Markets@11: Morning session started strong, but slipped later on

The stock markets opened on a high note this morning but soon experienced volatility. The Nifty, which started trading at 24,999 and climbed to 25,014, later dipped into marginal losses. The Sensex too followed suit, moving into negative territory.

The Bank Nifty, which had shown strength in the morning, also slipped into losses.

A continued decline in global metal prices initially dragged down metal stocks, but the Nifty Metal index later bounced back.

Mid- and small-cap stocks saw a morning surge of over 1%, but gains faded later on. These stocks have been under pressure in recent days.

Insurance stocks fall 

Life insurance companies faced losses in the morning session, attributed to the postponement of the GST reduction on insurance premiums until November.

Suzlon Energy shares jumped by 5% after securing a contract from NTPC to install 370 wind turbines.

Vodafone Idea shares rose by nearly 4%, driven by progress in their efforts to secure a ₹25,000 crore loan from NBFCs.

Snack companies like Prataap Snacks, Bikaji, and Gopal Snacks surged up to 7% after a GST reduction on namkeen.

AstraZeneca shares gained 3%, following the GST cut on certain cancer drugs.

The rupee opened slightly higher this morning. The dollar dropped by 1 paise, opening at ₹83.94, before rising to ₹83.97.

Globally, gold prices slipped to $2,501. In Kerala, gold remained steady at ₹53,440 per sovereign.

Crude oil prices continued to fall, with Brent crude settling at $77.82.