Markets@10: Indices swing in volatile trade

The Indian stock market witnessed a sudden rise this morning, but quickly reversed course, moving into negative territory. However, it regained momentum before entering a phase of volatility.

In the first hour of trading, the Sensex fell to a low of 82,051.86 and climbed to a high of 82,649.15. The Nifty index also fluctuated between 25,094 and 25,288.

Midcap and smallcap indices initially fell by 1.5%, before recovering.

The Nifty Bank started in the red but later shifted to gains, while the Nifty IT index remained positive from the start.

Among individual stocks, Angel One shares dropped 5% due to a decline in trading volumes. M&M Finance saw a 7% fall, attributed to a reduction in loan disbursements, while Bajaj Finance slipped 3% as managed assets shrank. Avenue Supermarts fell 3% following weaker revenue growth in the second quarter.

Shares of BPCL, HPCL, and IOC dropped by up to 4% due to rising crude oil prices. Meanwhile, stock prices of BSE, MCX, and IEX fell by 2% following the implementation of new derivative trading regulations.

Reliance Infra and Reliance Power, both part of the Anil Ambani Group, tumbled by up to 5%.

On the currency front, the rupee opened with a slight gain. The US dollar dropped by three paise, opening at ₹83.94, before settling at ₹83.96.

Gold surges

In the commodities market, gold surged to $2,662 per ounce in global markets, with prices for jewellery gold in Kerala rising by ₹80 to a record high of ₹56,960 per sovereign. Crude oil prices, however, dipped slightly, with Brent crude trading at $77.55 per barrel.