Sensex, Nifty at Day’s Low Dragged by Oil & Gas Stocks; Auto, PSU Bank down 2% Each

The Indian stock market was trading at the day’s low intraday on March 15, 2024. At 12:35 PM, Sensex was down 550 points at 72,546.76 while Nifty shed 198 points and was trading at 21,948.70.

Around 1,220 stocks advanced and 2,511 declined while 111 stocks remained unchanged.

Among the sectors, the oil & gas sector declined over 4 percent followed by the auto and PSU Bank index which were down over 2 percent each. However, some buying was seen in the FMCG space.

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Stocks in Action

Paytm: up 5%

One97 Communications (Paytm) share price spiked 5 percent hitting the upper circuit of Rs 370.90 per share on BSE. This comes after a nod to become a third-party UPI app.

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National Payments Corporation of India (NPCI) approved One97 Communications Limited to participate in UPI as a Third-Party Application Provider (TPAP) under a multi-bank model, Paytm said in an exchange filing.

“Four banks (Axis Bank, HDFC Bank, State Bank of India, YES Bank) shall act as PSP (Payment System Provider) banks to OCL. YES Bank shall also be acting as a merchant acquiring bank for existing and new UPI merchants for OCL. The “@Paytm” handle shall be redirected to YES Bank. This will enable existing users and merchants to continue to do UPI transactions and AutoPay mandates seamlessly and uninterruptedly,” the company added.

RailTel Corporation of India: up 1.65%

The share price of RailTel Corporation jumped 7 percent but came off the day’s high. The company received a work order from the Odisha Computer Application Centre (OCAC) amounting to Rs 113.46 crore. It will establish IP-MPLS network connectivity in Odisha under OdishaNet Phase 1.0.

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