Stock Market: Sensex Rises 170 Points, Nifty Around 19,550 Amid Volatility. Paytm Jumps 7 Per Cent

Stock update: On the 30-share Sensex platform, M&M Sun Pharma, UltraCemco, NTPC, ICICI Bank, L&T were trading in the green

The two key equity benchmarks, Sensex and Nifty, on Monday started trade higher amid volatility despite weak global sentiments. At 9.40 am, the S&P BSE Sensex was up 170 points to 65,891. On the other hand, the NSE Nifty50 was quoting 19,561, up 45 points.

On the 30-share Sensex platform, M&M Sun Pharma, UltraCemco, NTPC, ICICI Bank, L&T were trading in the green. On the down side, Nestle, Tata Steel, ITC, Kotak Bank, PowerGrid, Asian Paints emerged early losers. Shares of Paytm jumped 7 per cent after the company said Vijay Shekhar Sharma would purchase 10.30 per cent stake in Paytm from Antfin (Netherlands) Holding B.V. for $628 million. On the other hand, Bank of Baroda declined nearly 2 per cent. BoB's net profit zoomed 87.7 per cent to Rs 4,070 crore for the quarter ended June 2023 as against Rs 2,168 crore in the corresponding quarter a year ago.

In the broader markets, the BSE MidCap and SmallCap indices added 0.3 per cent and 0.6 per cent, respectively.

Sectorally, the Nifty FMCG index edged higher. The Nifty IT index was the top performer, rising half a per cent.

In the previous session on Friday, the S&P BSE Sensex ended 480 points higher at 65,721, while the NSE Nifty50 closed at 19,517, up 135 points.

In Asian markets, Tokyo and Hong Kong quoted in the green while Seoul and Shanghai were trading lower. The US markets ended lower on Friday.

Global oil benchmark Brent crude dipped 0.06 per cet to $86.19 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 556.32 crore on Friday, according to exchange data.

Meanwhile, The rupee gained 10 paise to 82.71 against the US dollar in early trade on Monday tracking positive domestic equities. However, sustained foreign fund outflows and strength of the American currency in the overseas market dented investor sentiments, forex traders said.

At the interbank foreign exchange, the domestic unit opened at 82.73, then touched a high of 82.71 against the American currency, registering a rise of 10 paise over its last close. On Friday, the rupee had settled at 82.81 against the dollar. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.14 per cent to 102.16.