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After opening the day flat, Indian share markets gained momentum as the session progressed and ended the day higher.Indian benchmark indices managed to close Wednesday’s highly volatile trade with some strength as heavyweights Reliance Ind, ICICI Bank, HDFC Bank and HCLTech lent support in the fag end.At the closing bell, the BSE Sensex stood higher by 272 points (up 0.4%).Meanwhile, the NSE Nifty closed higher by 74 points (up 0.3%).Adani Enterprises, Cipla and Adani Ports were among the top gainers today.ONGC, NTPC and BPCL on the other hand, were among the top losers today.The GIFT Nifty was trading at 21,709 up by 84 points, at the time of writing.The BSE MidCap index ended 0.2% higher and the BSE SmallCap index ended 0.3% higher.Sectoral indices ended mixed with stocks in the auto sector and IT sector witnessing most of the buying. Meanwhile, stocks in the FMCG sector, oil & gas sector and power sector witnessed selling pressure.Shares of Bosch, Hitachi Energy and Trent hit their respective 52-week highs today.Now track the biggest movers of the stock market using the stocks to watch today section. This should help you keep updated with the latest developments…Asian share markets ended on a positive note. The Shanghai Composite ended 0.5% higher, while the Nikkei index ended 2% higher. Meanwhile, Hang Seng ended 0.6% higher.The rupee is trading at 83 against the US$.Gold prices for the latest contract on MCX are trading 0.2% higher at Rs 62,274 per 10 grams.Meanwhile, silver prices are trading 0.3% higher at Rs 72,237 per 1 kg.
Paytm to Build Global Financial EcosystemIn news from the fintech space, One97 Communications, which owns the Paytm brand, plans to invest Rs 1 billion (bn) in Gujarat International Finance Tec-City (GIFT City) to build a global financial ecosystem.The company will invest over some time and will seek requisite approvals for the same.The strategic investment in GIFT City represents a pivotal step towards building an Artificial Intelligence-driven cross-border remittance and payments technology landscape, presenting global opportunities.This will enable the company to deliver fast, reliable, and cost-effective remittance solutions, reducing friction, at a global scale.With GIFT City as an ideal innovation hub for cross-border activity, Paytm will use its proven capability to innovate and build new tech for users across the globe looking to invest in India.Paytm also plans to set up a development centre in GIFT City to build the above solutions and provide a technology backbone.The centre will create jobs and house engineers to develop a suite of world-class financial products and services.Paytm is India’s leading financial services company that offers payments and financial solutions to consumers.It’s an Indian-based mobile internet company and a subsidiary of One97 Communications.
Why NALCO Share Price is Rising
Moving on to news from the aluminium sector, shares of National Aluminium Company Limited (NALCO) jumped 3% after chairman and managing director (CMD) Sridhar Patra laid out the roadmap to drive growth and sustainable business for the next three decades.The ongoing expansion of the refinery and plans for expanding the smelter were propelled by the operationalization of allotted coal blocks and receiving of the statutory clearances for Pottangi Bauxite mines.Nalco is a Navratna public-sector undertaking (PSU) under the Ministry of Mines. It operates its captive Panchpatmali bauxite mines for the pit-head alumina refinery and aluminium smelter and captive power plant at Angul in Odisha.
Sony Zee MergerMoving on to news from the media sector, Sony Group is actively engaged in discussions to merge its Indian subsidiary with Zee Entertainment Enterprises, with ongoing talks scheduled until 20 January.Further, Sony had considered cancelling the deal due to disagreements surrounding the appointment of the merged entity’s CEO. However, discussions on the terms of the deal are still in progress.The merger agreement between Sony and Zee was signed in 2021, aiming for completion by the end of September the following year. The deal positions Sony as the majority stakeholder in the merged unit, which is anticipated to become India’s largest broadcaster upon successful closure.Although Indian regulators approved the merger in August.Recent reports suggested Sony might abandon the $10 billion merger, raising questions about its closure. Zee expressed commitment to the merger and ongoing efforts toward a successful conclusion. Sony has not issued any official statement regarding the media reports on merger disputes.Zee Entertainment Enterprises Limited is a media and entertainment company engaged in providing broadcasting services. It is one of India’s leading media and entertainment companies.More By This Author:Sensex Today Trades Flat; Nifty Below 21,550Sensex Today Ends 31 Points Higher; Nifty Above 21,500Sensex Today Trades Higher; IT Stocks Shine