Gold and silver prices registered a decline on the occasion of Dhanteras, according to the India Bullion and Jewellers Association. Ten grams of 24-carat gold dropped by Rs 2,677 to stand at Rs 1.41 lakh, while one kilogram of silver became cheaper by Rs 4,432 to reach Rs 1.83 lakh.

Stock market rally

In contrast, the stock market witnessed a strong surge. The Sensex climbed 1,718 points, or 2.17 percent, to close at the 81,028 level. Meanwhile, the Nifty ended the session higher by 494 points, or 2.01 percent, at 25,030.

Other developments

In other developments, the Karnataka government stated that lab tests found the ethanol level in E20 petrol to be 31.2 percent, though independent verification of this allegation is still pending. Additionally, the Mumbai bench of the NCLT declared Videocon former promoter Venugopal Dhoot bankrupt on a petition by the State Bank of India.

The US stock market also recorded a downturn, with the Nasdaq falling by up to 5.5 percent, the Dow Jones by 3.4 percent, and the S&P 500 index by 4.3 percent.