Mumbai, Sep 28: Silver prices witnessed a sharp decline on the Multi Commodity Exchange (MCX) on Monday, with the white metal plunging more than Rs 7,000 and falling below the crucial Rs 2.28 lakh-per-kg mark amid a broad-based sell-off in precious metals.

The steep fall comes as rising crude oil prices have heightened inflation concerns globally, strengthening market expectations that the US Federal Reserve may keep interest rates higher for longer or consider further policy tightening.

Higher interest rates and elevated US Treasury yields typically reduce the appeal of precious metals, which do not offer interest income, while a stronger dollar makes commodities priced in the US currency more expensive for overseas buyers.

During noon trade, the December silver futures contract on MCX was trading at Rs 2,27,494 per kg, down Rs 7,202, or 3.07 per cent, from its previous close of Rs 2,34,696 per kg.

Commenting on technical outlook, market experts said that the immediate resistance is at Rs 232,000–Rs 233,000, followed by Rs 236,000–Rs 237,000. “Immediate support is at Rs 227,000–Rs 228,000, followed by Rs 223,000–Rs 224,000,” analysts stated.

“The RSI at 41.12, below its signal line, indicates fading momentum,” analysts added.

COMEX Silver opened at $64.66 and is trading near $62.40, down 3.72 per cent on the day. It has slipped below the $63.50–$64.00 zone, which previously acted as support and is now likely to act as resistance, and is testing the $61.50–$62.00 support region.

“Silver remains weaker than gold in today’s session. Immediate resistance is at $63.50–$64.00, followed by $65.50–$66.00. Immediate support is at $61.50–$62.00, followed by $59.50–$60.00,” market watchers stated.

“The price remains below the 20-, 50-, 100- and 200-day EMAs, while the RSI continues to edge lower,” experts noted.

Meanwhile, USD/INR opened at 95.80, up 0.13 per cent on the day, and is trading just below the 96 mark. Immediate resistance is at 96.00–96.10, followed by 96.40–96.50.

“Immediate support is at 95.70–95.80, followed by 95.40–95.50. The pair remains above its key short-term moving averages. The RSI at 59.51, above its signal line, reflects a mild bullish, or rupee-weakening, bias,” market watchers mentioned.

Mumbai, Sep 28: Domestic equity benchmarks opened lower on Monday weighed down by persistent external headwinds with financial, realty and auto stocks leading declines in early trade.

Nifty opened 75.60 points or 0.33 per cent lower at 23,064.90, while Sensex fell more than 150 points or 0.22 per cent to 73,734.83.

Among Nifty stocks, Hindalco Industries, Bajaj Finance, Kotak Mahindra Bank, Grasim Industries and Shriram Finance were top losers declining up to 1.76 per cent.

Broader sectoral weakness was led by realty stocks with Nifty Realty down over 1 per cent. Meanwhile, cement, financial services, private banks, auto and FMCG indices also fell nearly 1 per cent each.

However, Nifty Pharma was among the few gainers which was up inches higher.

Market analysts said domestic economic resilience and improving corporate earnings were being overshadowed by external pressures, including elevated crude oil prices and US bond yields.

“Brent crude at $106 and the US 10-year yield at 5.2 per cent are strong headwinds that are weighing on markets,” the analysts said. Foreign portfolio investors had turned sellers again in September after buying in July and August, according to them.

They further noted that the broader market continued to show momentum as foreign investors appeared to be buying midcap and smallcap stocks despite elevated valuations, while selling largecaps.

For the Nifty, immediate support is seen at 22,900-23,000, while resistance is placed at 23,250-23,300. The index is likely to remain volatile as traders watch these levels for signs of stability, as per market experts.

On the commodities front, international benchmark Brent crude rose more than 2 per cent to $106.69, while US West Texas Intermediate (WTI) crude gained over 1 per cent to $93.82.

In Asia, markets showed a mostly negative trend. Japan’s Nikkei, Hong Kong’s Hang Seng and Jakarta Composite declined up to 2 per cent.

Overnight in the US, Wall Street ended higher, with the S&P 500 up 0.51 per cent and the Nasdaq up 0.48 per cent.

Greater Noida, Sep 27: Union Commerce and Industry Minister Piyush Goyal highlighted that as global markets open up to India through Free Trade Agreements (FTAs), Uttar Pradesh’s annual exports are expected to more than double from Rs 2 lakh crore to Rs 5 lakh crore by 2030.

Addressing the UP International Trade Show in Greater Noida, Goyal said that expanding exports, investments and global market access would contribute to the state’s goal of becoming a $1 trillion economy.

The minister said the expanding global market access through FTAs, investments, tourism and international recognition of Uttar Pradesh’s products and brands would create new opportunities for the state’s entrepreneurs. He called for active participation and cooperation from the state’s trade and industrial community in taking forward this development journey.

He said new investments are expected to flow into India from across the globe and noted that Uttar Pradesh has emerged as a preferred investment destination, supported by favourable industrial policies and proactive industrial schemes. He said major corporations and global investors are arriving across sectors, creating new employment opportunities.

The minister highlighted the role of modern technology, international enterprises, and the evolving craftsmanship and technical skills of Uttar Pradesh’s youth in driving the state’s development. He said international events of this scale provide opportunities for direct access to global markets, enabling Uttar Pradesh’s diverse products, cuisines and services to reach international markets.

Goyal underscored the international participation at the UP International Trade Show, including six partner countries, hundreds of delegates and exhibitors, and buyer-seller meetings. He noted the participation of international stakeholders and the opportunities created for businesses through the event.

He highlighted the development of expressways, modern airports and industrial parks in Uttar Pradesh and noted the state’s growing presence across sectors including defence, semiconductors, electronics and other modern high-technology domains. He also referred to the expansion of a large robotics manufacturing facility in Greater Noida as an example of modern industrial growth and technological development.

The next frontier for Uttar Pradesh’s development lies in expanding exports in global markets, attracting international investments, strengthening tourism and building global recognition for brands from the state, he said, adding that the state is strengthening its foundation for greater global trade and progressing towards its development objectives.

The minister also highlighted the importance of coordination between the Central and state governments, along with the participation of citizens, youth and stakeholders from the trade and industrial sector, in supporting Uttar Pradesh’s continued economic and export growth.