Commodities

Nifty IT was the top sectoral laggard, falling about 2.4%, followed by declines in defence, realty, media, pharma and FMCG. Banking and auto indices also traded lower.

Spot silver was little changed after surging more than 7% on Monday, following a report on the liquidity crisis of a state-owned oil firm in Peru.

MCX gold June futures contract opened 0.14% up at Rs 1,53, 661 per 10 grams, while the MCX silver July futures surged 1.01% to Rs 2,81,133 per kg.

The government has reduced onshore crude oil royalty rates for nominated blocks and pre-NELP Production Sharing Contracts from 20% to 12.5%. Meanwhile, the royalty rate on New Well Gas has been reduced from 10% to 9%.

Gold prices in India fell following Prime Minister Modi's call to delay non-essential gold purchases to protect external balances amid global market uncertainty.

Berger Paints India, Borosil Renewables, BPCL, Dixon Technologies and Dr. Reddy's Laboratories are among companies that will announce Q4 results today.

Indian state refiners are expecting a modest increase in retail fuel prices within days, as the government seeks to balance the impact of the ten-week war in the Persian Gulf and the needs of consumers.

Brent crude traded above $104 a barrel, after climbing 2.9% in the previous session, while West Texas Intermediate hovered near $98.

Processors anticipate a hike of about 5 rupees a liter for diesel and gasoline, to help mitigate an estimated loss of 10 billion rupees ($105 million) a day on fuel sales.

Most sectoral indices traded lower, led by Nifty Realty, which fell about 2.3%. Nifty PSU Bank declined around 1.6%, while Nifty Consumption, Oil & Gas, Energy and Auto were down between 1.4% and 1.5%.

MCX gold June futures contract fell 0.21% to Rs 1,52,150 per 10 grams, while the MCX silver May futures rose 0.62% to Rs 2,63,554 per kg.

Global spot gold and silver prices declined slightly as investors awaited US-Iran peace talks and global economic data, impacting Indian market trends.

The warning comes at a time when crude prices have surged 72% so far this year, while the rupee has depreciated 5.1% against the dollar, magnifying the cost of India's oil imports.

Fuel prices in India depend on several factors, with global crude oil prices being the most significant as crude is the primary raw material used to produce petrol and diesel.

Brent crude rose as much as 3.5% to $104.80 a barrel, while West Texas Intermediate climbed toward $99.

South Korea's Kospi opened 3.67% higher to a record level, while the smaller Kosdaq index edged up slightly.

On the Multi Commodity Exchange (MCX), gold futures gained Rs 1,178, or nearly 1 per cent over the past week, to settle at Rs 1.52 lakh per 10 grams. Silver climbed Rs 10,985, 4.4 per cent, to close at Rs 2.61 lakh per kg.

Higher prices of crude and refined products helped Aramco report a 26% increase in first-quarter adjusted net income, which at 126 billion riyals ($33.6 billion) also beat analysts' expectations.

Safe-haven demand, easing dollar pressure and strong industrial consumption keep silver elevated as analysts watch whether bullion can sustain momentum toward the $85 mark.

On Friday, benchmarks ended lower, tracking negative global cues. The Nifty 50 closed 0.62% lower at 24,176.15, down 150.50 points, while the Sensex ended 0.66% lower at 77,328.19, down 516.33 points.