Sensex Today Ends 274 Points Higher | Why Paytm Crashed 10% | IT & Metal Stocks Witness Buying

Tue, 22 Nov Closing

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After opening the day on a flat note, Indian share markets witnessed positive trading activity throughout the session and ended higher.

Benchmark indices fell in early trade but reversed course tracking mixed global market trends.

Most of the gains came during closing hours on the back of buying seen in index heavyweight stocks and IT stocks.

Among the best IT stocks, TCS and Infosys gained over 1%.

At the closing bell, the BSE Sensex stood higher by 274 points (up 0.4%).

Meanwhile, the NSE Nifty closed higher by 84 points (up 0.5%).

IndusInd Bank, NTPC, and UltraTech Cement were among the top gainers today.

Nestle, Bharti Airtel, and Power Grid, on the other hand, were among the top losers today.

The SGX Nifty was trading at 18,275, up by 70 points, at the time of writing.

Broader markets settled mixed. The BSE MidCap gained 0.5% while the BSE SmallCap index ended 0.1% lower.

Sectoral indices ended on a mixed note with stocks in the IT sector and metal sector witnessing most of the buying.

While power and realty stocks witnessed selling.

Shares of Castrol India and Hindustan Aeronautics hit their 52-week highs today.

IndusInd Bank and NTPC were amongst the most active shares on the BSE today.

If you're interested in knowing which shares to trade, read our guide on the best intraday stocks for today.

Asian share markets ended mixed as investors worried about rising Covid-19 cases. The Hang Seng fell 1.3% while the Shanghai Composite ended 0.1% higher. The Nikkei ended up by 0.6%.

US stock futures are trading on a positive note today with Dow futures trading up by 0.2%.

The rupee is trading at 81.66 against the US$.

Gold prices for the latest contract on MCX are trading up by 0.4% at Rs 52,474 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading up by 1.1% at Rs 61,320 per kg.

Crude oil prices rose today after top exporter Saudi Arabia said OPEC+ was sticking with output cuts and could take further steps to balance the market, outweighing global recession worries and concern about China's rising Covid-19 cases.

Speaking of stock markets, PSU Banks are in focus and SBI has beaten Reliance Industries to become the most profitable company in Q2 of FY 2023.

But will it be able to continue its stellar performance and beat Reliance in full year profitability?

Tune in to know more:

PSU bank continue to rally

In news from the banking sector, shares of PSU banks continued their upward trend as the Nifty PSU Bank index hit a new high of 3,952.60 in intra-day trade.

The index has now surged 73% from its 52-week low levels in June, following strong earnings in the most recent quarter.

Over the last few weeks, this exceptional outperformance has attracted investors and traders. Every dip in these stocks is aggressively accumulated.

In the July-September quarter, the overall banking sector seems to be on a strong footing led by revival in business growth, improvement in margins and continued declining trend in NPA ratio, which has propelled earnings and thereby return ratios.

Chartist Brijesh Bhatia believes this is the beginning of a new journey for the PSU Banks and it may last for the next 5-8 years. PSU bank stocks may even become best stocks for the next 10 years. Only time will tell.

For more, check out our recent editorial on why PSU banks are rising and what the future has in store for them.

No respite for Paytm shareholders

Share price of Paytm plunged to a record low today after analysts at Macquarie Group flagged risks from billionaire Mukesh Ambani's foray into the financial services business.

Reliance Industries' Jio Financial Services "can pose a significant growth and market-share risk" for players such as Paytm and Bajaj Finance, the note read.

Last month, Reliance Industries announced it would spin off and list its financial services unit to bolster its presence across consumer businesses. This throws up a new challenge for Paytm which has struggled since its IPO.

Paytm crashed more than 10% today. Shares are currently trading at their lowest level since listing in last November.

Note that Paytm share price is continuously falling, as losses continue to widen while SoftBank Group's stake sale dented sentiment.

It remains to be seen what the future has in store for the fintech company.

Steel Strips' EV Joint Venture

Moving on to news from the auto ancillary space, Steel Strip Wheels has entered into a pact to form a joint venture with Israel's Redler Technologies for development, manufacturing and sales of motion controllers for electric vehicles (EVs) in India.

The two companies have signed a memorandum of understanding for the same and will collaborate on EV controllers for two, three, and four-wheelers.

While Steel Strip Wheels is an automotive wheel maker, Redler is into design, development and production of servo motion control systems, intelligent circuit breakers and power distribution systems.

Following this news, Steel Strips Wheels share price rose and ended the day 3% higher.

Glenmark Pharma's Settlement Pact with Pfizer

Moving on to news from the pharma sector, Glenmark Pharma has entered into a settlement agreement with Pfizer Inc regarding a cancer treatment drug.

The Mumbai-based drug maker and its US-based unit have inked a settlement pact with drug major Pfizer Inc for Axitinib Tablets (1 mg and 5 mg).

Glenmark's product is the generic version of Pfizer's Inlyta tablets, used to treat kidney cancer.

Shares of the company spiked 2% following this development.

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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