With the global bias shifting towards Non-Fungible Tokens and creator monetization, these Web 3.0 incentivizing tokens mentioned above are expected to enjoy some well-deserved attention in the middle and long term.
Analysts believe the range of 17,680-17,710 may pose as stiff resistance for the index going ahead while 17,200 will act as immediate support.
“FIIs have been selling because there are cheaper markets out there. We have seen somebody move towards the Chinese market, away from India in the short term. “
Much of the rally in the benchmark stock indices in India have been driven by a swift factoring in of best-case scenario earnings and economic growth over the next two years. The Nifty50 index is trading at 22 times one-year forward earnings, which is well above its historical average.
“Rs 474 crore out of the Rs 600 crore issue is the money that is going into the company to fund our growth aspirations. The remaining Rs 126 crore is the OFS part. The promoters themselves are diluting a very small portion -- about Rs 60 crore. â€
The buying in Paytm stock happened after it lost nearly half of its value from its issue price of Rs 2,150 over the past two days, as investors were unconvinced of the company’s rich valuations in the face of weak earnings and business fundamentals.
The 30-share pack Sensex gained 198.18 points or 0.34 per cent to close at 58,664.33. The index climbed about 950 points from the day’s low. Its broader peer NSE Nifty added 86.80 points or 0.50 per cent to 17,503.35.
In the international market, both gold and silver were trading flat at USD 1,806 per ounce and USD 24.05 per ounce, respectively.
The Nifty Realty index closed 2.16 per cent up at 516.0.
Oil prices fell on Tuesday on talk that the United States, Japan and India will release crude reserves to tame prices despite the threat of faltering demand as COVID-19 cases flare up in Europe.
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