Markets@10: Indices climb as market seeks pullback rally

The market initially dipped but is now showing signs of a potential pullback rally. After major indices experienced some losses, they have since started climbing. The Sensex crossed 78,000 points, and the Nifty 50 rose to 3,675 points. Both midcap and smallcap indices, along with the Bank Nifty, are also experiencing gains.

Eicher Motors saw a surge of 7.5% due to expectations of growth, despite posting disappointing second-quarter results. Nalco shares jumped 4.5% after reporting better-than-expected results.

On the downside, PI Industries continued its decline, falling 8.5% for the second consecutive day. Swiggy, after listing yesterday, rose by 17% initially, but later turned into a loss. Rashtriya Chemicals and Fertilizers gained 3% following strong results.

Banco Products India, which is primarily owned by its promoter family, saw a significant rise of 18% in the morning after weeks of declining prices. The company, which manufactures automotive components like engine cooling systems, is now seeing renewed investor interest.

Kalyan Jewellers’ stock increased nearly 3%, supported by a solid profit growth.

In currency markets, the rupee opened lower, with the dollar gaining two paise to trade at Rs 84.40. The dollar index rose to 106.64, while the Reserve Bank of India is actively selling dollars to stabilise the rupee.

Gold update

Gold is priced at $2,561 per ounce on global markets, while in Kerala, jewellery gold prices have dropped by Rs 880, now standing at Rs 55,480 per 10 grams.

Crude oil remains subdued, with Brent crude trading at $71.94 per barrel.