Metals & Commodities News

Global investment bank Jefferies issued 'Buy' ratings on seven stocks, predicting upside potential between 9% and 51%. The firm highlighted Tata Steel, Voltas, Divi's Laboratories, and Bharti Hexacom among its top picks. Jefferies said, "Divi remains the best-in-class CRDMO franchise," noting high growth visibility for many potential blockbuster pipeline products.

Gold and silver prices on the MCX extended their gains on Monday, November 9. Gold futures for December delivery rose 1.11% to ₹1.44 lakh per 10 grams, while silver gained 1.70% to ₹1.88 lakh per kilogram. Bargain buying and a recovery in global bullion prices helped drive this recent market rally.

Shares of gold financing companies rose by up to 3 percent on Monday as gold prices rebounded in domestic and international markets. Muthoot Finance shares gained 3 percent on the NSE, while Manappuram Finance also saw growth. Analysts said the rise followed fresh positions created amid firm spot market demand.

Motilal Oswal issued a buy rating for ONGC with a target price of Rs 285. The firm reported 2QFY27 standalone revenue at INR439b, which met expectations. While crude oil and gas production fell slightly, higher oil realizations helped profits. Experts believe current valuations are inexpensive and suggest a positive outlook ahead.

NBFC credit growth reached 15.4% in September, driven by a strong rise in retail lending. Retail loans grew by 21.9%, while agriculture credit also saw a big jump to 17.8%. Meanwhile, industrial and services sectors showed slower growth. The RBI said housing and gold loans led this expansion during September.

The National Stock Exchange aims to convert 200 to 300 tonnes of gold into Electronic Gold Receipts over the next 12 months. Sriram Krishnan said, "It is an intrinsic change that we are trying to bring about." This move helps reduce gold imports by using domestic recycled gold for digital trading.

Gold and silver prices rose on Monday, November 9, following Diwali. International gold climbed above $4,100 per ounce, while silver moved past $53. Amit Gupta said, "Gold prices extended gains as softer oil prices eased inflation concerns." Many investors now watch upcoming US inflation data for cues on future market moves.

Titan expects record festive sales as gold prices fell to a seven-to-eight-month low. CEO Arun Narayan said, "We are hopeful of this run-up towards Dhanteras to be an all-time high." Many customers now use the gold exchange channel, which accounts for over 50% of transactions at its jewellery stores.

Gold and silver remain popular for Diwali 2026, but investors are watching global factors closely. Religare Broking said, "A prolonged period of higher interest rates and bond yields could increase the opportunity cost of holding non-yielding assets such as gold." Many now assess which metal offers better returns for Samvat 2083.

Sensex and Nifty opened higher during the special Muhurat Trading 2026 session on Sunday, November 8. The gains marked an eight-session winning streak for domestic indices. Tata Steel and Sun Pharma shares emerged as top gainers. Ajit Mishra said, "The sharp weekly rally has significantly improved the near-term setup."

Nifty reclaimed the 25,000 mark on Friday, November 6, as Indian equities surged nearly 9% last week. Aggressive buying by foreign investors and lower crude oil prices helped the market recover. V K Vijayakumar said, "The sudden reversal in foreign investor positioning was partly triggered by the AI-related sell-off."

Saxo Bank’s Ole Hansen expects Brent crude to settle between $70 and $90 per barrel as global oil inventories rebuild. Even if West Asia tensions ease, prices will likely stay above pre-war levels. He said, "The prospect of these coming down probably will take a bit longer," affecting global fuel costs.