Markets@11: Indices rise in morning trading; Nifty crosses 25,000

Indices Soar; Nifty Crosses 25,000

The markets, which opened higher today, continued to climb despite fluctuations. The Nifty began trading above 25,000, reaching as high as 25,072 before dipping and rising again. Meanwhile, the Sensex touched a high of 81,987 before pulling back.

Automobile stocks, including Tata Motors, saw declines today, but Bajaj Auto continued its upward momentum. Bank Nifty also registered gains.

Midcap and smallcap stocks showed strength and traded higher.

Global metal prices surged, boosting shares of steel and other metal companies. Tata Steel climbed by as much as 2.5%.

Paytm shares rose by 1.5% following the company's chairman Vijay Shekhar Sharma’s statement that the company will prioritise profitability. Additionally, a £50 million grant from the British government contributed to the gains.

Foreign brokerage firm Investec noted that falling crude oil prices could lead to record profits for oil marketing companies such as IOC, BPCL, and HPCL. The brokerage raised its target prices for these companies but warned that fuel price cuts ahead of the Maharashtra elections could reduce their margins.

Adani Power

Reports indicated that Bangladesh's government is set to review its contracts with Indian firms, including Adani Power. Adani is owed $80 million in unpaid dues for power supply, yet it continues to provide electricity. Adani Power's stock has been declining for a month.

The rupee began the day on a positive note but quickly lost ground. The dollar opened 2 paise lower at ₹83.96 but rose to ₹83.98.

In the global market, gold is priced at $2,518 per ounce, with prices in Kerala down ₹80 per sovereign, now at ₹53,640.

Crude oil saw a modest rise, with Brent crude climbing to $71.06 per barrel.