Markets@10: Nifty gains while IT and auto sectors struggle

Today, the Indian market is showing some independence from the global trends. It started lower in the morning but then gained some ground before fluctuating. The Nifty index dipped to 24,993 before climbing to 25,080. Similarly, the Bank Nifty also recovered from its lows.

IT stocks have been struggling since the morning, with TCS reducing its losses to 1%. The auto sector also saw a decline.

Reliance Industries, which dropped over 2% yesterday, fell again in the morning but then rebounded.

The central government’s decision to sell satellite communication spectrum without an auction through the Department of Telecom is not favourable for Indian telecom companies, who had asked for a bidding process. Elon Musk's Starlink also opposed the move. This decision may allow Indian firms to expand their mobile subscriber base.

Shares of BSE Ltd fell nearly 6% after foreign brokerage Jefferies downgraded its rating, predicting a 27% drop for the stock.

Cochin Shipyard shares declined by 4% after the government sold a 5% stake.

HPCL rose by 3% due to lower crude oil prices, with other oil marketing companies also experiencing gains.

Rallis India shares surged by 14% as net profit increased by 20% and earnings per share (EPS) rose by 47%.

HDFC Life shares increased by 2.5% thanks to higher profits, greater market share, and raised earnings expectations.

The rupee began trading unchanged today. The dollar started at ₹84.04 and climbed to ₹84.06.

Gold prices increased to $2,667 per ounce globally, while jewellery gold rose by ₹360, reaching a record price of ₹57,120 in Kerala. This marks the first time the price has crossed ₹57,000.

Crude oil prices saw a slight rise, with Brent crude at $74.50.