MARKETS@11: Indices fall, fall again, but rebound soon

Indices fall and rebound

The market initially fell and then declined further. However, it rebounded later, with the Sensex recovering from a low of 80,390 and the Nifty from 24,515. The Nifty climbed back above 24,635, and the Sensex rose above 80,800. The Bank Nifty recovered from early losses.

Sector performances

Realty, metal, media, and auto stocks declined today, while banks, FMCG, and IT stocks rose.

Asian Paints downgrade

Brokerages downgraded Asian Paints after it reported lower sales, profit, and profit margin. Citigroup reduced its target price from ₹2700 to ₹2400. Some analysts forecast lower profits this year and next. The stock fell by nearly 4%.

Bajaj Electricals

Bajaj Electricals’ stock dropped by up to 3% following the resignation of MD and CEO Anuj Poddar.

Aurobindo Pharma

Aurobindo Pharma’s stock improved slightly after the board decided to buy back 5.14 million shares at ₹1460 each.

IDBI Bank sale

The Reserve Bank of India reported to the central government regarding the sale of IDBI Bank shares. The Ministry of Finance had earlier passed the list of interested buyers to the Reserve Bank. IDBI Bank’s stock rose by 4%.

Bajaj Auto

Despite good results, Bajaj Auto’s stock fell by 3%, affected by currency issues in Nigeria impacting its exports.

LTIMindtree

LTIMindtree’s stock rose by over 3% despite lackluster results.

Rupee and gold

The rupee opened unchanged at ₹83.58 per dollar. Gold traded at $2467 in the global market and fell by ₹120 to ₹54,880 per sovereign in Kerala.

Crude oil

Crude oil prices rose again, with Brent climbing to $84.45