MARKETS@11: IT stocks continue to rise

The market opened strong, climbing higher but later saw gains diminish due to selling pressure. Bank Nifty turned negative after initial volatility.

IT company stocks continued to rise, with major firms gaining between 1% and 4%. The IT index rose by one percent in the morning but later eased. 

Pharma and healthcare stocks posted significant gains, while the realty sector remained weak. HCL Tech shares surged nearly 4% following strong results, prompting Citi and Kotak securities to raise their target prices. Avenue Supermarts improved its profit margins, with shares climbing up to four percent before retreating.

IREDA shares soared 8% in the morning but later fell back, despite the company reporting a 32% increase in both revenue and net profit. Zen Technologies shares jumped almost 5% amid the launch of AI-based products. Aurobindo Pharma shares rose three and a half percent on share buyback reports. Tyre companies saw notable gains following a price hike, with JK Tyre up 9% and Apollo, Ceat, and MRF rising by up to 5%.

Cochin Shipyard

Cochin Shipyard, Mazagon Dock, and Garden Reach shares dropped nearly 4%t. The dollar opened at ₹83.53 and later reached ₹83.55, showing little change.

Gold climbed to $2,412.60 per ounce in the global market, while in Kerala, gold dropped by ₹80 per sovereign to ₹54,000. Crude oil is on the rise again, with Brent crude reaching $85.17.