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Gift Nifty Down 45 Points | Suzlon's New Order Win | Paytm to Exit Postpaid Loans | Top Buzzing Stocks Today
The Indian stock market experienced a positive shift as trading progressed, culminating in a strong finish for the day. The BSE Sensex climbed 268 points, while the NSE Nifty rose by 69 points. Notably, Cipla, Coal India, and Britannia emerged as top gainers, whereas SBI, Hindalco, and Apollo Hospital faced declines. Meanwhile, Suzlon Energy surged on winning a substantial order, and Paytm announced a significant strategic shift by exiting postpaid loans. This blog covers the day’s market performance, key stock movements, and sectoral highlights.
MARKETSINDIA
By Pushkar Singh
5/23/20242 min read
Gift Nifty Down 45 Points, But Markets End Higher
The Indian equity market ended a range-bound session on a positive note, with the BSE Sensex and NSE Nifty closing higher by 268 points and 69 points, respectively. While midcap and smallcap indices remained flat, sectoral indices showed mixed performance. Realty, IT, and power sectors witnessed buying interest, whereas banking and metal sectors faced selling pressure. The day’s top gainers included Cipla, Coal India, and Britannia, while SBI, Hindalco, and Apollo Hospital were among the top losers.
Suzlon Energy’s New Order Boosts Shares
Suzlon Energy shares surged by 3% after the company announced a new order win of 402 MW from Juniper Green Energy. This significant order involves the supply and installation of 134 wind turbine generators in Rajasthan. The project is expected to power approximately 3.3 lakh households and reduce carbon dioxide emissions by 13 lakh tonnes annually. This marks the first major order for Suzlon since March, highlighting the company’s ongoing growth and commitment to renewable energy.
Paytm Shifts Focus, Exits Postpaid Loans
In a strategic move, Paytm has decided to phase out postpaid loans and stop collection services for personal loans, opting instead to concentrate on a distribution-only credit model. This shift aims to enhance asset quality and reduce risks, particularly in light of past challenges faced by the Paytm Payments Bank Ltd. The fintech firm will now act solely as a distribution partner for banks and non-banking financial companies, focusing on earning distribution commissions.
Market Outlook: Preparing for a Negative Start
Following the trend on the Gift Nifty, which was down by 45 points at 7:45 AM today, Indian share markets are expected to open on a negative note. Investors will be watching closely to see how these early indicators impact the broader market sentiment throughout the day.
Conclusion
The Indian stock market’s positive close amidst a mixed trading environment highlights the resilience and varied performance across sectors. Suzlon’s new order win and Paytm’s strategic shift reflect significant developments in the renewable energy and fintech sectors. As markets prepare for a potentially negative start, stakeholders will need to stay informed and agile in response to evolving market conditions.