Markets@11: As markets fluctuate, auto stocks gain, IT loses

Market Volatility: IT Stocks Weaken, Auto Sector Gains

Trading began with modest gains on Friday morning but saw significant fluctuations in the first hour. The Sensex dipped to 80,883 before climbing to 81,231. Nifty fluctuated between 24,771 and 24,859.

Auto stocks, which were sluggish yesterday, saw substantial gains today. TVS Motors rose by 3.5%, Bajaj Auto by 2.63%, Tata Motors by 1.25%, and Hero MotoCorp by 1.5%.

IT stocks down

In contrast, IT stocks fell. Wipro and Infosys declined by 1.05%, Mindtree by 1.45%, Persistent by 1.5%, and Mphasis by 2.3%. HCL Tech was the only IT stock to rise in the morning session.

Foreign brokerage firms CLSA and Bernstein raised their price targets for Reliance and recommended buying.

Ola Electric shares continued to slide, dropping by 2.5% to ₹127 in the morning. Recently listed, the stock had reached ₹157, marking a 20% drop from its peak.

RailTel shares surged by 7% following new orders from the UP government.

The rupee strengthened this morning, opening at ₹83.92 per dollar, a three-paise gain, as the dollar index weakened. Later, the rupee climbed further to ₹83.87.

Gold prices in the global market rose to $2,493 per ounce. In Kerala, gold dropped by ₹160 per sovereign, settling at ₹53,280.

Crude oil prices rebounded from recent lows, with Brent reaching $77.32 per barrel.