Markets@11: Selling pressure turn markets volatile

The market experienced volatility today due to strong selling pressure. After starting at a high, the market's gains were reduced, with the Sensex even falling into negative territory at one point.

Tyre stocks, including Ceat, rose by around 4% following predictions of a decrease in rubber prices by January and hints of upcoming tire price hikes.

Reliance won a tender for a 10 GW electric battery manufacturing plant under a ₹3,620 crore Central Government project. Its shares rose in the morning. The Reliance board is expected to approve a 1:1 bonus issue today.

JP Morgan forecasted a potential 40% rise in Zomato shares, which climbed 6% this morning. CLSA analysis suggests that Zomato’s innovative supply chains are more efficient than those of major FMCG players like Hindustan Unilever, Marico, Britannia, Dabur, and Godrej, posing a threat to these companies.

Steel stocks rose after Union Minister H.D. Kumaraswamy announced additional duties on Chinese steel imports.

The rupee opened lower at 83.97 against the dollar but later strengthened to 83.98.

Gold is trading at $2,496 per ounce globally, while in Kerala, it remains steady at ₹53,360 per sovereign.

Crude oil prices continue to fall, with Brent crude dropping to $72.80 per barrel.