India’s benchmark indices snap 3-day losing streak – Easy Trip Planners extends gains, Paytm tanks 11%
- PSU banks, metals and IT stocks lifted the benchmark indices.
Sensexclosed 274 points higher at 61,419 while Nifty50ended the day 84 points up at 18,244.
- PSU banks continued to lead, gaining over 1.6%. Easy Trip Planners and Mazagon Dock were the top gainers overall, while
Paytmshares tanked over 11%.
AdvertisementIndian benchmark indices Nifty50 and Sensex broke their three-day losing streak to close on a slightly higher note on Tuesday on the back of gains in public sector banks, metals, and IT stocks.
The Sensex closed 274 points higher at 61,419 while the Nifty50 ended the day 84 points up at 18,244. The PSU bank index led with gains of 1.66%, followed by the metals index, which posted the second best sectoral gains today at 0.89%.
Overall, it was a good day for almost all sectors except realty, which was the only sectoral index to end the day in the red with a decline of 1.2%.
Japan’s Nikkei 225 closed 0.61% higher, Taiwan TSEC 50 Index ended up 0.64%, China’s Shanghai SE Composite Index ended 0.13% higher. Meanwhile, Hong Kong’s Hang Seng was the only one in the red, declining 1.23%.
“Asian stock markets mostly recouped early losses on Tuesday, supported by improved sentiment for China shares, but concerns linger that Beijing may reimpose strict Covid curbs while European shares edged higher on Tuesday, supported by a recovery in commodity stocks including oil,” said Deepak Jasani, head of retail research at HDFC Securities.
Brent crude oil prices rose after Saudi Arabia denied reports of output cuts, edging near $88 a barrel.
IndusInd Bank, JSW Steel, NTPC and HDFC Life Insurance were the top gainers on the 50-stock Nifty50 index.
On the BSE, 121 stocks traded at a 52-week high while 89 were at 52-week lows.
“Going forward, many stock-specific adjustments are likely to continue and provide substantial trading opportunities,” said Osho Krishan, senior analyst - technical and derivative research, Angel One.
AdvertisementHere are the top gainers and losers in the Nifty500 index on Tuesday
Easy Trip Planners’ shares surge again post stock split, bonus issue announcement
The top performer on the NSE today was EaseMyTrip operator Easy Trip Planners – whose shares rose over 19%, a day after the travel operator announced a stock split and bonus issue of shares. It is worth noting that Easy Trip Planners’ shares rose 20% on Monday as well.
On the other hand, Paytm lost the most with its share price declining over 11%, taking its losses in the last one week to over 25%.
“While it is too early to understand the exact customer segments and target markets that Jio Financial plans to cater to, it seems clear that it will be focused on consumer and merchant lending, which is the mainstay of NBFCs like Bajaj Finance and fintechs like Paytm,” said Suresh Ganapathy, analyst, Macquarie Capital Securities.
In October, Reliance Industries announced its intent to demerge its financial services business and name it Jio Financial Services, and subsequently list it on the stock exchanges. According to the Macquarie report, this could create India’s fifth largest financial services firm.
Foreign institutional investors (FII) were net sellers, pulling out ₹698 crore, while domestic institutional investors (DII) were net buyers, with an investment of ₹636 crore.
SEE ALSO:FPIs pour ₹11,452 crore in financial services in the first half of November
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‘All is not that well’, say market experts even as stocks chase new highs
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