Market@11: IT stocks soar on TCS results, banks fluctuate

                                                           By TC Mathew

Today, the Indian market started strong but faced selling pressure intermittently, causing some indices to dip.

Nifty rose to 24,440.75 and fell to 24,331.15. Sensex climbed to 80,294.69 and dropped to 79,843.39.

TCS released results exceeding expectations, boosting IT stocks. TCS surged nearly 3%, crossing ₹4000. Infosys, Wipro, and HCL, which are set to release results today, also gained 1-2%. Mid-cap IT stocks like Mphasis, Coforge, Persistent, and Mindtree rose as well. The IT index climbed up to 2%.

Oil India gains 7%

Morgan Stanley's rating upgrade lifted Oil India's stock by 7%.

Federal Bank shares hit a record ₹196.42 in the morning before cooling off.

With results expected today, IREDA's stock rose by 6%.

Shipping Corporation shares, which rose 20% yesterday, climbed another 10% this morning. Reports suggest the government has instructed the company to form a joint venture to manufacture oil tankers in India. Shreyas Shipping, up 14% yesterday, rose another 9% today before settling. Essar Shipping climbed 10% for two consecutive days. GE Shipping, which saw significant gains yesterday, rose 5% this morning.

The rupee gained in early trade, opening at ₹83.53 per dollar, down 3 paise.

Gold is priced at $2409 in the global market. In Kerala, gold increased by ₹240 per sovereign, reaching ₹54,080.

Crude oil prices eased, with Brent crude at $85.59.