MARKETS@11am: Under selling pressure

                                                By TC MATHEW

The market continues to experience strong selling pressure. Both the Sensex and Nifty, which started the day on a high note, later plunged into the red before recovering. The Bank Nifty also experienced a drop but later rebounded.

Several IT companies, including TCS--which is set to release its results later today--showed gains.

Tata Elxsi shares dropped by up to 5% due to results falling short of expectations but later trimmed their losses. Yes Bank shares surged by almost 8% following an upgrade in Moody's rating.

KCP Sugar and Industries saw a 15% rise due to strong results. Sugar stocks, in general, are on the rise, driven by market expectations of sugar export permissions before November.

Federal Bank record

Federal Bank reached a new record high of ₹189.65 today.

HPL Electric & Power Ltd shares surged 14% after securing a ₹2100 crore smart meter contract.

Cochin Shipyard climbed 5% today, and both Garden Reach and Mazagon Dock saw gains.

The Indian rupee remained stable, opening at 83.50 against the dollar, which fell by two paise.

Gold prices in the global market rose to $2,380 per ounce. In Kerala, gold increased by ₹160, reaching ₹53,840 per sovereign.

Crude oil prices are on the rise, with Brent crude reaching $85.75 per barrel.