Desk: After three consecutive days of decline, a strong recovery was seen in the domestic stock market today. Both BSE Sensex and Nifty 50 indices opened with strength, due to which investors’ confidence seemed to be returning again. The hope of reducing tension in West Asia gave big support to the market. In early trading, Sensex jumped by more than 500 points and crossed 77,000, while Nifty also crossed the level of 24,000. However, amid this rise, there was a decline in some stocks, especially heavy pressure was seen in fintech company Paytm.
market movements
Today the market started strongly. Sensex was seen trading at the level of 77,180, rising by about 500 points, while Nifty rose by more than 150 points and reached above 24,000. This rise brought relief to investors after the fall of the previous session. 29 out of 30 Sensex stocks opened in the green, which shows a strong start to the market. There was slight weakness only in some shares of the banking sector. Today good buying was seen in many big stocks. Sun Pharma rose by more than 5%. Apart from this, Adani Ports, Kotak Mahindra Bank, Tata Steel and Infosys recorded a rise of 1% to 2.5%. Whereas a slight decline was seen in Axis Bank.
Huge decline in Paytm
Shares of fintech company Paytm fell by about 8% today. The main reason for this is being said to be the cancellation of the license of Paytm Payments Bank by the Reserve Bank of India. After this decision, concern increased among investors and huge selling was seen in the shares. Market experts believe that its impact may be visible on the company in the future also.
Broader market and sector situation
Broader market also performed well today. Nifty Midcap and Smallcap indices rose by more than 1%. Sector wise, Nifty Realty and Nifty Pharma showed strength, while Nifty Private Bank and Nifty Financial Services remained under pressure. There was also a rise in the prices of crude oil, which could have an impact on the global market.