As nouns the difference between putty and punty is that putty is a form of cement, made from linseed oil and whiting, used to fix panes of glass while punty is (glassblowing) a metal rod used in the glassblowing process after a glass vessel has been blown to approximate size and the bottom of the piece has been finalized, the rod, which is tipped with a wad of hot glass, is attached to the bottom of the vessel to hold it while the top is finalized it often leaves an irregular or ring-shaped scar on the base when removed called the “pontil mark”.

As an adjective putty is of, pertaining to, or resembling putty.
As a verb putty is to fix something using putty.