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Gold prices opened slightly lower on Wednesday but remained close to record highs, supported by strong market sentiment ahead of the U.S. Federal Reserve’s key interest rate decision later in the day. On the Multi Commodity Exchange (MCX), October gold futures were trading at Rs 1,09,870 per 10 grams, down Rs 286 or 0.26%, after touching an all-time high of Rs 1,10,666.Despite the modest decline, the yellow metal remains well-supported as investors look to Fed Chair Jerome Powell for signals on the future direction of rate cuts.Meanwhile, silver December futures saw a sharper fall, with prices on MCX dropping Rs 1,330 or 1.03% to Rs 1,27,490 per kilogram.Globally, the dollar weakened, stock indices edged lower, and gold reached new highs as markets awaited the Fed’s expected rate cut and clues on the pace of future easing.The Fed is expected to cut its benchmark interest rate by a quarter of a percentage point to the 4.00%-4.25% range at the end of its monetary policy meeting later in the global day. The main focus beyond the rate decision will be on Chair Jerome Powell's comments on the outlook for U.S. monetary policy.On Tuesday, gold and silver settled on a slightly weaker note in the domestic market and on a mixed note in the international markets. Gold October futures contract settled at Rs 1,10,156 per 10 grams with a loss of 0.02% and silver December futures contract settled at Rs 1,28,820 per kilogram with a loss of 0.47%.Gold and silver show very high price volatility and extended their gains in the early trading session, but were unable to hold their gains amid progress in the US-India trade talks and ahead of the FOMC meeting outcomes.Gold prices hit a record high amid possible Fed rate cuts and silver prices fell from their fresh 14-year high amid profit taking from higher levels“The dollar index and the U.S. 10-year bond yields slipped amid strength in the Euro and possible Fed rate cuts and supporting gold and silver prices. However, strength in the rupee limits gains of gold and silver in the domestic markets,” said Manoj Kumar Jain of Prithvifinmart Commodity Research.Today, the US Dollar Index, DXY, was hovering near the 96.72 mark, gaining 0.09 or 0.09%.“We expect gold and silver prices to remain volatile this week amid volatility in the dollar index, US-India trade deal updates, and FOMC meeting outcomes, and gold are expected to trade in the range of $3,534-3,800 per troy ounce and silver is expected to trade in the range of $41.40-44.50 per troy ounce this week,” he added.How to trade gold?Manoj Kumar Jain suggested the following ranges for gold and silver on MCX:Gold has support at Rs 1,09,720-1,09,300 and resistance at Rs 1,10,666-1,11,000Silver has support at Rs 1,27,700-1,26,650 and resistance at Rs 1,30,000-1,31,200Jain suggests avoiding fresh positions in gold and silver ahead of the FOMC meeting outcomes and traders can also book profit once in the existing long positions.“For long-term investors, there is no need to worry as long-term bullish trend is intact for both precious metals,” he added.Gold rates in physical marketsGold Price today in DelhiStandard gold (22 carat) prices in Delhi stand at Rs 57,312/8 grams, while pure gold (24 carat) prices stand at Rs 61,088/8 grams.Gold Price today in MumbaiStandard gold (22 carat) prices in Mumbai stand at Rs 57,744/8 grams, while pure gold (24 carat) prices stand at Rs 61,536/8 grams.Gold Price today in ChennaiStandard gold (22 carat) prices in Chennai stand at Rs 57,008/8 grams while pure gold (24 carat) prices stand at Rs 60,496/8 grams.Gold Price today in HyderabadStandard gold (22 carat) prices in Hyderabad stand at Rs 57,032/8 grams while pure gold (24 carat) prices stand at Rs 60,752/8 grams.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Brokerages remain optimistic on select mid-to-large cap names, highlighting strong structural drivers and attractive valuations.Nuvama has initiated coverage on Eureka Forbes, Religare Broking has turned positive on REC Ltd, while Motilal Oswal reiterated its bullish stance on Biocon.The common thread across these calls is robust earnings visibility, leadership in core segments, and growth tailwinds from sectoral trends such as infrastructure capex, healthcare innovation, and rising consumer demand.We have collated a list of recommendations from top brokerage firms from ETNow and other sources:Nuvama on Eureka Forbes: Initiating Coverage | Buy | Target Rs 700 | LTP Rs 579 | Upside 20%Nuvama has initiated coverage on Eureka Forbes with a Buy rating and a target price of Rs 700, implying a 20% upside from the current market price of Rs 579.The company is the largest player in the electric water purifier (EWP) segment, commanding a dominant 40–45% share of the Rs 4,900 crore organized market.Notably, it remains the only large full-stack EWP company in an underpenetrated market with just 6% penetration.Eureka Forbes is strengthening its brand proposition of "purity of trust" through multiple levers, including innovative SKUs, a revitalized advertising and promotion strategy, an omni-channel distribution