Markets@10: Indices fluctuate, Hyundai begins with a loss

The market began trading with slight gains but soon experienced fluctuations. The Nifty index first reached 24,854, while the Sensex hit 81,390 before both indices dropped. Later, Nifty reached 24,850 and Sensex climbed to 81,420.

The Bank Nifty saw an increase, but the mid-cap index was on the decline.

Hyundai Motors, following its significant IPO, was listed with a 1% loss, which later grew to a 4% decline.

Adani Group’s Ambuja Cement announced its plan to acquire a 46% stake in Orient Cement from its promoters and through placements, at a price of Rs 395.40 per share. An open offer for an additional 26% stake will also be made. Following this news, Ambuja Cement shares fell by 2%, while Orient Cement shares rose by 1.5% before losing ground.

Most of the Adani Group companies started the day lower.

In contrast, City Union Bank saw its shares jump by 12% after reporting a 24% increase in revenue and a 16% rise in net profit for the second quarter, along with an improved interest margin and reduced non-performing assets (NPA).

PNC Infratech, which experienced a 20% drop yesterday after being blacklisted by the Union Ministry of Surface Transport, opened 10% lower this morning.

Shares of Cochin Shipyard fell by 3% today, continuing a downward trend that has seen the stock lose 10% over the past week, now trading at about half its value from the second week of July.

The Indian rupee started the day unchanged, with the dollar opening at Rs 84.07.

Gold update

In the global market, gold is priced at $2,731 per ounce, while in Kerala, jewellery prices remain stable at Rs 58,400.

Crude oil prices have slightly decreased, with Brent crude now at $74.10.