Markets@11: Volatile session for Indian markets

The markets opened lower, dipped further, and then saw a brief recovery before fluctuating again. Excluding FMCG, all sectors experienced losses early in the session.

The mid-cap and small-cap indices slumped over 1% in the morning, reducing their losses significantly later in the day. Metal stocks remained weak, with falling metal prices on the London Metal Exchange driving the decline. Tata Steel, Hindalco, SAIL, Hindustan Copper, and NALCO dropped over 2%. Cement stocks also opened in negative territory. ACC, Ambuja, UltraTech, and Shree Cement witnessed declines of up to 2%.

Bank Nifty rebounds

The Bank Nifty, after initially falling, saw a modest rebound. NMDC shares fell 3%, impacted by lower iron ore prices in global markets. Among gold-related companies, Senco and PC Jeweller showed gains, while Kalyan Jewellers opened lower. Ola Electric shares dropped around 4%, following the expiration of the lock-in period for anchor investors.

Indian IT companies remained at elevated valuation levels, according to foreign brokerage CLSA. SpiceJet surged 5% after private equity firm Carlyle agreed to convert a significant portion of its debt into equity. Godfrey Phillips, which rallied 12% the previous day following Beena Modi's reappointment as MD, declined 5% today.

The Indian rupee saw a slight decline in early trading, with the dollar rising 1 paisa to open at ₹83.95.

Gold in the global market surged towards $2,500, with local prices in Kerala remaining stable at ₹53,440 per sovereign.

Brent crude oil prices fell, trading at $71.90 per barrel.