Shares of Multi Commodity Exchange (MCX) surged by nearly 5% today, boosted by the sharp rise in silver prices. Silver futures recently touched a high of ₹1,00,012, which has had a positive impact on market sentiment. The surge in silver prices is likely benefiting companies with exposure to silver, such as Hindustan Zinc, while also fueling optimism around MCX’s stock, as the exchange plays a crucial role in commodities trading.
The upward momentum in silver prices is supported by technical indicators, with the 5-day Simple Moving Average (SMA) at ₹92,752.80 and the 20-day SMA at ₹87,659.15. This rapid rise in silver prices suggests a bullish trend, which could continue to benefit MCX as higher silver prices increase trading volumes on the exchange.
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