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Indian shares tumble on declines in tech firms, Bajaj Finserv

01/20/2022 | 05:38am EDT
A man walks past the Bombay Stock Exchange (BSE) building in Mumbai

BENGALURU, Jan 20 (Reuters) - India's blue-chip stock indexes saw hefty losses for a third straight session on Thursday as inflation and policy tightening fears continued to pressure technology stocks, while heavyweight Bajaj Finserv dropped after reporting a lower quarterly profit.

The blue-chip NSE Nifty 50 index ended 1.01% lower at 17,757 and the S&P BSE Sensex fell 1.06% to 59,464.62, both registering their lowest closing level in two weeks.

The indexes have fallen nearly 4% from the three-month peaks touched earlier this week, with analysts saying that a correction was due ahead of India's federal budget.

The Nifty and Sensex are still up around 8% from the lows seen in December and around 4.5% off the record highs touched in October.

Reliance Industries, India's most valuable company, fell 1.8% ahead of its quarterly results due late on Friday.

IT majors Infosys and Tata Consultancy Services tumbled 2.3% each, dragging the Nifty IT index to its lowest level in a month, after the tech-heavy Nasdaq fell into a correction territory on Wednesday.

Nifty component Bajaj Finserv, a holding company for financial services businesses including non-bank lender Bajaj Finance, sank 4.5% to a more than two-week low after its quarterly net profit slipped.

Automaker Bajaj Auto slid 3.7% on reporting a bigger-than-expected fall in profit.

Non-bank lender PTC India Financial services saw its worst plunge in nearly seven years as it sank 18.5% after saying three of its independent directors resigned citing lapses in corporate governance.

Consumer goods giant Hindustan Unilever dropped 2.1% ahead of its quarterly results. (Reporting by Chris Thomas in Bengaluru; editing by Uttaresh.V and Amy Caren Daniel)

© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ASIAN PAINTS LIMITED -0.19% 2834.85 Delayed Quote.-16.20%
BAJAJ AUTO LIMITED -0.63% 3833.05 End-of-day quote.17.97%
BAJAJ FINANCE LIMITED 2.98% 5993.65 End-of-day quote.-14.09%
BAJAJ FINSERV LIMITED 2.25% 12758.4 Delayed Quote.-22.23%
HINDUSTAN UNILEVER LIMITED 2.15% 2330.3 End-of-day quote.-1.25%
INFOSYS LIMITED 2.63% 1461.35 Delayed Quote.-22.59%
NASDAQ COMP. 3.33% 12131.13 Real-time Quote.-22.46%
NIFTY 50 1.13% 16352.45 Delayed Quote.-5.77%
NIFTY 500 1.10% 13873.15 Delayed Quote.-7.49%
NIFTY IT 2.54% 28641.6 Delayed Quote.-25.99%
PTC INDIA FINANCIAL SERVICES LIMITED 0.63% 16 End-of-day quote.-18.16%
PTC INDIA LIMITED 1.01% 85.3 End-of-day quote.-21.71%
RELIANCE INDUSTRIES LTD -0.46% 2575.1 Delayed Quote.8.74%
SENSEX 30 1.17% 54884.66 Real-time Quote.-5.78%
TATA CONSULTANCY SERVICES LTD. 1.06% 3261.3 Delayed Quote.-12.76%
UNILEVER PLC -0.36% 3475.5 Delayed Quote.-11.91%
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