Markets@10: Indices recover from morning setback

The Indian stock market opened lower today, with major indices experiencing a dip in the early hours of trading. Despite the initial slump, the market managed to recover some of the losses as the session progressed. The Nifty briefly moved into positive territory but remained volatile throughout the day.

The Nifty Bank and Financial Services indices both dropped by about 1% early on but staged a recovery later in the day.

In stock-specific action, Bandhan Bank saw its shares surge by 8.5%, crossing the ₹200 mark. The rally followed a 'buy' recommendation from global brokerage Jefferies, which set a target price of ₹240. The Reserve Bank has approved Partha Pratim's appointment as the bank's new managing director.

Tata Consultancy Services (TCS) began the day with a 1% decline, weighed down by disappointing second-quarter results. However, the stock briefly turned positive before slipping again. HSBC has set a target price of ₹4,540 for TCS with a 'buy' recommendation.

Despite a drop in American Depositary Receipts (ADRs), shares of Infosys and Wipro opened higher, with Wipro rising by 1% and HCL Tech climbing by 2%.

Anand Rathi's stock jumped by 3%, driven by strong business growth.

After a strong 8% rally yesterday, Mazagon Dock Shipbuilders saw a 2% dip in its stock today. Meanwhile, CreditAccess Grameen fell by 3.5%, impacted by a downgrade from Nomura.

Federal Bank shares gain 

Federal Bank shares gained 1.5%, rising above ₹188, following the sale of a 9% stake in the bank by Equirus Capital.

In the metal sector, Tata Steel, Nalco, and Hindalco posted gains of 2%, 4%, and 2%, respectively.

On the currency front, the Indian rupee opened with a slight gain, with the dollar trading 1 paisa lower at ₹83.96. The rupee later slipped to ₹83.98 as the Reserve Bank of India made significant interventions in the market.

Gold prices climbed globally, with the precious metal reaching $2,642 per ounce. In Kerala, the price of ornamental gold rose by ₹560, bringing it to ₹56,760 per sovereign.

Crude oil prices saw a slight dip, with Brent crude trading at $79.12 per barrel.