New Delhi, Sep 28: India’s industrial production surged to 8 per cent in August this year, compared to the same month of the previous year, driven by a robust performance in the manufacturing sector, according to the data released by the Ministry of Statistics on Monday.

The manufacturing sector, which accounts for more than three-fourths of the index of industrial production (IIP), posted an impressive 9 per cent growth during August compared to the same month of the previous year.

“In a record performance, the manufacturing sector has recorded growth of 8 per cent or more in the last three consecutive months,” according to the official statement.

This augurs well for the economy as the sector plays a key role in providing quality jobs to the young graduates passing out from the country’s engineering institutes and universities.

Within the Manufacturing sector, 18 out of 23 industry groups have recorded a positive growth in August over the same month last year. The top three positive contributors for the month in this segment are the manufacturing of motor vehicles which recorded a 25.2 per cent growth, along with the manufacturing of electrical equipment (30.9 per cent) and the manufacturing of machinery and equipment (25.3 per cent).

The electricity and gas supply sector recorded a strong growth of 12.3 per cent during August while Water Supply, Sewerage & Waste Management posted a 6.3 per cent growth.

However, the mining sector posted a negative growth of (-) 5.6 per cent during the month.

The figures on use-based classification show that the production of capital goods, which comprise machines used in factories, jumped by a robust 16.9 per cent in August this year. This segment reflects the real investment taking place in the economy, which has a multiplier effect on the creation of jobs and incomes going ahead.

There was also a double-digit increase of 11.1 per cent in the production of consumer durables such as electronic goods, refrigerators, and TVs during August reflecting the higher consumer demand for these items amid rising incomes. Consumer non-durables such as soaps and cosmetics posted a growth of 2.1 per cent growth during the month.

The infrastructure and construction goods sector also recorded a growth of 6.4 per cent during the month driven by the Government’s big ticket investments in highways, ports and railway projects which create large-scale employment and drive up the overall economic growth rate.

The Ministry of Statistics has decided to adopt output PPI as a deflator in place of WPI for item groups for which output is collected in value terms. This affects 234 out of the 463 item groups in the IIP basket, representing 36.02 per cent of the total index weight, the official statement said.

The ministry has now revised and released the entire IIP 2022-23 series with Output PPI and it supersedes the earlier WPI based IIP 2022–23 series released on 1st June 2026, the statement explained.

The Ministry of Statistics and Programme Implementation (MoSPI) released the new series of the All India Index of Industrial Production (IIP) with base year 2022–23 on 1st June 2026, using the Wholesale Price Index (WPI) as the deflator.

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.