Sensex and Nifty decline in cautious trading, but Paytm gains 5%

Following sluggish global signals, benchmark stock market indexes began Friday’s trading day on a cautious tone.

At 10:07 a.m., the NSE Nifty50 was down 0.66 percent to 22,001.35, while the S&P BSE Sensex was down 0.58% to 72,669.74.

As volatility surged, the majority of the wider market indexes were also trading negatively.

With the exception of Nifty Media, all of the Nifty sector indexes were trading down. It should be mentioned that in early trading, heavyweight indexes like the Nifty IT, Nifty Bank, and Nifty Financial Services all saw significant drops.

The biggest loss was Nifty Oil and Gas, which dropped more than 2% after the government lowered the price of gasoline and diesel.

On the Nifty50, Adani Enterprises, ITC, UPL, Bajaj Finance, and Bajaj Finserv were the top five gainers. Conversely, the biggest losses were M&M, ONGC, NTPC, Coal India, and BPCL.

The National Payments Corporation of India (NPCI) granted Paytm’s request to become a third-party UPI app, causing its shares to soar by 5% in the meantime.

“Traders are advised to lighten their overnight positions as global markets are also becoming volatile,” Choice Broking research analyst Deven Mehata said. Long-term investors may keep an eye on the lower levels for new investments.”

“We can see another fall down to 21530 levels if Nifty closes below the sturdy support of 21850 levels today. The support levels for a stop loss should be taken into account by traders with long positions in NIFTY, the speaker said.