Indian Markets Extend Decline, Gold Prices Rise

2 Jan 2024 , 01:51 PM

Indian equity markets experienced a second consecutive session in the red, influenced by losses in banking and IT stocks, following negative trends in Asian markets.

The Sensex dropped by 485.36 points (0.67%) to 71,786.58, while the Nifty declined by 115.10 points (0.53%) to 21,626.80. Among the total stocks, 1492 advanced, 1778 declined, and 80 remained unchanged.

Bharat Heavy Electricals (BHEL) shares surged over 3% to reach a fresh 52-week high of Rs 204.90 on the NSE. The rally gained momentum after reports stated that BHEL is the leading bidder for a Rs 19,422-crore turnkey contract to build a thermal power plant for NLC India in Talabira, Odisha.

Zomato’s shares rose by 3% to Rs 128.3 on the BSE after the food delivery platform increased its platform fee for food delivery users from Rs 3 to Rs 4 per order, effective from January 1.

Gold prices witnessed an increase on Tuesday, supported by expectations of interest rate cuts in 2024 from the Federal Reserve. Investors await economic data this week for further insights into the U.S. rate outlook.

Spot gold reached $2,071.99 per ounce, reflecting a 0.5% increase, while U.S. gold futures also rose by 0.5% to $2,081.00 per ounce as of 0545 GMT.

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