Markets@11: Indices decline amid profit-booking

The Indian stock markets, which started with minor losses, slid further into negative territory as profit-booking at higher levels dragged indices down.

The Sensex fell to 82,653, while the Nifty touched 25,292 in early trade before recovering some losses. Banking stocks, which began in the green, also slipped into the red. Midcap and smallcap stocks rose by 0.75%. Sectors like realty, metals, media, PSU banks, oil & gas, and consumer durables posted gains.

The rising gold prices boosted shares of gold loan companies, with Muthoot Finance and Manappuram Finance gaining over 2%.

Reports of some Adani Group bank accounts being frozen in Switzerland led to a drop in Adani company shares, although the group denied these reports.

The crude oil price hike negatively impacted stocks like Asian Paints and Pidilite. Shares of HSBC and Thermax rose more than 4% after target price upgrades. HG Infra saw a 4% rise, driven by new order inflows.

The Indian rupee opened stronger this morning, with the dollar falling by 6 paise to 83.91. Later, the rupee slipped to 83.93.

Gold prices continue to surge, reaching $2,569 per ounce this morning. In Kerala, gold rose by ₹960 to ₹54,640 per sovereign, marking the highest price since the reduction in customs duty.

Crude oil remains elevated, with Brent crude trading at $72.30 per barrel.