Paytm to partner with Axis Bank for settlement with merchant payment: Daily Market Update -19 Feb 2024 | Globe Capital Market LTD.
Paytm to partner with Axis Bank for settlement with merchant payment: Daily Market Update -19 Feb 2024

Paytm said on February 16 that it has partnered with Axis Bank for the settlement of merchant payments. The company issued a release stating that One97 Communications has shifted its nodal account to Axis Bank via an escrow account that it has opened with it.

The shift of nodal account to Axis Bank will ensure seamless merchant settlements as before, the release from One97 Communications added.

According to One97 Communications, the parent company of Paytm, Paytm QR, Soundbox and card machine will continue to operate seamlessly for all their merchant partners. Additionally, the Reserve Bank of India (RBI) has confirmed the continued seamless functionality of Paytm QR, Soundbox, and card machines beyond March 15.

Overview and Outlook

Global Stock Market Today

  • US equity markets settled lower in range 0.37% to 0.78%.
  • European equity markets were up in range nearly 0.3% to 1.5%.
  • Asian equity markets are trading on a mix note.
  • GIFT Nifty is up by 40 points, Nifty futures are likely to open around 22150 levels (as on 8:30AM).


News highlights from across the globe

  • Asian markets are trading on a mixed note in early trade on Monday, while investors look forward to the reopening of Chinese markets today after a week-long holiday.
  • Wall Street is ending the week on a bit of a sour note, with bonds down and stocks wavering after economic data continued to fuel speculation the Federal Reserve will be in no rush to cut interest rates.
  • Brent crude was trading 0.31% lower at $83.23 a barrel.


Important news updates from the domestic front

  • One 97 Communication: Reserve Bank of India has confirmed that the company’s QR, soundbox, and card machine will continue to work as always even beyond March 15. The company has shifted its nodal account to Axis Bank to continue seamless merchant settlements as before.
  • Tata Power received a letter of intent from REC Power Development and Consultancy to acquire Jalpura Khurja Power Transmission for Rs 838 crore.
  • Bajaj Auto fixed Feb. 29 as the record date for determining shareholders eligible to participate in share buyback.
  • NTPC, Nalco: NTPC has inked an initial agreement with NALCO to supply over 1,200 MW of round-the-clock power for the aluminium maker’s operations in Odisha.
  • Harsha Engineers signed a Memorandum of Understanding for transferring 25.9% investment in Sunstream Green Energy One to Sunstream Green Energy for Rs 10 per share.
  • Titagarh Rail Systems received an order worth approximately Rs 170 crore for the manufacture and supply of 250 specialized wagons from the Ministry of Defence.
  • Bharti Airtel received notice of imposing a penalty of Rs 1.31 lakh from the Department of Telecommunications, Maharashtra for an alleged violation of subscriber verification norms.


Nifty Overview & Outlook

Benchmark Nifty index opened with a gap on the higher side, and settled above 22000 levels after adding 129 points to its previous closing values in an otherwise lackluster trading session.

Midcap index outperformed the benchmark as it was up nearly 1% while Small cap index traded in line with the benchmark, rose just over 0.5%.

All the sectoral indices, barring Nifty PSU Bank and Oil & Gas index, tracked at NSE settled higher. Amongst them, Nifty Auto index was at the top of the tally, rose over 2% followed by Nifty IT, Media, Pharma and Realty indices that were up in range 1% to 1.5%.

Technically, Nifty Index is well placed on multiple chart frames. Going ahead, we reiterate our bullish view on Nifty index till it is trading above 21800 levels on closing basis and expect it to test 22250 levels in immediate near term. Hence, we suggest traders to maintain buy on dips trading strategy till it is trading above the said levels.


Derivatives Overview & Outlook

Last Friday, long buildup was seen in Nifty and Banknifty futures with increase in open interest by 2.5% and 0.5% respectively. Short covering was seen in Finnifty futures with decrease in open interest by 4.7%.

On the sectoral long buildup was observed in Pharma, Infrastructure, Technology and Telecom shares, whereas short buildup was observed in Oil & Gas stocks.

On options front, put writing along with call writing was seen at multiple strikes and maximum positions are at 21000 PE closely followed by 22000 PE and 23000 CE closely followed by 22600 CE.


Institutional Trading Activity

Last week, FIIs sold stocks worth Rs 6096 Cr in the cash segment, bought stocks futures and bought index future worth Rs 775 Cr and Rs 1921 Cr respectively. DIIs were net buyer in the cash segment to the tune of Rs 8310 Cr.


Nifty Futures, Banknifty Futures and Finnifty Key Levels

Nifty – Resistances 22160-22240; Supports 21900-21800

Banknifty – Resistances 46900-47220; Supports 46000-45700

Finnifty – Resistances 20630-20750; Supports 20320-20200




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