Govt has raised import tariffs on gold and silver to 15% from 6%, government orders said on Wednesday, as part of efforts to curb overseas purchases of the metals and ease pressure on the country’s foreign exchange reserves.
The government has imposed a 10% basic customs duty and a 5% Agriculture Infrastructure and Development Cess (AIDC) on gold and silver imports, taking the effective import tax to 15% from 6%.
India raises gold and silver tariffs to 15% from 6% to curb imports, support rupee- Daily Market Update 13th May 2026
Overview and Outlook
Global Stock Market Today
- US equity markets settled on a flat to negative note.
- European equity markets settled lower in range 0.04% to 1.65%.
- Asian equity markets are trading mix.
- GIFT Nifty is little changed, Nifty futures is likely to open around 23420 levels.
The benchmark Nifty index ended sharply lower at 23380 spot levels after a cut of 436 points from its previous closing values.
Broader markets underperformed the benchmark as Mid and Small cap indices were down 2.54% & 3.17% respectively.
All sectoral indices, tracked at NSE ended in deep red. Amongst them, Realty, IT and Consumer Durables were the worst performers down in range 3.5% to over 4%.
Technically, Nifty index drifted sharply lower following breakdown from past couple of week long congestion range (23800-24600 spot zone) on the down side. Going ahead, we expect it to test 23150 spot levels which is the gap support created while rising on April 8, 2026. Hence, we suggest traders to maintain sell on rise trading approach as long as it is holding below 23750 spot levels on closing basis.
Derivatives Overview & Outlook
Yesterday, Short buildup was seen among Nifty, Banknifty and Finnifty futures with an increase in open interest by 8.7%, 4.2% and 9.3% respectively along with some long unwinding in Midcapnifty futures with decrease in open interest by 8%.
All F&O sectors, barring Oil & Gas, settled lower. Amongst them, Metal, Pharma, Realty and Technology stocks witnessed maximum addition of short positions.
On options front, Nifty will start the new weekly series of May contract with maximum positions at 24000 CE and 23000 PE
Institutional Trading Activity
Yesterday, FIIs sold stocks worth Rs 1959 Cr in the cash segment, sold stocks futures worth Rs 651 Cr and also sold index futures worth Rs 2508 Cr. DIIs were net buyers to the tune of Rs 7990 Cr in the cash segment.
Nifty Futures, Banknifty Futures and Finnifty Futures Key Levels
Nifty – Resistances 23700-23800; Supports 23400-23300
Banknifty – Resistances 54200-54500; Supports 53500-53200
Finnifty – Resistances 25400-25500; Supports 25100- 25000
F&O stocks in ban today: SAIL
Important Results Today: BHARTIARTL, CIPLA, CROMPTON, DCMSHRIRAM, DLF, HINDPETRO, KAYNES, LICHSGFIN, OIL, PARAS & PFC.
Disclosure
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