The benchmark indices commenced the week on a subdued note. The 30-company index, SENSEX, concluded at 72,790, registering a decline of 352 points. Whereas Nifty50 settled at 22,122, witnessing a downturn of over 90 points.
Benchmark indices started the week in the red with bears dominating the market. Sectoral indices followed suit with declines
The benchmark indices commenced the week on a subdued note. The 30-company index, SENSEX, concluded at 72,790, registering a decline of 352 points. Whereas Nifty50 settled at 22,122, witnessing a downturn of over 90 points.
Sectoral indices mirrored the overall downtrend as bears dominated the market sentiment. Nifty IT plummeted by 447 points, closing at 37,598, while Nifty Bank witnessed a decline of 235 points, settling at 46,576.
"The market took a breather after the recent runup as investors' focus shifted from earnings to economic triggers this week. The US and India GDP data, eurozone inflation, and US jobless claim data will be influential economic numbers for the central bank to take a call on interest rates, which will dictate market sentiment in the near term. The uncertainty over demand and high US inventory pushed oil prices down," said Vinod Nair, Head of Research, Geojit Financial Services.
Ahead of today's trading session, here are the stocks to watch out for:
1. Paytm
Vijay Shekhar Sharma, the founder of the troubled fintech firm, resigned from his position on the board and as chairman of Paytm's banking arm, PPBL (Paytm Payments Banking Limited). This decision comes amidst ongoing challenges faced by the company. Despite the turmoil, Paytm's shares witnessed a surge on Monday, hitting an upper circuit again to settle at Rs 428 price level.
2. Vodafone Idea
The shares of the telecom company saw a surge of nearly 10 per cent on the NSE last week. However, it witnessed a subsequent downturn of 4 per cent on Monday. Despite these fluctuations, the government, being the largest shareholder in the company, plans to maintain its stake in Vodafone Idea, as per a report by TOI.
3. Asian Paints
On Monday, Asian Paints found itself among the top losers on BSE as its shares ended the day at Rs 2,868 price level, marking a decline of 117 points or nearly 4 per cent. The downward movement in the stock came after CLSA downgraded its rating from 'Underperform' to 'Sell'. This downgrade likely contributed to the negative sentiment surrounding the company's stock.
4. ZEEL
Zee Entertainment Enterprises Limited remains in the spotlight as the media company grapples with challenges following the cancellation of its mega-merger with Sony. Reports indicate that Subhash Chandra is not cooperating with SEBI's ongoing investigations. This lack of cooperation adds to the uncertainties surrounding the company's future. On a year-to-date basis, ZEEL has lost nearly 40 per cent of its share value.