Markets@11: US indices down; Indian markets struggle to keep calm

The Indian market is trying to hold its ground today, despite the negative momentum from Western markets. After opening with a slight decline of less than one percent, the market managed to reduce losses to about half a percent within the first hour. However, losses increased later on. Both Asian markets and US futures are in decline.

The primary reason for this resilient response is the active participation of domestic funds and investors, which has overshadowed the influence of foreign funds. On many days, the actions of foreign investors are almost irrelevant.

The IT sector experienced the most significant losses today, driven by a more than three percent drop in the Nasdaq index in the US. The Nifty IT index has fallen by 1.65 percent.

Downgraded by Morgan Stanley, Federal Bank drops 

Bank stocks are also in decline. Following a downgrade by Morgan Stanley, Federal Bank's stock has dropped by more than two percent, reaching ₹190.

Defence stocks saw minor gains following the Defence Acquisition Council’s decision to approve purchases worth ₹1.45 lakh crore. Cochin Shipyard rose by one percent.

A decline in crude oil prices has negatively impacted stocks like ONGC, Oil India, and Chennai Petro, with each falling by nearly two percent. Meanwhile, oil marketing companies saw gains of up to four percent.

NIIT, which recently received an investment from Ramesh Damani, surged by another ten percent today. Since Damani's investment, the stock has risen by 65 percent.

The rupee opened with a slight gain today. The dollar dropped by two paise, opening at ₹83.95.

Gold remains steady at $2,495 in the global market, while in Kerala, it continues at ₹53,060 per sovereign without any change.

Crude oil remains low, with Brent crude priced at $73.35.