Markets@10: Nifty, Sensex fluctuate despite a strong start

The stock market opened on a positive note today but quickly witnessed fluctuations. Early gains gave way to selling pressure as traders cashed in on the rise. However, after the first hour of trading, the market managed to sustain its gains.

The Nifty climbed to 25,143 in the opening session, dipped to 25,019, but then regained its momentum. The Sensex surged to 82,137.77 before sliding to 81,790. The Bank Nifty initially saw significant gains but later slipped into the red, only to recover again. Midcap and smallcap indices started strong but later fell by over 1%.

Stock movements

Federal Bank shares rose to ₹196 in the morning, before dropping below ₹188. Japanese brokerage Nomura raised its target price for the stock to ₹240.

Media reports suggest that Adani Group has initiated discussions with its German parent company to acquire Heidelberg Cement. Following this news, shares of Heidelberg India Cement jumped by 12%.

Antony Waste Handling saw its shares rise by 8% after securing a ₹908 crore order from the Navi Mumbai Municipal Corporation for waste management.

Senco Gold shares surged nearly 7% following the company’s announcement to split its stock.

Shares of Kalyan Jewellers dropped by nearly 5% after reporting a 34% revenue increase in the second quarter. Meanwhile, Titan Company shares declined by nearly 3%.

Rupee, commodities

The rupee started with a slight gain today, with the dollar opening three paise lower at ₹83.94. Later, it traded at ₹83.97. The dollar index stood at 102.50. To prevent further depreciation, the Reserve Bank of India continues to sell dollars.

Gold prices in the international market fell to $2,648 per ounce due to the rising dollar. In Kerala, the price of gold jewellery dropped by ₹160, bringing the price to ₹56,800 per sovereign.

Crude oil remains elevated, with Brent crude trading at $77.78 per barrel.