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The Nifty Bank index was down 56 points to close at 47,704 but it outperformed the benchmark index. The Nifty50 index fell 148 points to close at 21,517.
Analyst Anuj Gupta sees Comex gold trading between $2,060 and $2,080 with a positive bias while the MCX February contract is seen trading between Rs 62,800 and Rs 63,800. As for silver, the Commodity & Currency Head at HDFC Securities expects March futures to trade between Rs 73,500 and Rs 75,500 with the trend remaining positive.
Federal Bank, AU Small Finance Bank, and Kotal Bank closed with losses of over 2% each, while some buying was seen in HDFC Bank. The Nifty Bank witnessed sustained selling pressure throughout the trading session, which resulted in the formation of a bearish Marubozu candle on the daily charts.
MCX February gold futures were trading at Rs 63,225 per 10 grams, minutes after opening, up Rs 22 or 0.03% from Friday's closing price. Meanwhile, the March Silver futures were trading at Rs 74,260 per kg, lower by Rs 170 or 23%.
Against a Sensex rise of 18.15 per cent in 2023, Infosys delivered a mere 1.25 per cent return; SBI gained 4.69 per cent, HDFC Bank 5.10 per cent, RIL 9.2 per cent and JSW Steel 12.87 per cent during the same period.