Sensex Today Trades Flat Ahead of Interim Budget | Paytm Tanks 20% | L&T, Wipro Top Losers

Thu, 1 Feb 10:30 am

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Asian shares faltered on Thursday after Wall Street took a late spill, while investors stuck to bets for sizable cuts in US interest rates this year even if the kick off might now be a little later than first hoped.

The Nikkei index was trading 0.7% lower, while Hang Seng was trading 0.4% higher. Meanwhile Shanghai index tanked 1.1%.

US stocks tumbled on the last trading day in January after the Federal Reserve held interest rates steady while dashing hopes for interest rate cut as soon as March.

Here's a table showing how US stocks performed on Wednesday:

Stock/Index	LTP	Change ($)	Change (%)	Day High	Day Low	52-Week High	52-Week Low
Alphabet	141.8	-11.25	-7.35%	145.59	141.55	155.2	88.86
Apple	184.4	-3.64	-1.94%	187.1	184.35	199.62	141.32
Meta	390.14	-9.92	-2.48%	398	387.1	406.36	147.06
Tesla	187.29	-4.3	-2.24%	193.97	185.85	299.29	152.37
Netflix	564.11	1.26	0.22%	572.15	562.04	579.64	285.33
Amazon	155.2	-3.8	-2.39%	159.01	154.81	161.73	88.12
Microsoft	397.58	-11.01	-2.69%	415.32	397.21	415.32	245.47
Dow Jones	38467.31	-317.01	-0.82%	38588.86	38139.66	38588.86	31429.82
Nasdaq	17476.71	-339.47	-1.94%	17375.32	17128.74	17665.26	11695.41

Data Source: Equitymaster

At present, the BSE Sensex and NSE Nifty is trading flat.

Titan, Tata Motors and ONGC are among the top gainers today.

L&T, Wipro and Bajaj Finserv on the other hand are among the top losers today.

Broader markets are trading on higher. The BSE Mid Cap and the BSE Small Cap index is trading flat.

Sectoral indices are trading mixed, with socks in power sector, FMCG sector and auto sector witnessing most buying. Meanwhile, stocks in banking sector and realty sector witnessed selling pressure.

The rupee is trading at Rs 82.97 against the US dollar.

In commodity markets, gold prices are trading flat at Rs 62,663 per 10 grams today.

Meanwhile, silver prices are trading 0.2% lower at Rs 72,083 per 1 kg.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

Speaking of stock markets, the general elections in India have always played a big role in deciding sentiment in the market.

This may be for right or wrong reasons but the fact can't be denied. Most people who have put their hard-earned money in stocks either as investment or speculation, will be interested in knowing how the elections will impact the market.

Which stocks or sectors will rise in anticipation of the results? Which ones will be on the back foot?

Tue in to the below video to know the stocks likely to benefit from the 2024 general elections.

Paytm Braces for US$ 60m Hit from RBI

The Reserve Bank of India (RBI) has ordered Paytm Payments Bank, an associate of One 97 Communications, to stop accepting fresh deposits in its accounts or popular wallets from March, in a major blow to one of the country's largest payments firms.

Paytm will take steps immediately to comply with the RBI's directions, the fintech company said in a statement on Thursday. As a result, it expects a worst-case impact of Rs 3 bn (US$ 36.12 m) to Rs 5 bn to its annual earnings before interest, tax, depreciation and amortisation (EBITDA).

One 97 will cease working with Paytm Payments Bank and start working only with other banks.

The company has been informed that the RBI's action does not impact user deposits in their savings account, wallets, FASTags and NCMC (National Common Mobility Card) accounts, where they can continue to use existing balances.

The regulator used a legal provision that allows it to act in the interest of depositors and did not specify a timeline for reviewing the restrictions imposed on the bank.

After 29 February, the bank will not be able to take fresh deposits, facilitate credit transactions or offer fund transfers, including via India's popular Unified Payments Interface.

However, customers will be able to withdraw or utilise their balances held with the bank.

In this regard, Paytm and Paytm Payments Services will move the nodal to other banks.

To know what the future has in store for Paytm, check out Buffett Sells Paytm: What's Next?

Dixon Technologies Q3 Results

Dixon Technologies (India) reported an 86% growth in third-quarter profit on Wednesday, benefiting from growing demand for technology gadgets and rapid expansion of electronics manufacturing in the country.

The US$ 155 bn Indian electronics industry has gained from technology giants diversifying their supply chain from China, while the local government's production-linked incentives have further boosted production.

Dixon's consolidated profit climbed to Rs 964.4 m (US$ 11.62 mi) for the three months ended 31 December from Rs 519.1 m a year earlier, according to an exchange filing.

Revenue from operations doubled to Rs 48.2 bn as higher demand for smartphones in the world's fastest-growing major economy boosted its mobile and electronic manufacturing services business.

Driven by its mobile business, revenue for the financial year ending March 2024 would jump nearly 50% to roughly Rs 180 m.

Dixon, which started making colour televisions in India in 1994, now has roughly two dozen manufacturing plants in the country and serves customers, ranging from South Korea's Samsung to German washing machine brand Bosch.

Does the stock deserve the high valuations that it's getting? For the answer, check out How to Think About the Stock of Dixon Technologies.

Also, check out, our latest editorial Will Investors Choose Dixon Over HUL in 2024?

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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