The prices of gold and silver have fallen again. Both the precious metals are seen falling from their highs. Silver prices on MCX are down by ₹1.59 lakh per kg from their peak, while gold is also selling at more than ₹35,000 lower. With precious metal prices softening, the Indian stock market also crashed upon opening on Thursday, the fourth trading day of the week. Bombay Stock Exchange’s 30-share Sensex fell by more than 400 points as soon as it opened.
Bad start for Sensex-Nifty
As soon as the stock market opened, BSE Sensex opened at 83,968.43, down from its previous close of 84,233.64 and then continued to fall rapidly. In early trading it fell 438 points to 83,795.65. Like Sensex, NSE Nifty also saw a similar decline. The 50-share index opened at 25,906.70, lower than its previous close of 25,953.85, and then fell 131 points to 25,822.30 in early trade.
Fall in IT stocks
IT stocks fell the most amid the market decline. Stocks in the large-cap category on BSE, including Infosys shares (4.50%), Tech Mahindra shares (4.20%), TCS shares (3.80%), and HCL Tech shares (3.40%) were trading down. IT stocks also saw a sharp decline last week as the arrival of anthropic AI tools in the US caused a stir, with the NASDAQ falling more than 1.5% for several consecutive days.
These 10 stocks were the biggest losers
Amid the fall in the Indian stock market, if we look at the list of biggest losers, apart from IT stocks, among the large-cap stocks, Eternal Shares (2%) and M&M Shares (1.10%) slipped. In the mid-cap category, Coforge shares (5%), Mphasis shares (4.10%), Prescient shares (3.90%), and Godrej Properties shares (2%) were trading down. Among small-cap stocks, ARE&M shares (4.10%), CYIENT shares (3.50%), KFintech shares (3%), and FSL shares (2.80%) were trading down.
Gold and silver so cheap from their high
While both Sensex and Nifty indices are trading in the red zone, gold and silver prices have also slipped on the Multi Commodity Exchange (MCX). The price of silver expiring on March 5 fell to Rs 2,60,453 from Rs 2,63,018 per kg on the previous trading day and the price of 1 kg silver fell by Rs 2,565. At the same time, it has become cheaper by Rs 1,59,595 from the high level of Rs 4,20,048 per kg.
The price of gold has also slipped and the rate of 10 grams of 24 carat gold expiring on April 2 fell to Rs 1,57,701 per 10 grams at the opening on Thursday from the previous closing rate of Rs 1,58,755. That means it became cheaper by Rs 1,054. At the same time, it is now cheaper by Rs 35,395 than the record high of Rs 1,93,096 per 10 grams on January 29.