Sensex snaps 3-day losing streak, rises 274 pts; Paytm slumps 11%, PSBs up

CLOSING BELL: Shares of Paytm hit an intra-day low of Rs 474 apiece, and ended at Rs 475.

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CLOSING BELL

Stock market highlights: Domestic equity markets settled sharply higher on Tuesday as weakness in oil prices brightened economic prospects. Besides, low level buying after three straight sessions of declines lent support.

The S&P BSE Sensex surged 274 points, or 0.45 per cent, to end at 61,419, while the Nifty50 advanced 84 points, or 0.46 per cent, to shut shop at 18,244.

IndusInd Bank, NTPC, Ultratech Cement, Titan, L&T, Infosys, ITC, Tech M, Tata Steel, HCL Tech, Sun Pharma, RIL, and TCS were the top large-cap winners, rising between 0.6 per cent and 2.9 per cent. On the downside, Nestle India, Power Grid, Bharti Airtel, and Kotak Bank were the losers, down up to 0.85 per cent.

In the broader markets, the BSE MidCap index gained 0.48 per cent, while the BSE SmallCap index dipped 0.10 per cent. Among sectors, all but Nifty Reality index gained in trade. The Nifty PSU Bank index outshone the market as it added 1.66 per cent.

New listing

Shares of Kaynes Technology India listed at Rs 778, a 33 per cent premium over its issue price of Rs 587 per share on the National Stock Exchange (NSE). The stock hit a high of Rs 787, and a low of Rs 675 during the day. It ended at Rs 685, up 16.6 per cent against the issue price. READ MORE

3:57 PM

COMMENT:: Markets witnessed a relief rally on favourable global cues

"After three days of risk aversion, the domestic market experienced a relief rally in response to a bullish trend in global markets. The tight COVID lockdown in China, however, has negatively impacted the forecast for global growth. FII interest has also reduced significantly as a result of the increased likelihood of stricter Fed policies."

- Vinod Nair, Head of Research at Geojit Financial Services

3:56 PM

Tech view: 18,200 may provide immediate support for Nify

"The Nifty started flat following global peers and moved up higher by the end of the session. On the higher end, it moved back above 18,200. A bullish harami pattern on the daily chart suggests a recovery in the term. The trend looks sideways to positive. Going forward, 18,200 may provide immediate support below which the index may drift down towards 18,100. On the higher end, resistance is visible at 18,300/ 18,450."

- Rupak De, Senior Technical Analyst at LKP Securities

3:53 PM

Kaynes Technology sizzles on debut, ends at 17.5% premium

Kaynes Technology India, a leading end-to-end and Internet of Things (IoT) solutions-enabled integrated electronics manufacturing company, made a stellar debut, with its shares listed at Rs 778, a 33 per cent premium over its issue price of Rs 587 per share on the NSE. The stock finally ended at Rs 690. READ MORE

3:51 PM

Paytm hits new all-time low, stock tanks 28% in two weeks

Shares of Paytm hit a new low at Rs 474.30 on the BSE in Tuesday's trade. The stock eventually ended 11 per cent lower at Rs 477. READ MORE

3:49 PM

Nykaa shares decline 5% for second straight day on heavy volumes

Since Nov 10, when the stock price of Nykaa turned ex-bonus and the lock-in period ended, investors as well as private equity firms have offloaded around 181 million equity shares. READ MORE

3:47 PM

Hi-Tech Pipes surges 15% as board to mull fund raising on November 24

The board will meet to consider fund raising through preferential issue of security(ies) to the person belonging to promoter/promoter group/non promoter group category. READ MORE