Markets@11: In a flux, but an upward trend is apparent

Market in Turmoil Again

Indian markets began the day with minor declines but quickly entered a state of flux. Despite this, an upward trend is apparent. During the first hour, the Nifty fluctuated between 24,973 and 25,044, settling at 25,030, while the Sensex was at 81,780.

Though technology stocks abroad have fallen, the Nifty IT sector saw a morning gain of 0.5%. Real estate and pharmaceuticals lagged, while auto, FMCG, and metals sectors experienced declines.

Chemical companies are seeing gains today. The stock of FACT surged by 5%, reaching 1,023. Other companies like RCFL, Chambal, Deepak Fertilizers, GSFC, and GNFC rose by 2% to 4%.

Hindustan Unilever gets Rs.963 tax notice 

Hindustan Unilever received a tax notice for ₹962.75 crore due to a TDS lapse in its acquisition of brands like Horlicks and Boost from GlaxoSmithKline. The company disputes the tax assessment and plans to appeal, stating that the stock impact is minimal.

Medi Assist has decided to acquire Paramount TPA for ₹400 crore, aiming to significantly enhance its market presence.

Bonded Engineering secured a ₹576 crore solar project contract, with its stock rising by 5%.

Oil marketing companies are experiencing declines today, although Oil India, a producer, has seen an increase due to rising crude oil prices.

The rupee depreciated slightly this morning, opening at ₹83.91 per dollar and later falling to ₹83.94.

Gold prices on the global market fell to $2,507 per ounce. In Kerala, gold prices remained unchanged at ₹53,560 per pavan.

Crude oil prices are down, with Brent crude trading at $81.21.