Stock Market Today: Sensex Up 270 Points; Nifty Around 21,800 Ahead Of Interim Budget. Paytm Tanks 20 Per Cent

Stock update: On the 30-share Sensex platform, Maruti, PowerGrid, M&M, NTPC, TCS, HUL were among the gainers. On the down side, L&T, Wipro, JSW Steel, ICICI Bank, Titan, Bajaj twins emerged losers

The two key equity benchmarks, Sensex and Nifty, on Thursday turned positive amid volatility, ahead of the interim Budget. The domestic indices, which started on a positive note, became choppy, tracking mixed global cues after the US Federal Reserve left rates untouched on Wednesday, and signalled unlikely rate cut in March. Finance Minister Nirmala Sitharaman will be presenting the Union Budget in Parliament today at 11 am.   

At 10.50 am, the BSE Sensex rose 271 points to 72,023. On the other hand, the NSE Nifty50 was trading at 21,790, up 64 points.

On the 30-share Sensex platform, Maruti, PowerGrid, M&M, NTPC, TCS, HUL were among the gainers. On the down side, L&T, Wipro, JSW Steel, ICICI Bank, Titan, Bajaj twins emerged losers.  

Among specific stocks, Paytm tanked 20 per cent to Rs 609 after the RBI on Wednesday restricted Paytm Payments Bank from taking fresh deposits and credit transactions, effective from February 29.

In the broader markets, the BSE Midcap and Smallcap indices gained around 0.5 per cent each.

"Wall Street took a hit overnight with the Dow down 0.8 per cent, the S&P 500 off 1.6 per cent, and the Nasdaq tumbling 2.2 per cent amid disappointing earnings from Alphabet. The Fed's decision to keep interest rates steady further fuelled selling across indexes. Investors now await Finance Minister Nirmala Sitharaman's interim Budget presentation, hoping for measures to boost economic growth and control deficits," said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd. On a positive note, January's GST collections hit a record high of Rs 1.72 lakh crore, he added.

Global oil benchmark Brent crude declined 1.40 per cent to $81.71 a barrel.

Foreign Institutional Investors (FIIs) bought equities worth Rs 1,660.72 crore on Wednesday, according to exchange data.

In the previous session on Wednesday, the S&P BSE Sensex rallied 613 points to end at 71,753, while the NSE Nifty50 was settled at 21,726, up 204 points.

In the Asian markets, Japan's Nikkei was down 0.8 per cent. Hang Seng and Shanghai had bounced back with gains of over 1 per cent. In the US, Dow Jones slipped 0.8 per cent, while Nasdaq tumbled 2.2 per cent, while the S&P 500 tanked 1.6 per cent after the US Federal Reserve, as expected, left interest rates unchanged.

Meanwhile, the rupee appreciated 9 paise to 82.95 against the US dollar in early trade on Thursday as market participants remained cautious ahead of the interim Budget. Forex traders said the rupee was trading in a narrow range as the strength of the American currency in the overseas market and a muted trend in domestic equities weighed on investor sentiments.

At the interbank foreign exchange, the rupee opened at 83.02 against the dollar and then touched a high of 82.95, registering a gain of 9 paise over its previous close. In initial trade, the rupee also touched a low of 83.03 against the American currency. On Wednesday, the rupee appreciated 6 paise to 83.04 against the US dollar.