reach, and a revamped after-sales service network, which already contributes about 33% of its revenue.Nuvama projects a 14% revenue CAGR between FY25–28E, supported by a robust EBITDA and PAT CAGR of 24% and 31%, respectively.The brokerage also expects an additional 300 bps operating leverage over FY25–28E, building on the 530 bps gain achieved in FY23–25, driven largely by cost optimization initiatives.However, key risks to this bullish outlook include delays or weaker-than-expected results from the after-sales service revamp, as well as heightened competitive intensity in the sector.Motilal Oswal on Biocon: Buy | Target Rs 410 | LTP Rs 360 | Upside 13%Motilal Oswal has initiated coverage on Biocon with a Buy rating, setting a target price of Rs 410, which implies a 13% upside from the current market price of Rs 360.The company is proactively expanding its peptide API capacity in anticipation of Semaglutide’s patent expiry in India in March 2026, aiming to capture the projected 50–60 ton demand surge.By focusing on in-house manufacturing, Biocon looks to de-risk supply and establish itself as a leading player in the GLP-1 API segment.With its significantly lower manufacturing costs compared to innovators, Biocon is strategically pursuing both CDMO and front-end models for Semaglutide formulations.The demand is expected to be dominated by injectable forms—particularly for weight loss and diabetes management—over oral versions in emerging markets post-patent expiry.Beyond Semaglutide, the company’s pipeline across Generics and Biologics remains promising, supported by ongoing investments in manufacturing capacity to enable commercial scale-up.Additionally, Syngene, Biocon’s subsidiary, is expanding its CDMO capabilities to cater to rising global demand. Motilal Oswal projects Biocon to deliver a sales CAGR of 18% in Biologics, 16% in Generics, and 10% in Syngene over FY25–27.Religare Broking on REC Ltd: Buy | Target Rs 466 | LTP Rs 380 | Upside 22%Religare Broking has initiated coverage on REC Ltd with a Buy rating and a target price of Rs 466, implying a 22% upside from the current market price of Rs 380.The company is well-positioned to ride India’s ongoing power and infrastructure capex cycle, with its loan book expected to grow at a CAGR of 12% over FY25–27E.This growth will be driven by strong demand from state utilities, increasing investments in renewable energy, and a gradual diversification into non-power infrastructure projects.Earnings visibility for REC remains strong, backed by operating leverage, scale benefits, and an improving asset mix that is largely anchored in state-backed and renewable loans.The company also continues to deliver sector-leading return ratios, with RoE expected to sustain near 20%. Additionally, its consistent dividend payout policy translates into an attractive 4–5% yield for investors.Based on these factors, Religare values REC at Rs 466 per share, or 1.2x FY27E BV, and recommends a Buy.(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times).

Prime Minister Narendra Modi’s 75th birthday on Wednesday was marked by a flood of greetings from Union ministers, chief ministers, global leaders, and citizens across the country. From prayers at gurudwaras to rangolis in schools and Ganga Aarti, the day turned into a nationwide celebration.Union Home Minister Amit Shah called Modi’s leadership the very definition of transformation. “The longest bridge in Assam, the world’s highest Chenab Railway Bridge in Kashmir, semiconductor units, digital public infrastructure—these are symbols of India becoming number one in every field under the Modi government. Today, when even vegetable vendors proudly display UPI, the meaning of being Narendra Modi becomes clear.”— AmitShah (@AmitShah) Defence Minister Rajnath Singh described the prime minister as a leader of “visionary leadership, dedication to the nation, and tireless hard work” who had “infused India with new energy and a new direction.” External Affairs Minister S Jaishankar said the BJP leader's “firm resolve to build an Atmanirbhar, Sammridh and Viksit Bharat serves as an inspiration,” while Commerce Minister Piyush Goyal wished him on behalf of “140 crore countrymen.”— PiyushGoyal (@PiyushGoyal) Union Petroleum Minister Hardeep Singh Puri revealed that prayers were offered in five major gurudwaras — Patna Sahib, Bangla Sahib, Singh Sabha, Kirtangadh Sahib, and Shri Guru Singh Sabha — for Modi’s long life and health. “Today, we are a $4.4 trillion economy, ranked fourth globally,” he said, adding, “With the current GDP growth, we will soon become the third-largest economy.” President Droupadi Murmu, in her message, praised the prime minister for “instilling a culture of achieving great goals” and prayed for his “health and joy.”Chief ministers extend wishes State leaders across the country joined in with tributes. Uttar Pradesh CM Yogi Adityanath called Modi “the torchbearer of the hopes and aspirations of 1.4 billion Indians, who has positioned ‘New India’ in the front row on the global stage, the world’s most popular politician, and the one who has realized the vision of ‘One India – Excellent India.’” Assam CM Himanta Biswa Sarma described Modi as “the world’s most popular Prime Minister, the true son of Mother India, the flag-bearer of Indian culture. Under your able leadership, not only has the pace of India’s development accelerated and the deprived received their due rights, but the nation’s pride has also reached new heights across the entire world.”