January 27, 2026, Mumbai :Indian financial markets presented a mixed picture on Tuesday, with commodities sharply outperforming equities amid a weaker rupee and firm global cues. Silver prices on the Multi Commodity Exchange witnessed an exceptional rally, while benchmark equity indices posted modest gains ahead of the mid-week reopening of domestic markets.
Silver futures on MCX surged more than seven percent in a single session, trading near ₹3.6 lakh per kilogram. The jump was accompanied by rising open interest, indicating fresh long positions and strong bullish sentiment among traders. Market participants attributed the sharp move to a combination of global price firmness, safe-haven demand, and the depreciation of the Indian rupee against the US dollar.
The rupee traded around 91.5 against the dollar, remaining under pressure due to persistent foreign fund outflows and global uncertainty. Currency weakness tends to inflate landed prices of imported commodities, amplifying gains in precious metals in the domestic market.
Gold prices, meanwhile, remained elevated in retail markets, holding near record levels. Rates for 24-carat gold hovered above ₹1.6 lakh per 10 grams in major cities, reflecting sustained investment demand and the impact of currency depreciation, even as international prices showed limited intraday movement.
In the energy segment, Brent crude traded higher at around 65 dollars per barrel, gaining over one percent during the day. The uptick came amid expectations of tighter supply conditions and cautious optimism around global demand, providing support to commodity-linked assets.
Equity markets, by contrast, moved at a slower pace. The BSE Sensex and NSE Nifty posted marginal gains, reflecting a cautious tone as investors weighed global commodity volatility, currency trends, and upcoming economic data. Trading volumes remained moderate, with participants avoiding aggressive bets.
Overall, the day underscored a clear divergence between commodities and equities. While precious metals and crude oil drew strength from global cues and currency movements, equities remained range-bound, signaling that investors are selectively positioning themselves amid heightened macroeconomic uncertainty.
