Markets @10: Indian stocks in swing mode; Railways down, IT up

The market opened lower this morning and continued to decline. The major indices showed some small gains at various points but failed to maintain momentum. After a period of low volatility, there was another sharp rise followed by a steep drop.

In the morning, the Nifty Index dropped as low as 24,066, while the Sensex fell to 79,117. The market then rallied, pushing the Nifty up to 24,276 and the Sensex to 79,807.

IT stocks were the only ones showing significant gains today.

Midcap and smallcap indices were up around 1%, though they experienced some ups and downs.

GE Shipping's profit margin shrank in the second quarter, causing its stock to fall by 7%. A quick resolution to the Ukraine war could further reduce ship charter rates, negatively affecting the company's profits.

Indian Hotels reported excellent results, and its stock rose by more than 3%.

Shares of SAIL fell 5% after disappointing results, with lower profits due to rising steel prices.

RVNL and IRCON both dropped over 5% following disappointing second-quarter results, while IRFC and IRCTC saw small declines.

Tata Steel and Texmaco Rail also experienced losses.

Indigo Paints' shares fell 4% due to lower profits and margins.

In currency markets, the Indian Rupee opened at Rs 84.33, a decline of 4 paise, and later traded at Rs 84.37.

Gold update

Gold prices dropped to $2,695 per ounce, compared to $2,707 yesterday. In Kerala, jewellery prices rose by Rs 680 to Rs 58,280.

Crude oil prices fell this morning, with Brent crude at $75.13 per barrel.