Stock Market Today: GIFT Nifty indicates a bullish start; M&M, Paytm in focus

Stock Market Today: Dalal Street appeared to be off to a good start on Friday as the GIFT Nifty on the NSE IX moved higher by 60.5 points, or 0.27 percent, at 22,088.50. Friday saw a rise in Tokyo equities as Wall Street rallies helped investors ignore the disappointing retail sales statistics. Early trading saw the benchmark Nikkei 225 index rise 1.11 percent, or 421.67 points, to 38,579.61, while the Topix index as a whole gained 1.02 percent, or 26.55 points, to 2,618.40. The Nifty finished the day 71 points higher than the 21,900 mark, creating a Doji-style candlestick on the daily chart. Price and momentum indicators both point to a continuation of the upward trend.

Stock Market Today: Stocks in focus

Paytm

Ninety percent of Paytm UPI app users have their accounts linked with other banks, therefore the restrictions on Paytm Payments Bank may not have a significant effect, according to statistics examined.

Mahindra & Mahindra

The Q3FY24 results for M&M exceeded expectations, as revenue increased by 17% YoY to Rs 25,300 crore, in line with consensus predictions. The company's robust car show will probably make up for the tractor industry downturn.

Oil Producers

With effect from February 16, the government increased the windfall tax on petroleum crude from Rs 3,200 to Rs 3,300 per metric tonne. Additionally, it increased the windfall tax on diesel—which had previously been zero—to Rs 1.50 per litre.

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