Nifty Hits Record High, Sensex At Day’s High; Paytm up 10% in 2 Days

The Indian stock market edged higher intraday on February 19, 2024, with Nifty hitting an all-time high. At 1:03 PM, Sensex was up 354 points at 72,781.03 while Nifty gained 113 points and was trading at 22,153.95.

Around 1644 stocks advanced and 803 declined while 98 stocks remained unchanged.

Among the sectors, barring the realty index, all other sectors were trading in the green. The BSE midcap and smallcap indices added 0.5 percent each.

Top Nifty50 Gainers

Top Nifty50 Losers

Most active stocks on NSE in terms of volumes

Stocks on the move

Rail Vikas Nigam: up 7.13%

Rail Vikas Nigam Ltd (RVNL) said its order book had touched Rs 65,000 crore, causing shares to zoom 12 percent on February 19 on NSE. The state-run company, in an investor call, announced its intention to explore projects in off-shore markets, including Central Asia, the UAE, and Western Asia.

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In response to a question, top management officials stated, “We have an order book of around Rs 65,000 crore, with roughly 50 percent coming from nominations, i.e., typical railway projects, and the remaining 50 percent from the market. Going forward, we aim to maintain an order book of around Rs 75,000 crore.”

One97 Communications (Paytm): Up 5%

On February 19, Paytm shares surged 5 percent, hitting the upper circuit for the second consecutive session, following the crisis-ridden company’s collaboration with Axis Bank for settling merchant payments. One97 Communications, the parent company of Paytm, has transferred its nodal account to Axis Bank, utilizing an escrow account established with the bank. The company stated in a release that Paytm QR, Soundbox, and card machines will persist in operation for all its merchant partners.

Dr Reddy’s Labs: up 1.51%

Dr Reddy’s Laboratories saw a more than 2 percent increase in its shares, reaching a 52-week high of Rs 6,453.95, following a CNBC-TV18 report indicating the company’s participation in the bidding for Novartis AG’s stake in Novartis India. The management of Dr Reddy’s has expressed interest in acquiring a domestic-focused portfolio in recent earnings calls.

On February 16, Novartis AG, a pharmaceutical giant based in Switzerland, initiated a strategic review of its subsidiary, Novartis India. This review encompasses Novartis AG’s 70.68 percent shareholding in its Indian arm.

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