Markets@11: Markets open on a worrying note, then turn volatile

Market Starts on a Worrying Note, Ends in Gains; IT Sector Suffers

The Indian stock market opened lower due to concerns over US Fed's interest rate decisions and profit booking. However, within half an hour, the main indices turned positive, showing gains but remained volatile thereafter.

IT companies experienced significant losses today, with the Nifty IT index dropping by 2.5% in the morning. Accenture's report citing a decline in business expectations contributed to the slump. Mphasis fell by 5%, while Mindtree, Persistent Systems, and Tech Mahindra all saw declines of around 3%.

On the upside, banking, financial, and auto stocks registered gains.

Bajaj Housing Finance's upwing continues 

Bajaj Housing Finance continued its upward trend, climbing by 2.5% in the morning. PNB Housing Finance surged by 5%.

Reliance Power shares rose by 5% after it settled debts, and Reliance Infra shares soared by 8% following a similar debt settlement announcement.

VST Industries shares dropped by 5% after Radhakishan Damani sold 1,00,000 shares.

SKF India's parent company AB SKF announced its listing on the New York and Stockholm exchanges, pushing its shares up by 4%.

Despite the withdrawal of windfall tax, Oil India shares fell by 1.5%, while ONGC moved higher.

Gold prices in the global market surged to $2,576 per ounce, while in Kerala, gold dropped by ₹120 per sovereign to ₹54,800.

Crude oil prices dipped slightly, with Brent crude at $73.38 per barrel.