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The benchmark Nifty hit a new peak, breaching the 21,000 level for the first time ever today, December 8. The Nifty index hit a new high of 21,006.10, rising as much as 105 points. The MPC decision to hold rates appears favorable for the equity markets, providing an additional boost.
The February Gold contract ended Wednesday with declines at Rs 62,391, down by Rs 49 or 0.08%. As for Silver futures, the March contract settled at Rs 74,770, down by Rs 61 or 0.08%.
"Gold prices stabilised after a recent 3% drop, with investors considering future interest rates due to a slowdown in the US job market. Concerns about inflation and the possibility of excessive rate cuts initially drove gold to a record high on Monday, but it quickly retreated. The market now suggests a 60% chance of the Fed lowering rates in March," Neha Qureshi, Senior Technical & Derivative Analyst, Anand Rathi Commodities & Currencies said.
The index closed 177 points lower at 46,834. It had hit a record high of 47,259. The Nifty index closed 82 points higher at 20,937. The fall in the Nifty Bank index was led by losses in Axis Bank, AU Small Finance Bank, ICICI Bank and Federal Bank.
As many as 20 shares of the 30-share index closed the session with gains, while 30 stocks of the Nifty's 50 firms ended in positive territory