Markets@10: Indices dip, auto stocks rise

The market started off lower and continued to decline, although some losses were trimmed later on. After an hour of trading, major indices were down by 0.40 percent. Bank Nifty, which initially fell sharply, later saw a rise.

Shares of Manappuram General Finance dropped by 15.5 percent this morning after the Reserve Bank banned its subsidiary, Asirvad Micro Finance, from issuing loans. The Reserve Bank also announced a ban on three other finance companies.

Following the second quarter results, Infosys Technologies fell by 3 percent, while Wipro gained 5 percent.

Several automobile companies saw gains today, including TVS Motors, Tata Motors, Hero MotoCorp, Mahindra & Mahindra, Ashok Leyland, and Eicher Motors. In contrast, Bajaj Auto and Maruti Suzuki experienced declines.

Tyre companies like MRF, Balakrishna Industries, CEAT, and JK Tyres fell in value, while Apollo Tyres saw an increase.

Axis Bank rose by 4.5 percent thanks to strong results.

Mahanagar Gas and Indraprastha Gas dropped by 14 percent and 11 percent, respectively, after a reduction in the regulated natural gas quota. Gujarat Gas and Adani Total Gas also saw declines.

Rupee gains initially

The rupee started trading with slight gains but then fell. The dollar opened at Rs 84.05, down two paise from Rs 84.07.

Gold was priced at $2,710 per ounce in the global market. In Kerala, the price of gold jewelry rose by Rs 640, reaching a record high of Rs 57,920.

Crude oil prices saw a slight increase, with Brent crude at $74.65.