India Market Report Feb 24: Gold Rallies to ₹1.61 Lakh, IT Stocks Tank on AI Fears

Indian Market Analysis: IT Sector Slump and the Bullion Breakout

Walking through Mumbai’s financial districts this morning, the tension is palpable. It is one of those days where trading screens show a sea of red for equity investors, yet shimmering returns for those holding bullion. The Nifty 50 has slipped below the crucial 25,450 mark, largely due to a massive “COBOL scare.” It is fascinating how a 60-year-old programming language can still rattle the modern stock market. Anthropic’s latest tool, promising to modernize legacy systems, has sent Indian IT giants like Infosys and TCS into a tailspin, with shares dropping nearly 3% in early trade.

Beyond technology, geopolitical jitters are adding to the pressure. Between new tariff warnings from the US and ongoing tensions in the Middle East, investors are retreating to the safest harbor they know: Gold. The yellow metal crossed ₹16,150 per gram in several cities today. For those planning a wedding this season, these rates will certainly pinch the pocket. Meanwhile, the Rupee has weakened to 90.95 against the dollar, making oil imports more expensive, though pump prices have not yet reflected this change.

Latest Gold and Silver Prices in India

Gold is undoubtedly the star of the show today. In Delhi and Mumbai, 24K gold is hovering around ₹1,61,800 per 10 grams, a significant jump from just a week ago. Interestingly, Chennai continues to command a premium, with rates touching ₹1,62,440. This is not just global uncertainty at work; retail volume is massive. Despite the record highs, Indian households are not backing down from gold purchases for the current wedding season.

Silver experienced a bit of a rollercoaster morning. After a brief spike, it saw profit-booking at higher levels. It is currently trading between ₹2,85,000 and ₹3,00,000 per kg depending on the city. Here is a quick look at the rates reported by
Angel One and other major trackers today:

Note: Data based on 2026-02-24.

Why Gold Prices Continue to Rise

There is a growing sentiment among traders that we have not yet hit the ceiling. Technical charts show a clear breakout above the ₹1,60,000 resistance level. Combined with the Rupee’s struggle, domestic prices receive an automatic “currency hedge” boost. If the US dollar remains strong, do not be surprised to see another 1-2% leg up before the week ends. While it is a challenging time for buyers, it remains a golden era for long-term investors.

Fuel Price Update: Petrol, Diesel, and CNG Rates

At the fuel pump, there is some welcome stability. Petrol and Diesel prices have remained unchanged across most major metros today. According to the latest data from the
Petroleum Planning & Analysis Cell, the government is absorbing international crude volatility to keep inflation in check.

However, location matters. In Chennai, you will pay more than in Delhi. Taxes and dealer commissions vary so significantly between states that prices can feel vastly different once you cross borders. Here is the breakdown for today:

Note: Data based on 2026-02-24.

CNG prices are particularly notable right now. While Delhi remains the most affordable place to refuel at roughly ₹77 per kg, Hyderabad is seeing rates as high as ₹96. For logistics companies and daily commuters, this gap is a major factor in monthly budgeting. If you are planning a long road trip, it is worth checking regional rates before you head out.

Kitchen Budget Trends: Vegetable and Dairy Prices

Moving from the fuel pump to the dinner table, we see a mixed bag of trends. The good news is that Tomato and Potato prices have cooled significantly compared to winter peaks. Wholesale markets in Azadpur (Delhi) and Vashi (Mumbai) are reporting a steady influx of fresh crops. However, Onion prices are showing a slight upward trend, which is typical for this time of year as stored stocks begin to dwindle.

Dairy is where “silent inflation” is currently most visible. Major cooperatives like Amul and Mother Dairy have held prices steady this month, but rising fodder costs are creating pressure. Based on
WPI data, milk inflation is hovering around 2.5%. While this sounds small, it adds up quickly for the average Indian household.

Current Grocery Market Rates:

• Onions: Prices range between ₹40-55 per kg in retail markets, with premium varieties in South India slightly higher.
• Potatoes: Rates have dropped nearly 20% year-on-year, currently available for ₹20-25 per kg.
• Milk: Full cream milk remains at ₹66-68 per litre in most urban centers.
• Edible Oils: Some relief is visible as global supply chains for palm and sunflower oil have finally stabilized.

It is a balancing act for the Indian consumer. Savings on potatoes are often offset by higher costs at the jewelry store or the petrol pump. This is the reality of the 2026 economy localized, volatile, and highly dependent on geography.