NCDEX Market Overview: November 2024 Prices for Nifty, Sensex, Gold, and Silver

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NCDEX reported major price movements in key commodities during November 2024. Trading patterns in agricultural commodities showed remarkable changes, and NCDEX became a reliable indicator of market sentiment. The exchange showed robust trading volumes, especially in turmeric and jeera segments.

A detailed market analysis reveals the performance of major indices like Nifty and Sensex, along with precious metals such as gold and silver. The report explains essential price trends, market dynamics, and how agricultural commodities interact with technology adoption on trading platforms. Market participants can learn about domestic and international factors that affected NCDEX market movements during this period.

NCDEX Market Overview for November 2024

Agricultural commodities market showed high volatility in November 2024. Price fluctuations affected multiple segments. Crude Sunflower Oil led the gains with a 4.13% increase as prices reached ₹1,340.00 per 10kg. Cotton Wash Oil – Kadi futures followed with a 3.75% gain in December 2024.

Market performance for November 2024:

• Turmeric (Farmer Polished) fell 2.72% in May 2025 futures
• Jeera futures dropped 1.49% in November contracts
• Guar seed trading reached volumes of 2,845 MT worth ₹15.17 crore

Castor Seed December futures dominated NCDEX platform trading with 2,705 MT volume. Global economic pressure and weather changes affected crop patterns substantially. The exchange expanded its reach by adding 95 new FPOs that brought over 47,876 farmers to the platform.

Regular trading continued from 10:00 AM to 5:00 PM on weekdays, while Saturday operations ran from 10:00 AM to 2:00 PM. The market stayed robust despite ongoing suspensions and trade restrictions meant to protect domestic sustainability.

Nifty and Sensex Performance

Indian equity markets showed remarkable strength as Nifty 50 companies achieved an average year-over-year revenue growth of 8.37%. Different sectors performed at varying levels, and here are the standout movements in major segments:

• Commercial Services & Supplies led the pack with 51,685.63% quarterly change
• Hardware Technology & Equipment grew by 133.25%
• Healthcare Equipment & Supplies increased by 41.27%
• Banking and Finance saw a slight dip of -0.07%

Market dynamics shifted dramatically when Foreign Portfolio Investors (FPIs) pulled out over ₹1 lakh crore in October. This outflow surpassed even the levels seen during the COVID-19 crash. The NSE Nifty 50 remained resilient and climbed more than 200% since the pandemic low of March 2020.

India’s market capitalization touched about USD 5.00 trillion, which reflects the country’s economic muscle. Recent trading sessions turned volatile after first-quarter earnings reports and slower GDP growth. October brought a 6.32% market decline, and all but one of the 35 constituents traded between 10% and 39% below their one-year highs.

Experts believe India’s GDP will grow 6.5% in 2024, setting the stage to become the world’s third-largest economy by 2027. The market’s core strength continues through better urbanization, effective regulations, and a stronger manufacturing sector.

Gold and Silver Price Analysis

Gold and silver showed outstanding performance in 2024. Gold prices jumped 33% from USD 2063.73 to USD 2734.46 per ounce. Silver performed even better with a 42% surge, rising from USD 23.76 to USD 33.67 per ounce.

Major Indian cities reported these key prices:

• Delhi: Gold at ₹81,513 per 10 grams, silver at ₹103,000 per kg
• Mumbai: Gold trading at ₹81,367 per 10 grams, silver at ₹102,300 per kg
• Chennai: Gold prices at ₹81,361 per 10 grams, silver reaching ₹111,600 per kg

The precious metals market stayed strong even as monetary conditions changed. Investors turned to gold as a safe-haven asset due to global political tensions and banking sector concerns. Silver’s remarkable performance stood out in the industrial sector. Its demand grew 11% year-over-year in the second quarter, mainly because of artificial intelligence applications.

Market sentiment reflected in the MCX futures showed February 2025 gold futures at ₹78,962 per 10 grams and December 2024 silver futures at ₹94,655 per kilogram. Experts expect the Precious Metal Derivatives market to reach USD 327.90 billion in 2024 and grow annually at 1.85% through 2029.

Impact of Global and Domestic Factors

National and international factors substantially shaped market dynamics in late 2024. The commodity futures market showed high sensitivity to economic variables at home and abroad. FIIs became vital market influencers, and October saw a major outflow of ₹113,858 crores through exchanges.

The market movements responded to multiple factors:

• Global monetary policies that affected interest rates
• Geopolitical tensions in the Middle East
• Currency exchange rate changes
• Domestic fiscal and regulatory policies

The upcoming US presidential election became a major concern. Historical data shows commodity prices typically drop by 6.4% during pre-election quarters. This effect grows stronger during recessions and close election races. Indian markets showed deep connections with global financial markets. The long-term correlation reached 90% with MSCI Emerging Markets index and 85% with the S&P 500.

Money supply metrics strongly influenced the commodity market. Gold, sugar, and crude oil prices displayed negative correlations to monetary conditions. Currency values played a vital role in market behavior. The rupee’s shift from ₹81 to ₹83 per dollar affected import-dependent sectors. Geopolitical tensions and evolving global trade patterns made market reactions more complex, especially for agricultural commodities traded on NCDEX.

Conclusion

The NCDEX commodities, major indices, and precious metals markets saw notable changes in November 2024. Crude Sunflower Oil led the gains at 4.13% among agricultural commodities that experienced substantial price shifts. The Indian equity markets stayed strong despite heavy FPI outflows. Precious metals stood out as top performers – gold and silver jumped by 33% and 42% respectively. These price movements reflected how domestic market fundamentals interacted with global economic forces.

The November 2024 market performance highlighted India’s economic strength and its role in global financial markets. NCDEX saw high trading volumes and more FPO participation, which showed how mature the agricultural commodity market had become. The markets looked set to remain strong with higher market capitalization, expected GDP growth of 6.5%, and impressive precious metals performance. This positive outlook persisted even with global uncertainties and monetary policy challenges.