Markets@11: Nifty and Sensex start strong but fluctuating

The market opened today with a slight uptick, but later experienced easing selling pressure. The Nifty closed at 25,907.60, while the Sensex ended at 84,648.40.

Bank Nifty exhibited volatility, with mid-cap and small-cap stocks recording marginal gains.

Tech Mahindra shares rose by 4% following positive reports from brokerages, contributing to an upward trend in the IT sector.

Conversely, Manappuram Finance and Muthoot Finance saw declines of up to 3.5% after the Reserve Bank criticized companies providing gold mortgage loans for not adhering to RBI guidelines. However, IIFL Finance increased by more than 4%.

Bajaj Auto reported a 22% increase in two-wheeler sales for September, with total vehicle sales up by 20%, yet its stock fell by 1%. Mahindra & Mahindra's sales rose by 16%, resulting in a 1% increase in its stock price.

Indigo and SpiceJet shares climbed following a 6% reduction in aviation fuel prices, with SpiceJet rising by 3.5%.

Zee Media, which has experienced significant gains recently, rose by 8.5% this morning.

Reliance Power shares were up by 5%, marking a remarkable 70% increase over the past month.

Stocks in the steel, aluminum, and copper sectors fell due to lower prices in global markets.

PC Jewellers, which has been on an upward trend, gained 5% today.

Shakti Pumps also saw a 5% rise, as the board of directors announced a bonus issue of five shares for each held, effective on the 7th.

The rupee continued to weaken, opening at Rs 83.81 against the dollar, a decrease of two paise.

In global markets, gold prices rose to $2,639 per ounce. In Kerala, the price of 18-carat gold used for jewellery making came down by Rs 240 to settle at Rs 60,400.

Crude oil prices remained stable, with Brent crude priced at $71.84.