Shares of Multi Commodity Exchange (MCX) and Hindustan Zinc surged sharply on Thursday, October 9, supported by the ongoing rally in silver prices and buoyant investor sentiment.
MCX shares rose nearly 7 percent to ₹8,748.50 apiece, making it one of the top gainers on the Nifty Capital Markets index, which advanced over 2 percent in trade. Meanwhile, Hindustan Zinc, India’s largest silver producer, saw its stock climb close to 5 percent during the session.
Silver price movement
Silver prices showed mixed trends on October 9 as traders engaged in profit booking after recent highs. On the Multi Commodity Exchange (MCX), silver futures for December delivery slipped more than 0.6 percent to ₹1,48,945 per kilogram around 1:30 pm. The correction followed a strong rally that took prices to record levels earlier in the week.
Contracts expiring in March and May were also down about 0.5 percent and 0.4 percent, respectively. However, longer-term contracts for July and September rose up to 1 percent, hitting fresh lifetime highs of ₹1,55,546 per kg and ₹1,56,793 per kg, respectively.
Analyst outlook
According to the Tata Mutual Fund Silver Outlook (October 2025) report, silver’s strong investment demand, supply deficit, and potential U.S. Federal Reserve rate cuts could keep prices elevated over the next three to five years. The report added that silver may outperform gold in the medium term due to a favorable gold-silver ratio, expected global economic recovery, and strong industrial demand—especially from China.
“Rising investment and industrial demand, along with recovery expectations in China, is positively influencing silver prices,” the report noted.
Stock performance
MCX shares have gained about 9 percent in the past five days and more than 14 percent over the past month. Over the last six months, the stock has soared nearly 67 percent.
Hindustan Zinc shares have risen 6 percent in the past week and more than 17 percent in a month. Over the last six months, the stock has rallied 27 percent, marking an increase of over 14 percent so far in 2025. The Vedanta Group company currently trades at a price-to-earnings (P/E) ratio of around 20.
Both stocks are seen as key beneficiaries of the ongoing momentum in silver prices, which continue to attract investor attention amid expectations of sustained global demand and constrained supply.
