Nifty was down 28.50 points or 0.14 percent at 20,877.90. About 1791 shares advanced, 1416 shares declined, and 72 shares unchanged. 

-Buy call, target Rs 452 per share
-Focus on making company future ready through agility, innovation, investments & cost optimisation
-Share of non-cigarette EBITDA has been rising with improving RoIC & this should continue
-Rural demand has bottomed out & FMCG business is well-positioned to capture the upturn
-Management hopes for a stable tax regime in cigarettes
-Stable tax regime in cigarettes expected as in past high taxation was counter-productive

Gold prices eased on Wednesday to their lowest levels in more than three weeks as the dollar edged higher ahead of the U.S. Federal Reserve's interest rate decision and policy outlook later in the day.

Spot gold was down 0.2% at $1,975.07 per ounce, as of 0711 GMT. U.S. gold futures also edged 0.2% lower at $1,990.10.

Shilpa Medicare's Unit VI, Bengaluru in Karnataka has received approval from TGA, Australia for manufacture, labeling, packaging and testing of medicinal oral mouth dissolving films (wafers).

This unit is engaged in the manufacture and testing of oral mouth dissolving films and transdermal patches.

The unit is supplying oral film products to US and other markets. This approval will enable the company to secure approval and market its oral film products in Australia.

Shilpa Medicare was quoting at Rs 373.60, up Rs 1.75, or 0.47 percent on the BSE.

Sun Pharmaceutical Industries has informed that its specialty product ILUMETRI, (Tildrakizumab Injection) is now included in category B of China’s National Reimbursement Drug List, which shall be officially implemented from January 1, 2024. ILUMETRI is indicated for the treatment of adults with moderate-to-severe plaque psoriasis who are candidates for systemic therapy or phototherapy.

Sensex Today | Market at 1 PM

The Sensex was down 270.78 points or 0.39 percent at 69,280.25, and the Nifty was down 82.80 points or 0.40 percent at 20,823.60. About 1726 shares advanced, 1464 shares declined, and 70 shares unchanged. 

Ashwini Biswal has been appointed as the Chief Compliance Officer of Equitas Small Finance Bank for five years, with effect from January 28, 2024.

Ashwini Biswal will succeed Srinivasan Krishnamurthy Purohit, who will be transitioned to a new role within the bank, post completion of his current term as Chief Compliance Officer on January 27, 2024.

Benchmark Computer Solutions is coming with its maiden IPO of 1854000 equity shares of Rs 10 each at a fixed price of Rs 66 per share (including a premium of Rs 56 per share).

The company mulls raising Rs 12.24 crore, with this IPO.

The issue opens for subscription on December 14, 2023, and will close on December 18, 2023. The shares will be listed on BSE SME post allotment.

Sensex Today | BSE Metal index down 0.5 percent dragged by JSW Steel, APL Apollo, Coal India:

Allcargo Terminals said that the volumes at container freight station (CFS) increased by 2% YoY to 47.1 ‘000 TEUs (twenty-foot equivalent unit) in November 2023, but the same declined 13% QoQ. The momentum witnessed during October 2023 was subdued in November 2023 on account of post festive demand easing out which is in line with the industry.

NMDC is trading at 5x and 1.6x on FY26E EV/EBITDA and P/B, respectively.

For the company, 2H is a stronger period with a pick-up in heavy capex infrastructure and construction activities.

NMDC is on track to exceed 55mt of volumes in FY26.

Reiterate BUY rating on the stock with a revised Target Price of Rs 210 (premised on 6x FY26E EV/EBITDA).

India Shelter Finance Corporation IPO has been subscribed 0.42 times so far on the first day of bidding, December 13, receiving bids for 75.85 lakh shares against the issue size of 1.79 crore shares. Retail investors bought 0.71 times and non-institutional investors picked 0.33 times the allotted quota.

Titagarh Rail Systems Ltd on Wednesday said it has raised Rs 699.9 crore by issuing fresh shares to Qualified Institutional Buyers.

The issue of Titagarh Rail Systems Ltd (TRSL), formerly known as Titagarh Wagons Ltd, opened on December 7 and closed on Tuesday.

"In respect of the issue which opened on Monday, 7th December, 2023 and closed on Tuesday, 12th December, 2023, the Qualified Institutions Placement (QIP) Committee at its meeting held today...approved the issue and allotment of 75,02,679 equity shares to the eligible Qualified Institutional Buyers (QIBs) at the issue price of Rs 933 per equity share ...aggregating to Rs 69,999.99 lakh," the company said in a BSE filing. Read More

Sensex Today | BSE Bank index down 0.3 percent dragged by Axis Bank, AU Small Finance Bank, HDFC Bank:

The dollar ticked up slightly versus major rivals on Wednesday, as traders braced for the conclusion of a Federal Reserve policy meeting that could provide clues on when the U.S. central bank will begin lowering interest rates.

China's yuan edged down after an agenda-setting meeting of the country's top leaders failed to deliver strong stimulus measures to shore up economic growth.

