Markets@11: Shipbuilding stocks surge as markets fluctuate

The markets entered a volatile phase after opening lower today. Banking and financial stocks faced significant declines. Realty and IT sectors also dropped, while mid-cap and small-cap stocks showed gains.

Shipbuilding companies, including Cochin Shipyard, saw a sharp rise today. Yesterday, Mazagon Dock and Garden Reach had fallen by up to 9%, and Cochin Shipyard by nearly 4%. However, today, all three shipyards rose by more than 4%. The previous decline was attributed to concerns that orders from Bangladesh might be canceled. Shipbuilding stocks have fallen up to 40% from their record highs in July, although their prices had multiplied over the past two years. ICICI Securities downgraded its ratings and reduced target prices.

PNB Housing Finance shares jumped 8% after foreign private equity firm General Atlantic acquired 13.8 million shares.

Century Textiles shares surged by up to 13% today, setting a new record after significantly boosting net profit and earnings per share.

Rupee is down

The rupee fell in early trading, with the dollar gaining two paise to open at 83.81, later reaching 83.85.

Gold prices reached $2,517 per ounce in the global market, with Kerala gold prices rising by ₹400 to ₹53,680 per sovereign, marking the highest rate this month.

Crude oil prices remain low, with Brent crude at $77.09.