SGX Nifty Up 67 Points | Paytm Hits New All-Time Low | Kaynes Technology Makes Strong Market Debut | Top Buzzing Stocks Today

Wed, 23 Nov Pre-Open

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On Tuesday Indian share markets witnessed positive trading activity and ended higher.

Benchmark indices fell in early trade but reversed course as the session progressed 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.

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

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 on Tuesday 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.

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

The rupee was trading at 81.66 against the US$.

Gold prices for the latest contract on MCX were trading up by 0.4% at Rs 52,474 per 10 grams at the time of Indian market closing hours on Tuesday.

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

Crude oil prices rose yesterday 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.

At 7:30 AM today, the SGX Nifty was trading up by 67 points or 0.3% higher at 18,350 levels.

Indian share markets are headed for a positive opening today following the trend on SGX Nifty.

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:

Top Buzzing Stocks Today

Hi Tech Pumps will be among the top buzzing stocks today.

The company announced that the board will meet on Thursday, November 24, to consider fund raising via preferential issue.

Hi-Tech Pipes is one of India's leading steel processing companies with a strong presence in steel pipes, hollow sections, tubes, cold rolled coils & strips, road crash barriers, solar mounting structures, GP/GC sheets, color coated coils and a variety of other galvanised products.

Market participants will also track the share price of Kaynes Technology.

The company's shares listed at Rs 778, a 33% premium over its issue price of Rs 587 per share on the National Stock Exchange.

The Rs 8.6 bn public issue of Kaynes Technology had received healthy response from investors, with issue subscribed over 34 times.

Paytm Share Price Hits Lifetime Low

Paytm share price was falling on Tuesday. It plunged to an all-time low after Macquarie Group analysts flagged risks from billionaire Mukesh Ambani's foray into the financial services business with Jio Financial Services.

In a note, the Macquarie Group analysts led by Suresh Ganapathy said that Reliance Industries Jio Financial Services can pose a significant growth and market-share risk for players like Paytm and Bajaj Finance.

Shares of the digital payments giant fell over 11% in Mumbai, to head for their lowest level since the firm's debut on exchanges last year in November.

The stock has dropped as much as 75% from its listing price as Paytm's losses widened and SoftBank Group Corp lowered its stake in the platform. In the last 7 days, the stock went down by 23%.

Recently, Reliance announced to demerge its financial services business and rename it as Jio Financial Services. It could become India's fifth largest financial services firm in terms of net worth behind HDFC twins, SBI, ICICI Bank and Axis Bank, a report by Macquarie analysts suggested.

The caution comes after Reliance said 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 US $ 2.3 bn IPO last year, which was one of the biggest offerings in India ever.

NDTV share price slumps

Shares of media company NDTV fell over 3% yesterday as the Adani group launched an open offer to buy an additional 26% stake, or 16.7 m shares, in the company. The offer price is Rs 294, a discount of 23.1% from the last close.

The offer will close on 5 December.

Markets regulator Securities and Exchange Board of India (Sebi) on 7 November 2022 had approved the proposed Rs 4,982.1 m open offer.

A previous timeline for the open offer by Adani was 17 October to 1 November.

In August, Gautam Adani-led entities had acquired a lesser known company called Vishvapradhan Commercial (VCPL) which had lent over Rs 4 bn to NDTV founders. VPCL had lent the amount more than a decade ago in exchange for warrants that allowed it to acquire a stake of 29.2% in NDTV at any time.

VCPL with AMG Media Networks and Adani Enterprises have proposed to acquire the additional stake.

NDTV promoters had contested the open offer and the acquisition of VCPL stake, asserting that the deal cannot go ahead without Sebi's nod as well as that of the Income Tax Department.

Adani group had previously rejected claims that the stake sale would require clearance from tax authorities.

The promoters of NDTV had claimed that they were completely unaware of the takeover and it was done without their consent. You can read the detailed story in our editorial: Vikram-Vetal let me tell you a story.

How cryptos are faring

Cryptocurrency prices continued to be under pressure on concerns about the spreading fallout from the FTX crisis.

Yesterday, the world's largest and most popular digital token Bitcoin's price was trading nearly a per cent lower at US$15,844, slipping below the US$16,000 mark.

On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, also plunged by about a per cent to US$ 1,106.

Crypto brokerage Genesis warned of the risk of bankruptcy amid contagion from the rapid demise of Sam Bankman-Fried's FTX empire. FTX is the latest cryptocurrency company this year to come under financial pressure as crypto assets have collapsed in value.

The fall of Bankman-Fried's businesses, including trading desk Alameda Research, is contributing to reduced liquidity in crypto markets.

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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