Sensex, Nifty50 end a tad higher ahead of F&O expiry – Paytm hits a new 52-week low
- The 30-stock
Sensexclosed 92 points higher at 61,511 while the Nifty50ended the day 23 points up at 18,267.
- Investors are awaiting the
US Federal Reserve’s meeting minutes due today that will provide signals to other central banks, say market experts.
- Apollo Hospitals, JSW Steel, SBI, HDFC Life, and Bajaj Finance were the top gainers on the Nifty50 index.
- On the BSE, there were more advances than declines – 1,854 stocks gained while 1,643 stocks ended the day in the red.
The 30-stock Sensex closed 92 points higher at 61,511 while the Nifty50 ended the day 23 points up at 18,267. The PSU banks index continued on its upward trajectory with gains of 1.02%, while the Nifty Media index gained the most today with an increase of 1.14%. Banks, financial services, and pharma were other notable gainers today.
Asian markets also closed in the green with Japan’s Nikkei 225 closing up 0.61%, Hong Kong’s Hang Seng going up 0.57% and China’s Shanghai SE Composite Index closing 0.26% higher.
Meanwhile, all eyes were on the US Federal Reserve’s meeting minutes due today that will provide signals to other central banks. The US Fed has so far raised interest rates six times, totaling 375 basis points.
“Interestingly, FII purchases in the last several weeks have lifted the sentiment as well in the cash market. The Nifty VIX closed at 14.04, and we anticipate that Nifty will remain more range-bound over the next few days. The trend of unexpected surprises in inflation figures persisted, but the market once again adopted the adage ‘bad news is good news’,” said a report by Choice Broking.
Brent crude oil prices continued to edge up, gaining 0.57% to hover around $88.2 per barrel.
The Rupee fell 18 paise to close at 81.85 against the US dollar.
Apollo Hospitals, JSW Steel, SBI, HDFC Life, and Bajaj Finance were the top gainers on the Nifty50 index.
Here are the top gainers and losers in the Nifty500 index on Wednesday
Shares of companies like Tarsons Products, Venus Pipes, Ethos and Go Fashion will be in focus in the coming sessions as their pre-IPO lock-in period expires in the next few days.
On the BSE, there were more advances than declines – 1,854 stocks gained while 1,643 stocks ended the day in the red. Meanwhile, 111 stocks hit their 52-week high while 70 dropped to their 52-week low.
Paytm hits a fresh 52-week low
Paytm shares hit a fresh 52-week low of ₹438.35 before closing the day at ₹452.4 with a decline of 5.12%. Overall, Paytm’s shares are down 79% from the issue price of ₹ 2,150.
This comes a day after Paytm’s shares clocked a decline of over 11%. A new report by Macquarie Research states that Jio Financial Services could prove to be a challenge for Paytm, apart from Bajaj Finance.
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.
$NIFTY50.NSE has continued to move at Price and Time inflexion zone, Prices are moving in expanding pattern and is failing to sustain above 18440 levels, on downside 18130 is important support as per both Price and 55 Days Time Cycle, in simple terms break below 18130 followed by 17970 will turn price and time both on sell side, until then play for the range 18130 - 18440 or use dips to buy, selling options is better strategy as momentum is not picking up in either direction. Volume are also faltering with overall poor breadth. Midcap and Smallcap indices are still far away from their lifetime high levels so the rise looks unsustainable for now. Next few days of price action will be important from here on.— (@kyalashish) November 23, 2022
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