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Indian equity markets opened sharply lower on Friday amid heightened global volatility driven by wild swings in gold and silver prices. The BSE Sensex slipped over 500 points, while the Nifty 50 declined nearly 0.6 per cent in early trade.
Precious Metal Turmoil Triggers Sell-Off in Indian Equities
Mumbai: Domestic stock markets opened weak on Friday under heavy selling pressure. Increased volatility in global markets and sharp fluctuations in gold and silver prices appeared to shake investor confidence. The Sensex fell by more than 500 points in early trading, while the Nifty declined by more than 0.6 percent.
On Friday, the BSE Sensex opened at 81,950.05, down 616.32 points, or 0.75 percent. The NSE Nifty 50 index slipped 171.35 points, or 0.67 percent, to 25,247.55. This weakness is believed to be a result of global cues and sharp movements in the commodity market.
Indian Stock Market Rallies Amid Volatility; Sensex Surges Over 900 Points from Intraday Lows
According to experts gold and silver prices in global markets fell sharply by 9 to 12 percent on Thursday, followed by a sudden recovery. COMEX gold fell from $5,625 to around $5,100, while silver slipped from $121 to $106.60. This sharp decline and V-shaped recovery increased volatility in markets worldwide.
It is as a "rollercoaster Thursday" and it was a historic day for almost every asset class. Along with gold and silver, Bitcoin, global stock markets, and Microsoft shares also saw pressure. The Indian market is currently caught between global volatility and the most important domestic week of the year.
Broader market indices also remained in the red. The Nifty 100 fell 0.3 percent, the Nifty Midcap 100 fell 0.67 percent, and the Nifty Smallcap 100 fell 0.51 percent. Sectoral indices included the Nifty Auto index, which fell more than 1 percent, the Metal index, and the FMCG, PSU Bank, Media, and Realty indexes.
Sensex Surges Over 500 Points as Investor Confidence Strengthens; Key Stocks in Focus
In stock-specific activity, Vedanta shares fell nearly 5 percent in early trading. Hindustan Zinc shares also fell 5 percent, a decline believed to be directly related to the significant volatility in global commodity markets.
On the institutional investor front, foreign institutional investors (FIIs) sold shares worth ₹393 crore on Thursday. In contrast, domestic institutional investors (DIIs) bought ₹2,638 crore, providing some support to the market.
Asian markets also traded weak. Japan's Nikkei fell 0.3 percent, Singapore's Straits Times fell 0.16 percent, Hong Kong's Hang Seng fell 1.73 percent, and Taiwan's weighted index fell 1.15 percent.
