Markets@10: Volatility prevails with declines and recoveries across indices

The market initially declined but then recovered and gained, followed by volatility. There was another sharp decline before a subsequent rise.

The Nifty fell to 24,008 before rising to 24,154.65. The Sensex dropped between 79,308 and 79,848. The Bank Nifty fell by more than half a percent, while the mid-cap index, which had initially declined, later rebounded.

RBL Bank cancelled its agreement with Bajaj Finance to issue co-branded credit cards, resulting in a 5% drop in RBL Bank shares. Bajaj Finance shares fell by 1%.

An increase in jet fuel prices led to a decline in shares of IndiGo and SpiceJet. However, SpiceJet later recovered after being granted rights to operate Hajj services from four cities.

Dixon Technologies, which is set to begin manufacturing Google smartphones, saw its shares rise by up to 7%.

Cochin Shipyard surged 5% to Rs 1,656 after securing a Rs 1,200 crore contract for the maintenance of INS Vikramaditya.

Shares of Ola Electric fell by 6% after its market share in electric two-wheelers declined.

Aster DM Hospitals' shares rose by 3% following its decision to merge with the Quality Care hospital chain.

Shares of Adani Group companies rose earlier in the day but later pared their gains. Adani Energy, Power, and Enterprises also experienced losses. GQG Partners, based in Australia, saw its shares drop by up to 15% in the morning. This coincided with news of a US case, which led to a decline in Adani Group shares. GQG Partners holds approximately 10% of its investment in Adani Group companies, and a downgrade of GQG’s shares by Swiss bank UBS contributed to the price drop.

The rupee sharply depreciated today. The dollar opened at Rs 84.60, up by 11 paise, and later rose to Rs 84.64. This was due to an increase in the dollar index, which had closed at 105.74 the previous day and climbed to 106.32 this morning.

Gold price

Gold fell by more than 1% on the global market in the morning, reaching $2,625, but later rose to $2,630. In Kerala, the price of gold jewellery dropped by Rs 480 per piece to Rs 56,720.

Crude oil prices saw a slight rise, with Brent crude climbing to $72.28.