Sensex Today Trades Lower | Nifty Below 22,900 Level | Paytm Surges 5%

Wed, 29 May 10:30 am

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Stocks in Asia broadly had a weak start to the day as traders assessed a selloff in bonds, mixed economic data and remarks from Federal Reserve speakers for clues on the policy outlook.

Shares in Australia and South Korea fell, while those in Japan climbed.

Wall Street inched higher on Tuesday. The Nasdaq Composite closed at a record level as Nvidia's ascent lifted the technology-heavy index.

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

Stock/Index	LTP	Change ($)	Change (%)	Day High	Day Low	52-Week High	52-Week Low
Alphabet	178.02	1.69	0.96%	178.51	175.68	179.95	115.83
Apple	189.99	0.01	0.01%	193	189.1	199.62	164.08
Meta	479.92	1.7	0.36%	480.86	474.84	531.49	258.45
Tesla	176.75	-2.49	-1.39%	178.25	173.16	299.29	138.8
Netflix	649	2.25	0.35%	649.75	643.03	652	344.73
Amazon	182.15	1.4	0.77%	182.24	179.49	191.7	118.35
Microsoft	430.32	0.16	0.04%	430.82	426.6	433.6	309.45
Dow Jones	38852.86	-216.73	-0.55%	39029	38706.1	40077.4	32327.2
Nasdaq	18869.44	61.09	0.32%	18875.2	18756	18907.54	14058.33

Source: Equitymaster

At present, the BSE Sensex is trading 232 points lower and NSE Nifty is trading 74 points lower.

Bharti Airtel, Hindalco and Coal India are among the top gainers today.

M&M, HDFC Life Insurance and IndusInd Bank the other hand are among the top losers today.

For a comprehensive overview of key players in the financial sector, check out list of Fin Nifty Companies.

For impact of the Bank Nifty companies and comprehensive overview of the index, check out Equitymaster's Bank Nifty Companies list.

Broader markets are trading on negative note. The BSE Midcap index ended flat and the BSE Smallcap index is trading 0.3% higher.

Sectoral indices are trading mixed, with socks in metal sector and power sector witnessed buying. Meanwhile the stocks in realty sector, auto sector and oil & gas sector witnessed selling pressure.

The rupee is trading at Rs 83.26 against the US dollar.

In commodity markets, gold prices are trading 0.2% higher at Rs 72,514 per 10 grams today.

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 market, Research Analyst, Richa Agarwal, in her latest video talks that While data is the new gold, the data center ecosystem could be the goldmine to strike it rich.

Tune in for list of stocks to ride this opportunity.

Amara Raja Announces Dividend

Automotive battery maker Amara Raja Energy Ltd (formerly Amara Raja Batteries) on Tuesday (28 May) reported a 61.4% year-on-year (YoY) jump in net profit at Rs 2.3 bn for the fourth quarter that ended 31 March 2024.

In the corresponding quarter last year, Amara Raja Energy posted a net profit of Rs 1.4 bn, the company said in a regulatory filing. The company's revenue from operations increased 19.5% to Rs 29.1 bn against Rs 24.3 bn in the year-ago period.

At the operating level, EBITDA rose 16.2% to Rs 4.1 bn in the fourth quarter of this fiscal over Rs 3.5 bn in the fourth quarter of FY23.

The EBITDA margin stood at 14.1% in the reporting quarter versus 14.5% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.

The board has recommended a final dividend of Rs 5.1 per equity share (representing 510%) of Rs 1 each fully paid up for the financial year 2023-24, subject to the approval of the shareholders at the 39th AGM of the company.

The dividend, if passed, will be paid within 30 days of the AGM. This dividend would be in addition to the interim dividend of Rs 4.8 per equity share (representing 480%) declared by the board on 31 October 2023.

For more, check out Best EV Battery Maker: Exide Industries vs Amara Raja Energy & Mobility.

Adani Group Eyes Stake in Paytm

Adani Group chairman, Gautam Adani, is reportedly considering acquiring a stake in One97 Communications, the parent company of Paytm, according to sources cited by The Times of India.

As per the report, Paytm founder and CEO Vijay Shekhar Sharma visited Adani at his office in Ahmedabad on Tuesday to finalize the contours of a deal.

In a clarification issued on the stock exchanges, the company stated that the news item in question is speculative and that they are not engaged in any related discussions. The company emphasized that it has consistently made, and will continue to make, disclosures in compliance with its obligations under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

If the deal goes through, it will mark the ports-to-airports conglomerate's entry into the fintech industry, positioning it against competitors like Google Pay, Walmart-owned PhonePe, and Mukesh Ambani's Jio Financial. Before this, the Adani Group acquired cement makers ACC and Ambuja Cements, as well as media firm NDTV in FY23. The report indicates that Adani and Sharma have been in discussions for an extended period, with their recent meeting focusing on finalizing the deal's details.

The report about Adani Group's potential stake in One97 Communications comes amidst mounting losses for Paytm, exacerbated by the RBI ban on Paytm Payments Bank.

Post the earnings, analysts observed that after facing pressure, Paytm's merchant payments business began to grow in April and May.

However, monthly transacting users (MTUs), which drive the consumer payments business, are down 25% compared to January. April was the worst month for MTUs, but the situation stabilized in May. Analysts believe MTU growth will resume once the Third-Party Application Provider (TPAP) commencement occurs.

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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