New Zealand's dollar slumped after softer-than-expected inflation data suggested its central bank may not have to follow up on its threat to hike rates.

The U.S. dollar index, which gauges the currency against six leading counterparts, added 0.1% to 103.86 as of 0540 GMT, recouping a little of its 0.31% drop overnight.

DOMS Industries IPO has been subscribed 1.49 times so far on the first day of bidding, December 13, receiving bids for 1.31 crore shares against the issue size of 88.37 lakh shares.

Retail investors bought 5.88 times, non-institutional investors subscribed 1.45 times and qualified institutional buyers picked 0.01 times the allotted quota.

Hari Krishnan has resigned as the Chief Executive Officer (CEO) of forgings & bill forge divisions of CIE Automotive India, with effect from March 31, 2024. Sunil Narke has been appointed as the Chief Executive Officer of forgings division with effect from April 1, 2024.

The Board of Directors of AIA Engineering approved the proposal for delisting of equity shares of its subsidiary company i.e. Welcast Steels Limited.

Global Health has incorporated a joint venture company GHL Hospital, with DLF, to construct, equip and operate super specialty hospitals, clinics and health care centres with other related ancillary medical facilities and services.

Recent election outcomes in the states of Madhya Pradesh, Rajasthan, and Chhattisgarh have sparked optimism in the market. Traditionally, private capital expenditure tends to slow down as businesses exercise caution leading up to general elections. However, brokerages such as Jefferies suggest that the recent results might positively impact market sentiment, assuming consistency in government. Would this lead to faster growth in private capital? READ MORE

Equity benchmarks the Sensex and the Nifty 50 were trading low on December 13 as hot inflation prints in India and the US raised bets that the central banks would be in no hurry to ease interest rates and switch to a dovish stance. Analysts say the correction is “healthy” for markets, reading it as nothing but an “exhaustion” of bullish sentiment. READ MORE

Analysts said that they expect Naukri’s billings growth to improve FY2025 onward, reversing the trend of flat-line over the past six quarters (4QFY23 being the exception). The support from non-IT sectors can prop up near-term billings growth, they added in their December 13 note.

Granules India received ANDA approval for Pantoprazole Sodium Delayed- Release Tablets

Sensex Today | Market at 11 AM:

The Sensex was down 224.34 points or 0.32 percent at 69,326.69, and the Nifty was down 71.50 points or 0.34 percent at 20,834.90. About 1669 shares advanced, 1407 shares declined, and 87 shares unchanged.

The Management Committee of the Board of Directors of the company at its meeting held on Wednesday, December 13, 2023, has approved the issuance of 20,000 Secured, Senior, Redeemable, Transferable, Listed, Rated Non-Convertible Debentures having face value of Rs 1,00,000 each at par aggregating up-to Rs 200,00,00,000 including a green shoe option of up-to 10,000 Secured, Senior, Redeemable, Transferable, Listed, Rated Non-Convertible Debentures having face value of Rs 1,00,000 each at par aggregating up-to Rs 100,00,00,000 on private placement basis.

Inox India, a manufacturer of cryogenic storage tanks, is hitting the primary market with its initial public offering (IPO) to raise Rs 1,459 crore.

The IPO comprises only an offer for sale (OFS) of over 2 crore equity shares, and will open for subscription on December 14, a day after the launch of the public issues of Doms Industries and India Shelter Finance Corporation. The anchor book of the offer will open for a day on December 13, while the last day for subscription to the IPO will be December 18. Read More

Beige, an affiliate of Private equity firm Chrys Capital, sold 1.79 crore equity shares in Mankind Pharma via open market transactions. These shares were worth Rs 3,282 crore. Hema CIPEF (I) sold 56,26,167 shares at an average price of Rs 1,832.8 per share, and global private equity firm Cairnhill CIPEF offloaded 69,62,233 shares at an average price of Rs 1,832.3 per share, while Kotak Funds India Midcap Fund bought 20,29,246 shares at a price of Rs 1,832.30 per share.

India Shelter Housing Finance is poised for significant growth in the affordable housing finance market. The company's advanced information technology systems have effectively enhanced productivity, evidenced by a high percentage of digital collections and a reduced sanction turnaround time of just 3 days in 1HFY24.

With a strong foothold in Tier II and III cities, India Shelter's analytical-driven business model ensures robust underwriting, collection, credit control, and collateral evaluation.

The affordable housing finance market, constituting 37% of the overall housing finance sector, is expected to experience a notable rebound, growing at an estimated 15-16% CAGR from FY23 to FY26. This growth trajectory, along with India Shelter's strategic approach and market positioning, indicates a promising medium to long-term investment opportunity in a rapidly expanding segment.

India Shelter has the highest AUM Growth rate @ ~40% for 3 years, and the second highest Spread and Net Income to Average Total Assets for FY23. In terms of valuation the issue is priced is fairly and lower than outliers in the segment, indicating room for price expansion on listing. Hence, rate the issue as subscribe.

