Odisha News Hour

Paytm surges as Sensex and Nifty find traction after higher openings

<p>Supported by increases in banking and financial equities, benchmark stock market indexes resumed their upward trend on Wednesday. The atmosphere on Dalal Street was further improved by better sentiments in Asian markets.</p>
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<p>Around 10:05 a.m., the NSE Nifty50 increased 56.25 points to 21,985.65, while the S&P BSE Sensex gained 167.80 points to 72,353.89. Positive start to the trading day was also provided by broader market indicators.</p>
<p>Nifty Bank was up 0.3% and Nifty Financial Services was trading at 0.4% among heavyweight sectoral indexes. But Nifty IT dropped more than 0.4%.</p>
<p>On the Nifty50, HDFC Life, SBI, Adani Enterprises, Coal India, and Axis Bank were the top five gainers. Conversely, Infosys, Power Grid, Britannia, HCLTech, and Eicher Motors were the biggest losses.</p>
<p>Among other businesses, Paytm’s shares reached its 10% upper circuit limit after a sharp decline over the previous three trading days. It should be mentioned that Paytm shares have seen a rise for the second straight session.</p>
<p>“Analyzing the daily charts reveals that the Nifty has been trading within a range in an upward sloping channel,” said Mandar Bhojane, research analyst at Choice Broking. As long as it stays above the most recent swing lows of 21,730, the rising trend is anticipated to continue, perhaps hitting levels between 22,100 and 22,200.</p>
<p>“Sector rotation and stock-specific movements are likely to drive market dynamics during this consolidation phase.” An immediate obstacle zone is located between 22,100 and 22,200, and key support levels are noted between 21,700 and 21,650,” he said.</p>