Markets@10: Nifty surpasses 25,100; Sensex gain half percent

The stock market opened on a positive note today, with shares gaining momentum as the session progressed. The Nifty began trading above 25,000 and quickly climbed past the 25,100 mark. Both the Nifty and the Sensex saw gains of more than half a percent.

The Nifty Bank and Nifty Finance indices surged by 0.90% in the first hour of trading. However, midcap and smallcap stocks posted only modest gains.

L T Foods faced a setback after a quality issue was found in one of its rice brands, resulting in a lawsuit against the company. The company's stock dipped by 3%.

Avenue Supermarts, which operates the D-Mart retail chain, reported its slowest revenue growth in four years for the second quarter. Consequently, its shares dropped by as much as 10%.

Wipro's bonus issue

Wipro's shares rose by up to 3% as the company announced plans for a bonus issue. Ashoka Buildcon saw a 7% rise in its stock after securing contracts worth ₹2,310 crore.

Huhtamaki Colorants, a pigment business sold to Sudarshan Chemicals, saw its shares fall by up to 16%. Sudarshan, which had risen 20% the previous day, dipped by 0.70% initially before recovering with a 1% gain.

Bajaj Housing Finance saw a 4% drop in its stock as the lock-in period for anchor investors expired.

Federal Bank's shares climbed 2.35% in early trading, reaching ₹191.95.

RBI intervention

The rupee started the day with a slight gain, with the dollar opening at ₹84.05, down by one paisa, before settling at ₹84.07. The Reserve Bank of India is reportedly intervening to prevent the sharp depreciation of the rupee.

Gold prices surged to $2,656 per ounce in the global market, while in Kerala, the price of ornamental gold remained steady at ₹56,960 per sovereign.

Crude oil prices saw a slight increase, with Brent crude trading at $78.24 per barrel.