Indian shares open muted as Bajaj Finance's gains offset broader profit-taking
Updates as of 9:24 a.m. IST
Oct 23 (Reuters) -Indian shares marked a muted open on Wednesday, as the broaderprofit-booking amid lacklustre corporate earnings and persistent foreign outflows was offset by gains in Bajaj Finance BJFN.NS.
The NSE Nifty 50 .NSEI rose 0.1% to 24,487.2 points as of 9:24 a.m. IST, while S&P BSE Sensex .BSESN inched up 0.06% to 80,304 points.
Bajaj Finance BJFN.NS, the top percentage gainer on the Nifty 50, rose 2.5% post-results, after its managementindicated that credit costs had peaked in the first half of fiscal 2025, which analysts said signalleda rebound in earnings growth.
TheNifty 50 and the S&P BSE Sensex .BSESN logged their worst sessions in three weeks on Tuesday, weighed down by slowing corporate earnings and sustained foreign selling.
Foreign outflows from Indian equities, set for record monthly high, continued for the 17th straight session on Tuesday, as investors redirected funds to China on the recently-announced stimulus measures and relatively cheaper valuations.
Domestic equities have seen a spate of profit-taking since hitting record highs on Sept. 27, with the Nifty shedding about 7% from all-time high levels.
More domestically-focussed small-caps .NIFSMCP100 and mid-caps .NIFMDCP100 dropped 0.1% and 0.04%, respectively.
Zomato ZOMT.NS fell 4.3% after the food delivery firm missed the second-quarter profit estimates as expansion costs squeezed margins.
Paytm PAYT.NS rose 4.3%, after getting approval to onboard new unified payment interface (UPI) users.
($1 = 84.0860 Indian rupees)
Reporting by Hritam Mukherjee in Bengaluru; Editing by Sumana Nandy
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