— himantabiswa (@himantabiswa) Andhra Pradesh CM N. Chandrababu Naidu wrote, “We are truly fortunate to have the right leader at the right time, guiding our nation with clarity and determination. His absolute commitment to the people and our nation’s prosperity, reflected in Sabka Saath, Sabka Vikas and the bold reforms he has championed, has touched countless lives and brought meaningful change across the country.” Delhi CM Rekha Gupta extended greetings to “the Prime Minister of India, Narendra Modi, who rules the hearts of so many Indians. I, along with the people of Delhi, wish you a very happy birthday.”Celebrations across the country Beyond the corridors of power, citizens marked the day with local gestures. In Gujarat, schoolchildren in Rajkot crafted 75 colourful rangolis to honour the Prime Minister. In Rajasthan, BJP workers led by state party president Madan Rathore held a cleanliness drive at Jaipur’s Hawa Mahal. Devotees at Delhi’s Hanuman temple and Gurudwara Bangla Sahib offered prayers for Modi’s health and longevity.— ANI (@ANI) Pilgrims at Vaishno Devi temple in Jammu also joined in with birthday wishes, while Delhi ministers Kapil Mishra and Manjinder Singh Sirsa personally offered prayers. Meanwhile, Ganga Aarti was also performed by supporters in Varanasi.— ANI (@ANI) From festive rangolis to public prayers, the celebrations reflected not only political tributes but also personal admiration, underscoring Modi’s wide appeal as he entered his 75th year.(If you want to wish Prime Minister Narendra Modi, leave a comment below)

Mumbai: Corporate India is increasingly tapping non-banking channels to meet its funding requirements, with nearly half of the total resources raised in FY25 coming from equity markets, bonds, and loans from non-banking financial companies (NBFCs), Reserve Bank of India (RBI) data showed.The total flow of financial resources to the corporate sector rose to ₹35 lakh crore in FY25, marking a modest 3% increase over the previous year. However, the composition of this funding reflects a shift away from traditional bank credit, signalling a broader economic slowdown.Of the ₹35 lakh crore raised, ₹17.1 lakh crore - or nearly 49% - came from non-bank channels such as corporate bonds, NBFC loans, equity issuances and foreign direct investment. By contrast, demand for bank credit declined 14% to ₹17.9 lakh crore.Bankers attribute this shift to the strong performance of equity markets, which encouraged companies to raise capital through share issuances rather than debt. Non-financial corporates raised ₹3.8 lakh crore via equity in FY25, up 188% over the previous year."The larger established companies prefer to use conventional channels where banks are the main touch point while IPOs are largely used by start-ups or first-time listing of companies," said Madan Sabnavis, chief economist, Bank of Baroda.He added that the slowdown in bank credit may also stem from cautious lending towards NBFCs and unsecured retail segments and high base effect from FY24 when bank credit surged 20%.Central bank data also shows that NBFCs and financial institutions ramped up lending to corporates, disbursing ₹6.1 lakh crore, up 20%. Borrowings through corporate bonds and commercial papers by non-bank entities rose 15% to ₹2.1 lakh crore.123932818Signs of MaturityGaura Sengupta, economist at IDFC First Bank, noted that as economies mature, funding sources tend to diversify."In developed markets like Europe, bank credit remains dominant, whereas in the US, the corporate bond market plays a larger role," she said.Another factor contributing to the decline in bank credit is the increased use of internal accruals for business expansion, as pointed out by RBI governor Sanjay Malhotra in the August policy. “Profitability of large corporates has increased, their internal resources have become an important source for business expansion,” he stated. Despite the slowdown in bank lending, Governor Malhotra emphasised that the overall flow of financial resources to the commercial sector has increased, if the flow of funds from non-bank sources is included. To stimulate credit demand,RBI has eased policy rates by 100 basis points since February — after a two-year pause — and ensured ample liquidity in the banking system to facilitate smooth transmission of rates to borrowers

