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Taking cues from the international market, MCX February gold futures were trading with a negative bias in the opening trade. They were hovering around Rs 62,358 per 10 grams around 11 am, down Rs 199 or 0.32% from Friday's closing price. Meanwhile, the March Silver futures were trading at Rs 72,285 per kg, down Rs 302 or 0.42%.
Stock market today: Sensex closed with a loss of 671 points, or 0.93 per cent, at 71,355.22 while the Nify 50 ended the day at 21,513, down 198 points, or 0.91 per cent.
Open Interest (OI) data showed that the call side displayed the highest OI at the 48,000 level, closely followed by 48,500 strike prices. Conversely, on the put side, the highest OI was observed at the 47,000 strike price.
Analysts said the Nifty Bank index is in the process of testing the lower end (47000) of the broad range. "The daily momentum indicator is approaching the equilibrium line indicating that the fall may be around maturity. Overall, we believe that the fall is unlikely to result in a trend reversal and hence this fall should be used as a buying opportunity," said Jatin Gedia – Technical Research Analyst at Sharekhan.
"Benchmark indices ended the first week of 2024 with minor losses, and the midcap index ended the week with gains for the second consecutive week. Sectoral indices ended the week on a mixed note. Eight out of 12 sectors rose while four declined. The realty sector was the top gainer, rising more than 7%," Arvinder Singh Nanda, Senior Vice President of Master Capital Services, said.