😎 Summer Sale Exclusive - Up to 50% off AI-powered stock picks by InvestingProCLAIM SALE

Bajaj Finance, Bajaj Finserv drag Sensex lower

Published 26-04-2024, 05:18 pm
© Reuters.  Bajaj Finance, Bajaj Finserv drag Sensex lower
BJFN
-
BJFS
-
TEML
-

New Delhi, April 26 (IANS) BSE Sensex was down by more than 100 points on Friday, amid selling in heavyweights.

Among the Sensex stocks, Bajaj Finance (NS:BJFN) was down by more than 6 per cent. Bajaj Finserv (NS:BJFS) was down more than 2 per cent.

Among the gainers, Tech Mahindra (NS:TEML) was up more than 8 per cent. BSE Sensex was trading at 74,234 points, down 105 points.

Motilal Oswal (NS:MOFS) Financial Services downgraded Bajaj Finance stock to Neutral which it said was predicated on the near-term headwinds on AUM growth as the company is cutting down business in Rural B2C, and slower AUM growth in the B2B business due to the RBI ban on ecommerce and Insta EMI card, NIM compression of 35bp in FY25E due to the expected rise in the cost of borrowings, difficulty in passing on the interest rate hikes to customers, and change in product mix.

V. K. Vijayakumar, Chief Investment Strategist, Geojit Financial Services said the market’s resilience is evident in the fifth straight day of up move supported by massive DII buying of Rs 6,167 crores yesterday, completely overwhelming the sustained FII selling. With the US 10-year bond yield rising above 4.7 per cent, FIIs will continue to sell.

Data from the US reflects weakening of the US economy. Q1 GDP growth has come lower than expected at 1.6 per cent but the Fed is unlikely to cut rates in the next couple of meetings since inflation continues to remain hot, he said.

“Pharma has emerged as a sought-after sector in recent days. This is a sector to watch,” he said.

Deepak Jasani, Head of Retail Research, HDFC Securities said US stocks closed lower on Thursday as markets were shocked by data showing slower-than-expected US economic growth and persistent inflation. Stocks also reacted to disappointing forecasts from Facebook (NASDAQ:META) and Instagram owner Meta hammered the tech sector.

The world’s largest technology companies soared in late trading as stellar results from Microsoft Corp (NASDAQ:MSFT). and Google’s parent Alphabet Inc. fuelled confidence in Wall Street’s megacap group. However, Intel (NASDAQ:INTC) shares dropped 8 per cent in extended hours trading after it forecast second-quarter revenue and profit below market estimates, he said.

--IANS

san/kvd

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.