Markets@10: Major indices slide amid economic uncertainty

Markets are continuing to decline due to uncertainties. After losing early gains during the day, the major indices dropped by 1.5 percent within the first hour. The Sensex fell below 78,800, while the Nifty dropped to 24,000.

The midcap index fell by 1.2 percent, and the smallcap index dropped by 1.6 percent.

Shares of Reliance, BPCL, SunPharma, Coal India, MRPL, Bandhan Bank, and BHEL all decreased by more than 2.5 percent.

Auto update

Earlier in the day, auto companies had some gains. Eicher Motors rose by 2 percent after reporting record sales of Royal Enfield, but these gains later faded. Bajaj Auto's sales were below expectations, causing its stock to fall by 5 percent. Shares of Ola Electric, which sold over 50,000 vehicles in October, dropped nearly 3 percent. Other automakers like Maruti, Tata Motors, TVS, Hero, Ashok Leyland, and Hyundai Motors also saw declines. However, Mahindra & Mahindra increased by nearly 3 percent.

Nomura raised its target prices for Cipla and Bharti Airtel and recommended buying these shares. Cipla's stock rose by 2.5 percent.

Azad Engineering shares jumped by 14 percent following a 700 crore deal with Mitsubishi, bringing the company's total contracts to Rs 4,000 crore.

Some brokerages released negative reports about the revenue growth of IT companies, leading to declines in shares of major firms like Infosys and TCS.

The rupee started trading with slight gains today, with the dollar opening at Rs 84.07 before falling to Rs 84.06.

Gold rise

Gold prices rose to $2,742 in the global market, while jewellery gold prices in Kerala remained steady at Rs 58,960.

Crude oil prices increased slightly, with Brent rising to $74.26. This is your market update.