Asian markets are trading higher following a rally in big tech that spurred a rebound on Wall Street, though elevated Treasury yields kept risk sentiment in check.

The Nikkei is trading 0.8% higher while the Hang Seng index is down 0.2%. The Shanghai Composite is trading 0.2% lower.

On Monday, US stocks made a cautious attempt at bouncing back, following three consecutive weeks of losses. However, the upward momentum seems uncertain, and the recent increases in Treasury yields are posing challenges for the bull rally.

The Dow Jones Industrial Average ended marginally lower, and the Nasdaq Composite gained 1.6%.

Here's a table showing how US stocks performed on Monday:

Data Source: Equitymaster

Back home, Indian share markets are trading on a positive note.

At present, the BSE Sensex is trading higher by 28 points. Meanwhile, the NSE Nifty is trading marginally lower.

NTPC and ITC are among the top gainers today.

Tech Mahindra and TCS on the other hand are among the top losers today.

Broader markets are trading on a positive note. The BSE Mid Cap index is trading 0.6% higher and the BSE Small Cap index is trading 0.8%higher.

Barring the IT sector and media sector, all sectoral indices are trading on a positive note with stocks in the power sector and telecom sector witnessing most buying.

Shares of Bharat Forge and Praj Industries hit their 52-week high today.

The rupee is trading at Rs 83.06 against the US dollar.

In commodity markets, gold prices are trading flat at Rs 58,501 per 10 grams today.

Meanwhile, silver prices are trading flat at Rs 71,675 per 1 kg.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

Speaking of stock markets, interesting events have unfolded over the last few days.

Fitch has downgraded the US credit rating.

Morgan Stanley recently upgraded India's outlook to overweight, suggesting we are entering a long growth phase.
 

Paytm bets big on AI Tech

Paytm founder Vijay Shekhar Sharma has noted in a letter to the company's shareholders that the firm is investing in artificial intelligence (AI), focusing on building an Artificial General Intelligence software stack.

This development is not intended solely for the Indian market but can also be leveraged outside India.

The initial application that Paytm aims to harness AI for is small mobile-led credit. In India's digital revolution, following mobile payments, Paytm's next significant contribution will be small mobile credit with high credit quality and full compliance with regulators' guidelines.

This endeavor demands sophisticated capabilities in AI and other technologies.

Sharma also mentioned that Paytm has successfully established a model over the past two years for distributing small digital loans through payment relationships with both consumers and merchants.

Within this system, Paytm's lending partners assume the risk and make use of the fintech's capabilities to facilitate the distribution and collection of loans.

He added that operations involving digital loans, their disbursal, collection, and the provision of small mobile credit with high credit quality in compliance with guidelines, will necessitate sophisticated capabilities in AI and other technologies.

The company foresees 500 million payment consumers and 100 million merchants in the country shortly.

The world of banking is on the brink of a digital upheaval and at its heart stands the enigmatic force of Artificial Intelligence (AI). 

In 2023 so far, the stock is up a massive 60%. However, Paytm is still far away from its listing price and even the issue price of Rs 2,150.

Union Bank to raise Rs 50 billion by QIP

The board of Union Bank of India has approved the raising of up to Rs 50 bn via qualified institutional placement (QIP) and has set a floor price of Rs 91.10 per share.

The decision was taken by Union Bank's committee of directors for raising capital funds, which met earlier in the day.

The panel gave its nod to the raising of funds for an amount not exceeding Rs 50 bn through the issue of equity shares through qualified institutional placement subject to the requisite regulatory /statutory approvals.

In the past few days, two PSU banks have reported strong operational performance. Union Bank of India is among 2 PSU Stocks You Could 'Bank' Upon.

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