Markets@11: Nifty reclaims 25 k; rate-cut possibility boosts IT stocks

The market opened on a positive note on Monday morning and continued to surge. Within the first hour, Nifty crossed the 25,000 mark, while Sensex climbed to 81,808. As the first hour of trading concluded, Nifty stood at 25,034 and Sensex at 81,805.

The assurance of a potential US interest rate cut boosted IT stocks, with the Nifty IT index rising by 1.7%. Mphasis surged by 3.7%, Birlasoft by 3.6%, Coforge by 2.2%, Wipro by 2.3%, and TCS by 2%.

On the other hand, Adani Enterprises, Adani Ports, and Adani Total Gas experienced a decline.

Metal stocks gained as prices of metals increased, while banking and financial stocks rose by over 0.70% in the morning session.

New orders lifted the prices of KEC International and Bharat Heavy Electricals.

Rupee gains marginally

The rupee gained in early trading, opening at ₹83.81 against the dollar, an 8-paisa gain, before settling at ₹83.84.

Gold prices dropped to $2,410 per ounce in the global market due to profit booking, while in Kerala, gold remained steady at ₹53,560 per sovereign.

Crude oil continued its upward trend, with Brent crude trading at $79.55.