April 8, 2024
2 min
On April 2, the Indian benchmark indices concluded with a marginal decline, breaking a three-day winning streak. The Sensex closed down 110.64 points, or 0.15 %, at 73,903.91, while the Nifty ended lower by 8.70 points, or 0.04 %, at 22,453.30. Despite an initially weak start, the market saw a recovery, although it predominantly remained in negative territory throughout the session. However, robust buying in the final hour helped mitigate most of the losses. The top Nifty losers included Hero MotoCorp, HCL Technologies, Kotak Mahindra Bank, ICICI Bank, and SBI Life Insurance, while gainers comprised Tata Consumers Products, M&M, BPCL, Bajaj Auto, and Adani Ports. In terms of sectors, realty, metal, oil & gas, media, power, and auto witnessed gains of 1-2 %, whereas information technology and telecom indices saw declines of 0.5 % each. Moreover, the BSE midcap and smallcap indices surged by a percent each.
Gold prices soared to a new record high on Tuesday, buoyed by demand from momentum-driven funds despite challenges posed by a robust U.S. dollar and potential increases in U.S. interest rates.
At 1055 GMT, spot gold surged 0.5% to $2,262.51 per ounce, hitting an unprecedented peak of $2,266.59. This marks the third consecutive session of fresh record highs.
Ole Hansen from Saxo Bank noted, "An underlying bid from retail and central banks is being joined by momentum-following speculators who have extended their already elevated longs following the break above $2,200. In addition, there is no doubt that geopolitical tensions have added an additional layer of support."
In March, bullion experienced a remarkable 9.3% increase, marking its most significant monthly growth since July 2020, driven by persistent safe-haven demand and central bank purchases. China's central bank, for instance, has been augmenting its gold reserves for 16 consecutive months.
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