Last Updated: February 14, 2024, 09:42 IST
Market Today: Equity benchmark indices took a pointy plunge at Wednesday’s open monitoring a world market selloff following hotter-than-anticipated US inflation knowledge that pushed Fed charge minimize hopes additional again to the second half of 2024. The BSE Sensex fell 600 factors to 70,899 and the NSE Nifty50 slipped 150 factors to 21,594.
Wipro, Infosys, IndusInd Bank, HCLTech, Tech M, and Titan took the sharpest fall on the Sensex, whereas Eicher was the extra Nifty loser.
On the flip facet, Reliance, BPCL, Adani Enterprises, and Adani Ports held features on the frontline indices.
The BSE MidCap and SmallCap indices additionally declined 0.7-1 per cent.
Paytm down 9% after brokerages minimize Paytm’s goal value by 20-60% after RBI diktat
It has been two weeks because the Reserve Bank of India imposed restrictions on Paytm Payments Bank (PPB). Following the diktat, international brokerages like CLSA, Morgan Stanley, Jefferies, Bernstein have minimize their goal costs for One 97 Communications (Paytm) by 20-60 p.c, with Macquarie the most important bear on the Street.
While restrictions on PPB don’t straight impression the lending enterprise, brokerages appear to be divided on the matter. Some brokerages see an enormous buyer exodus impacting mortgage distribution, whereas some say the impression will solely be on the wallets enterprise. PPB homes all of Paytm’s 33 crore wallets
Global Cues
Tokyo shares opened decrease on Wednesday following falls on Wall Street after sticky US inflation knowledge dampened hopes for fast rate of interest cuts by the Federal Reserve.
Wall Street’s major indexes tumbled on Tuesday after the next-than-anticipated shopper inflation studying pushed again market expectations of imminent rate of interest cuts, driving US Treasury yields larger.
