Marekets@11: Selling pressure triggers market volatility

The markets, which started on a positive note, quickly dipped but recovered within half an hour, only to fall again. The main reason for this volatility was the selling pressure.

Goldman Sachs and Bank of America have recommended buying Ola Electric shares, setting a target price of ₹160. The stock rose by 5%.

Bajaj Housing

Bajaj Housing, which was listed yesterday, surged by 10% this morning, reaching ₹181.50, before paring its gains. 

Tata Motors witnessed a bulk trade of around 2% of its shares, leading to a 2.5% drop in the stock price.

Following reports of the acquisition of a Silicon Carbide company in the U.S., shares of Carborundum Universal surged by up to 7%.

The rupee started the day with gains. The U.S. dollar opened 2 paise lower at ₹83.87 and later dropped to ₹83.82. The Rupee's strength comes amid a weakening dollar index.

Gold prices in the global market dropped to $2,578 per ounce. In Kerala, gold prices fell by ₹120, bringing the price per sovereign to ₹54,920.

Crude oil prices continue to rise, with Brent crude reaching $73.11.