Sensex and Nifty close higher in tumultuous trading; Paytm’s decline continues
The S&P BSE Sensex and NSE Nifty50 both finished the trading day higher, marking a favorable conclusion for the main stock market indexes. However, from their highest points earlier in the day, both indexes saw a notable decrease.
The Nifty50 concluded 156.35 points higher at 21,853.80, while the 30-share Sensex, which increased by nearly 1,300 points, finished the trading day 440.33 points higher at 72,085.63. Although they had somewhat pared gains, broad market indexes finished the trading day on a strong note as well.
High volatility caused other heavyweight indexes, such Nifty Bank and Nifty Financial Services, to fall throughout the session, despite the Nifty IT rising more than 2%.
On the Nifty50, ONGC, BPCL, Power Grid, Adani Ports, and NTPC were the top five gainers. The announcements of the Interim Budget 2024 made yesterday saw a rise in the majority of these equities. Conversely, the biggest losses were HUL, Axis Bank, HDFC Life, HDFC Bank, and Eicher Motors.
Nirmala Sitharaman’s budget presentation, which prioritized fiscal consolidation above populist initiatives, was well received by Dalal Street investors. Nonetheless, the government has continued to prioritise increased infrastructure expenditures, increasing capital expenditure outlays by 11% to over Rs 11 lakh crore.
The parent company of the digital payments startup Paytm, One97 Communications Limited (OCL), had its shares plummet 20% for the second straight trading day after the Reserve Bank of India’s (RBI) stringent regulatory action against Paytm Payments Bank Limited, one of its associates.
