Sensex, Nifty gain in early trade; Zomato jumps 2%, Paytm gains 5%

Benchmark stock market indices opened the trading session on a positive note on Wednesday despite volatility keeping Dalal Street investors on the edge.
The S&P BSE Sensex was up 162.52 points to 80,383.24 at 9:57 am, while the NSE Nifty50 rose 46.45 points to trade at 24,518.55.
Most other broader market indices were also trading in the green, but with marginal gains. This shows that investors are trading cautiously amid volatility.
The Nifty IT index was among the top gainers among sectoral indices, while Nifty Bank and Nifty Financial Services also rose.
Bajaj Finance, Bajaj Finserv, Bajaj-Auto, HDFC Bank, and Adani Enterprises were the top five gainers on the Nifty50. On the other hand, the top losers were NTPC, Power Grid, M&M, Eicher Motors and Sun Pharma.
Bajaj Finserv and Bajaj Finance rose after the latter reported its Q2FY25 results a day ago. Zomato shares also rose nearly 2% after the company reported strong results in the second quarter. Paytm shares also jumped nearly 5% after reporting a net profit in Q2.
Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, “The ongoing trend of largecaps outperforming mid and smallcaps is likely to sustain, going forward. FII selling and the countervailing trend of DII buying is likely to continue.”
“This will impart strength to largecap financials, particularly banking stocks like HDFC, ICICI, Axis and Kotak which are fairly valued in this market with elevated valuations. Investors need not rush to buy the beaten down mid and smallcaps since there is more pain left in this segment where valuations continue to remain very high,” he added.
“There can be individual cases of sharp rebounds in this segment. Zomato’s Q2 results indicate continuing acceleration in revenue and profitability. This is a stock to watch.”