Sensex Halts Losses

Domestic equity markets staged a recovery on Thursday after US President Donald Trump signaled a softer stance on the Greenland issue and raised expectations that a trade agreement with India could be finalized soon. Ending a three-day losing streak, the Sensex closed up 397.74 points at 82,307.37, while the Nifty gained 132.40 points to settle at 25,289.90.

During intraday trading, the Sensex surged as much as 873.55 points and the Nifty rose 278.25 points, though both indices failed to sustain those higher levels. Market analysts noted strong buying support at lower levels. They attributed the improved investor sentiment to easing global tensions following an understanding between the US and European countries over the Greenland issue. Meanwhile, Bengaluru-based digital payments major PhonePe is preparing to launch its initial public offering (IPO). The company plans to hit the capital markets in the first half of the next financial year. As part of the IPO, Walmart will sell around 12% of its stake in PhonePe, while minority shareholders Microsoft and Tiger Global are also expected to offload part of their holdings.

According to the revised draft papers recently filed with SEBI, the IPO will comprise an offer for sale (OFS) of 50.7 million shares, with no fresh issue of equity. The company is expected to be valued at approximately $15 billion (₹1.44 lakh crore) and may raise around $1.5 billion (₹14,400 crore) through the issue, market sources said. This would be the second-largest public issue after Tata Capital’s $1.7 billion IPO launched in October. Currently, Walmart holds a 71.77% stake in PhonePe and is set to sell about 45.9 million shares, equivalent to nearly 9% of the company, through the IPO.