Indian markets trade range-bound; gold, silver futures hit lower circuits ahead of Union Budget 2026
Gold and silver prices witnessed a steep sell-off in the futures market, extending losses for the second consecutive day amid profit booking after recent record highs.
Stock market benchmark indices Sensex and Nifty gained momentum and were trading higher in morning trade on Sunday, while gold and silver futures plunged sharply, as investors remained cautious ahead of the Union Budget for 2026–27.
After fluctuating in early trade, the 30-share BSE Sensex bounced back and climbed 272.23 points to 82,542.01 in morning trade. The broader NSE Nifty edged higher by 66.90 points to 25,387.55.
Among the 30 Sensex constituents, Bharat Electronics, Sun Pharma, Power Grid, Mahindra & Mahindra, Maruti Suzuki India, and Larsen & Toubro were among the major gainers. However, Infosys, Titan, Bajaj Finserv, and Tata Steel were trading lower.
On the other hand, Infosys, Tata Steel, Eternal, and Tech Mahindra were trading lower.
“Markets are likely to remain highly volatile, with sharp moves possible in either direction depending on key announcements around fiscal policy, the capex push, sector-specific incentives, and the fiscal deficit target, expected around 4.3–4.4% of GDP for FY27,” said Ponmudi R, CEO of Enrich Money.
Foreign institutional investors (FIIs) bought equities worth Rs 2,251.37 crore on Friday, according to exchange data. Asian markets were closed on Sunday due to holidays, while US markets ended lower on Friday.
On Friday, the Sensex declined 296.59 points or 0.36% to close at 82,269.78, while the Nifty fell 98.25 points or 0.39% to 25,320.65.
Meanwhile, gold and silver prices witnessed a steep sell-off in the futures market, extending losses for the second consecutive day amid profit booking after recent record highs.
On the Multi Commodity Exchange (MCX), the April gold futures contract plunged Rs 13,711, or 9%, to Rs 1,38,634 per 10 grams, hitting its lower circuit. In the previous session, gold slumped by over 17% after touching a record high earlier in the week.
Silver futures also crashed, with the March contract tumbling Rs 26,273, or 9%, to Rs 2,65,652 per kilogram, also locking in at the lower circuit. The white metal had fallen 27% on Friday after scaling record levels.
Traders attributed the sharp correction in bullion prices to aggressive profit booking, heightened global volatility, and cautious positioning ahead of the Budget presentation. Global commodity markets remained closed on Sunday due to a holiday.
Edited by Suman Singh