Markets@11: Record highs, volatile trading

The markets opened in the red today but quickly turned positive, correcting intraday records. The Sensex surpassed the 85,000 mark for the first time, reaching an intraday high of 85,051.85, while the Nifty climbed to 25,975.55.

However, the indices later faced volatility, with sectors like IT, FMCG, and realty experiencing declines. Initially down, the Bank Nifty also made a comeback into positive territory.

Jewellery stocks surged as gold prices increased, maintaining upward momentum. Reliance Power saw a significant jump of 5% following its decision to sell ₹1,800 crore worth of preferential shares.

VIP Industries, buoyed by foreign fund inflows that boosted its stock over 12% yesterday, gained an additional 4% in morning trade.

In the steel sector, companies such as Tata Steel, JSW Steel, Hindalco, and Vedanta rose significantly, benefiting from China's interest rate cuts and banks' reduced cash reserve ratios aimed at boosting industry.

Conversely, Kamarith Cartred Technologies, which saw a 10.5% gain in bulk trading, fell 4%. GMR Power stock climbed 5% after brokerages recommended buying.

The rupee traded steady, opening at ₹83.55 against the dollar and later rising to ₹83.58 due to increased dollar index pressure.

In global markets, gold prices soared to $2,636 per ounce, pushing local jewelry gold prices in Kerala up by ₹160 to a record ₹56,000 per pavan. Crude oil prices also edged higher, with Brent crude reaching $74.58.

As the day progresses, market participants remain vigilant amidst ongoing fluctuations and record-setting milestones.