Markets@11: Markets volatile, defence stocks surge

After 13 consecutive days of gains, the Indian stock market showed signs of a downturn in early trading today. The market, which opened slightly lower, soon entered a phase of volatility. While the main indices dipped, mid-cap and small-cap indices saw an uptick.

Defense stocks surged this morning, with Cochin Shipyard rising by nearly 3%. Other notable gainers included Garden Reach, Mazagon Dock, BEML, HAL, Bharat Dynamics, and Bharat Electronics, which climbed up to 6%. Many of these stocks had seen a decline of up to 30% in August.

Rail-related stocks showed mixed performance: IRCON, IRFC, and IRCTC gained, while RVNL and RailTel declined.

Muthoot Finance initially rose following SEBI's approval for its subsidiary Belstar Microfinance's IPO but later dipped slightly.

Matrimony.com shares jumped by 11% on reports of a potential share buyback.

Steel stocks, including Tata Steel, continued their downward trend today.

Keynes Technologies' announcement to establish a semiconductor manufacturing unit in Sanand, Gujarat, led to a 6% rise in its stock.

The Indian rupee weakened this morning, with the dollar opening at ₹83.94 and later touching ₹83.95.

Gold remains steady at $2,495 per ounce in the global market, with no change in prices in Kerala.

Crude oil prices continue to decline, with Brent crude trading at $77.23.