Silver surged to $67.155, its highest since June, as Chinese imports of silver-bearing ores jumped 62.5% YoY. Gold held above ₹1.58 lakh. Jackson Hole speech due Friday.
Alpha Score of 41 reflects weak overall profile with poor momentum, weak value, moderate quality, moderate sentiment.
Silver jumped to an eight-week high on Thursday, and gold held above the ₹1,58,000 mark, as Chinese demand for silver-bearing ores surged and traders positioned for the Federal Reserve's Jackson Hole symposium.
COMEX Silver rose 2.02% to $67.155, its highest since late June. The rally drew support from a 62.5% year-on-year increase in Chinese imports of silver-bearing ores in June, driven by the country's solar-panel and power-grid sectors, data showed. MCX Silver gained 1.40% to ₹2,40,108. COMEX Gold traded at $4,553.70, up 0.22%, while MCX Gold rose 0.32% to ₹1,58,499, holding above the ₹1,58,000 mark it cleared earlier in the week.
Crude oil eased. MCX Crude Oil settled near ₹8,100 after failing to hold above ₹8,350 resistance. WTI crude held around $84.50 a barrel. The US–Iran tensions, unresolved for months, continue to add a premium to energy prices, traders said.
The rupee traded at about ₹95.60 to the dollar, marginally off its recent highs but still under broad pressure from the dollar's strength and the oil import bill.
On the equity side, the Sensex rose 0.70% to 77,449.38, and the Nifty 50 added 0.58% to 24,217.20. The Nifty traded in a tight 42-point range, reflecting cautious positioning ahead of the Jackson Hole speech. HDFC Bank was the top contributor to the Nifty's gains. The stock carries an AlphaScala Score of 41/100, labeled Mixed, indicating balanced positioning.
Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, said “frontline private-sector banks are displaying relative strength and providing crucial support to the benchmark indices.” He flagged call writing at the 24,300 and 24,400 strikes, with put open interest concentrated at 24,200 and 24,100. He placed intraday support for the Nifty at 24,160–24,140 and resistance at 24,260–24,280, adding that a move above 24,280 could extend the rally to 24,440. For the Sensex, support was seen at 77,000 and resistance at 77,800.
Among the gainers, Eternal led with a 2.19% rise to ₹327.00 on heavy volumes. Shriram Finance advanced 1.93%, Kotak Mahindra Bank gained 1.82%, and Bajaj Finance rose 1.60%. On the losing side, Hindalco fell 0.77%, Asian Paints dropped 0.67%, and Apollo Hospitals and Nestle India each shed 0.37%. Sectorally, Nifty Bank and Nifty IT were the best performers, while Nifty Oil and Gas lagged. On the BSE, 2,491 stocks advanced against 1,562 declines, with 149 stocks hitting 52-week highs and 68 touching 52-week lows.
Markets are watching for any shift in the rate outlook from Fed Chair Kevin Warsh's speech at Jackson Hole on Friday. A hawkish tone could strengthen the dollar and weigh on gold and silver, while a dovish signal would ease pressure on the rupee and support bullion. The unresolved US–Iran tensions keep a geopolitical risk premium embedded across energy and currency markets, traders said.
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