Sensex Today | Stock Market Updates: Paytm Shares Fall 40% in 2 Days – Here’s Why

The Indian equity market resumed its upward trend, brushing aside the Budget woes. At 10:59 AM, Nifty jumped 244 points or 1.13 percent at 21,941.80 while Sensex surged 1.08 percent or 770 points at the 72415 mark.

Around 1635 stocks advanced and 690 declined while 81 remained unchanged.

All sectoral indices were trading in the green led by PSU Bank, IT, oil & gas, and Realty which jumped over 2 percent. The other gainers included auto, metal, and pharma.

The top PSU bank gainers included Punjab & Sind Bank, Punjab National Bank, Bank of India, Indian Bank, and Union Bank of India.

Also read: BLS E-Services IPO: Total Issue Booked 123 Times; Retail Portion Subscribed 236 Times on Day 3

Among the realty names, Phoenix Mills and Sobha added 4-5 percent each followed by Brigade Enterprises and Godrej Properties.

Top Nifty50 Gainers

Top Nifty50 Losers

Paytm Shares hit 20% lower circuit, down 40% in 2 days

For two consecutive days on February 2, Paytm’s share price experienced a 20 percent lower circuit lock due to regulatory actions by the Reserve Bank of India, which imposed restrictions on the company’s lending business. These restrictions included a halt to accepting new deposits and conducting credit transactions after February 29. In response to these developments, Paytm announced the temporary suspension of its lending platform operations for a few weeks while engaging in discussions with banks for possible partnerships.

Asian markets updates:

• Nikkei: up 0.45%
• Kospi: up 2.80%
• Hang Seng: 0.06%

Disclaimer: The content of this blog post is intended solely for informational purposes and should not be interpreted as investment or trading advice. The author does not assure the accuracy or completeness of the information presented. Any decisions or actions taken based on the content of this blog post are undertaken at your own risk.