Mumbai: Fear in the Indian stock market has ebbed to levels not seen in recent times, signalling that traders believe that the worst of the declines may be over. NSE's Volatility Index or VIX - a measure of traders' expectations of the likelihood of near-term risks in the market - is around the lowest level since its existence. While it means that options traders do not expect bouts of sharp swings, the low reading could also be masking some complacency among market participants.The VIX, which made a lifetime low of 10.12 levels on Friday, closed at 10.27 on Tuesday, down 1.2% over the previous trading session. The Nifty ended 0.7% higher at 25,239.1 on Tuesday."VIX at multi-year lows mean investors feel confident and calm," said Somil Mehta, head of Alternate Research, Mirae Asset ShareKhan. "But this also means complacency."The drop in VIX comes ahead of the much-awaited US Federal Reserve's policy meeting, where a rate cut of 25 basis points is widely expected. The index has declined 16.8% in the past month, while the Nifty has now moved up 1.5%. Usually, the VIX spikes before crucial market-moving events on account of the uncertainty, but this time, traders seem unperturbed."Over the past four weeks, markets have largely discounted both positive and negative news, reflecting a sense of fatigue among participants due to persistent news flow and ongoing uncertainty, reducing the 'fear' in the market," said Sham Chandak, head of institutional equities at Elios Financial Services.Chandak said the option writing activity has recently surged to its highest levels in months, suggesting that institutional investors are positioning for limited near-term movement."The low VIX readings are due to the lower implied volatility (as shown by lower options premiums), and a sense of lack of near term triggers," he said.VIX is a broad index of implied volatility, which in turn is a key component of options premium pricing. A higher VIX means traders anticipate bigger swings, making options costlier, while a lower VIX signals calmer markets and cheaper options.Rajesh Palviya, head of technical and derivatives research at Axis Securities said the VIX typically rises in response to unexpected events that drive up options premiums."However, recent market movements have shown that most adverse developments, such as sustained FII outflows, the imposition of 50% tariffs on Indian exports to the US, and a slowdown in earnings, were largely anticipated by participants." 123932753Optimism or Overconfidence?Palviya said historically, a low and falling VIX has often been followed by new highs in the market, and he believes the indices may continue to move upwards from here.Some analysts warn that lower VIX readings for longer periods could foster a deceptive calm.

Mumbai: Corporate India is increasingly tapping non-banking channels to meet its funding requirements, with nearly half of the total resources raised in FY25 coming from equity markets, bonds, and loans from non-banking financial companies (NBFCs), Reserve Bank of India (RBI) data showed. The total flow of financial resources to the corporate sector rose to Rs 35 lakh crore in FY25, marking a modest 3% increase over the previous year. However, the composition of this funding reflects a shift away from traditional bank credit, signalling a broader economic slowdown. Of the Rs 35 lakh crore raised, Rs 17.1 lakh crore — or nearly 49% —came from non-bank channels such as corporate bonds, NBFC loans, equity issuances and foreign direct investment. By contrast, demand for bank credit declined 14% to Rs 17.9 lakh crore. Bankers attribute this shift to the strong performance of equity markets, which encouraged companies to raise capital through share issuances rather than debt. Non-financial corporates raised Rs 3.8 lakh crore via equity in FY25, up 188% over the previous year. “The larger established companies prefer to use conventional channels where banks are the main touch point while IPOs are largely used by start-ups or first-time listing of companies,” said Madan Sabnavis, chief economist, Bank of Baroda. He added that the slowdown in bank credit may also stem from cautious lending towards NBFCs and unsecured retail segments and high base effect from FY24 when bank credit surged 20%.Central bank data also shows that NBFCs and financial institutions ramped up lending to corporates, disbursing Rs 6.1 lakh crore, up 20%. Borrowings through corporate bonds and commercial papers by non-bank entities rose 15% to Rs 2.1 lakh crore. SIGNS OF MATURITY Gaura Sengupta, economist at IDFC First Bank, noted that as economies mature, funding sources tend to diversify. “In developed markets like Europe, bank credit remains dominant, whereas in the US, the corporate bond market plays a larger role,” she said.Another factor contributing to the decline in bank credit is the increased use of internal accruals for business expansion, as pointed out by RBI governor Sanjay Malhotra in the August policy. “Profitability of large corporates has increased, their internal resources have become an important source for business expansion,” he stated. Despite the slowdown in bank lending, Governor Malhotra emphasised that the overall flow of financial resources to the commercial sector has increased, if the flow of funds from non-bank sources is included. To stimulate credit demand,RBI has eased policy rates by 100 basis points since February — after a two-year pause — and ensured ample liquidity in the banking system to facilitate smooth transmission of rates to borrowers.