Gold prices traded in a narrow range on Wednesday as investors refrained from making big bets ahead of the U.S. Federal Reserve's interest rate decision and policy outlook later in the day.

Spot gold was almost flat at $1,978.61 per ounce. U.S. gold futures were steady at $1,993.70.

Shares of Equitas Small Finance Bank gained 2.5 percent on December 13 after it announced a key change in the top management. The lender in an exchange filing informed about the appointment of senior managerial personnel (SMP) Ashwini Biswal as its next chief compliance officer (CCO). Read More

Sensex Today | BSE Oil & Gas index down 0.4 percent dragged by Adani Total Gas, ONGC, Gujarat Gas:

-Pyroxasulfone is one of company’s key molecules
-Global demand for pyroxasulfone has been robust
-Pyroxasulfone key factor for strong performance over the years
-Rainbow Chemical foray in manufacturing of pyroxasulfone can hurt exports

Shares of Shilpa Medicare surged 5 percent in early trade on December 13 after the Therapeutics Goods Administration (TGA) Australia approved its Bengaluru Unit IV for manufacturing, labelling, packaging and testing of medicinal oral mouth dissolving films.

Shilpa Medicare's Bengaluru unit is involved in the manufacturing and testing of medicinal oral mouth dissolving films and transdermal patches. The company has a pipeline of products in this type of dosage forms. Hence, the approval from TGA will enable the company to secure further approvals and market its products in Australia. Read More

Cummins India were trading flat on December 13 after the engine maker announced the launch of an intelligent fuel management system in collaboration with Repos Energy.

Under the agreement, Cummins will market and distribute Data Automated Teller Ultimate Machine range of products, the company said in an exchange filing on December 12.

DATUM leverages sensors and digital technologies to provide real-time updates on fuel inventory and consumption across multiple installations. The smart fuel storage solution enables remote monitoring of fuel levels, sends alerts when the fuel level is low, and facilitates round-the-clock doorstep delivery of diesel thereby enhancing the efficiency of operations while reducing its carbon footprint, it said. Read More

-Pyroxasulfone facing risk of going off patent in key US markets
-Increasing competition could be a risk going forward
Too much dependency on a single product may impact margins

Sensex Today | Market at 10 AM

The Sensex was down 222.87 points or 0.32 percent at 69,328.16, and the Nifty was down 67.10 points or 0.32 percent at 20,839.30. About 1610 shares advanced, 1338 shares declined, and 102 shares unchanged.

Shares of Sunteck Realty slumped over 4 percent on December 13 after a large deal worth Rs 336.4 crore took place in the counter.

Around 69 lakh shares, representing a 4.75 percent equity in the company changed hands on the exchanges at an average floor price of Rs 482 apiece. The floor price of the deal comes at an over 3 percent discount to the stock's closing price of Rs 499.45 on December 12. Read More

Crude at 6-month low; OMCs rebound as HPCL rallies over 3%

The operation of pellet plant unit of the company at Mangalore has been temporarily suspended with effect from December 12. The operation of pellet plant unit suspended due to non-availability of iron-ore fines.

ITC is aiming for 80-100bps margin expansion in New FMCG business led by premiumisation, scale and cost optimization. Hotels business is in for strong growth with huge scope to grow and rising ARR/occupancy.

Prabhudas Lilladher found Food Tech and Nicotine derivative exports as two exciting businesses with a scope to create strong moats in long term and continue to believe that FMCG and IT Services will create huge value for shareholders over the years.

Broking house remain positive innovation and digitization led strategy with sustained growth and 100% jump in ROCE of non-cigarette businesses and overall Rs947bn cash generation in last 10 years.

ITC trades at 24.9/22.9x FY25/FY26 EPS with ~3% dividend yield and 9.7% EPS CAGR over FY23-26. Maintain Accumulate with SOTP based target price of Rs 492.

On Tuesday, gold and silver prices concluded the trading session on a negative note in a highly volatile market. Both metals modestly extended their overnight gains, reaching session highs in the morning; however, they relinquished those gains and retreated into negative territory following the release of the U.S. inflation report.

U.S. inflation for November came in line with expectations at 3.1% on a yearly basis, but the core CPI registered a 0.3% increase for the same month. The uptick in U.S. core inflation, coupled with better-than-expected U.S. job data, exerted pressure on gold and silver in the international markets. Additionally, both precious metals experienced a decline amid a sell-off in crude oil and gains in global equity markets. Anticipating continued volatility, we expect gold and silver prices to fluctuate throughout the week, influenced by developments in the dollar index and the outcomes of the U.S. Federal Reserve policy meeting.

Gold finds support at $1968-1955, with resistance at $1992-2005, while silver's support is at $22.55-22.41, and resistance lies at $23.05-23.24. In terms of INR, gold has support at Rs 60,870-60,710, with resistance at Rs 61,320-61,510. Silver's support in INR is at Rs 71,250-70,580, and resistance is at Rs 72,570-73,030.

Sensex Today | Nifty Auto index up 0.4 percent supported by Eicher Motors, Hero MotoCorp, Samvardhana Motherson International: