NIFTY50 closes above 21,400, Sensex gains 200 points, Bajaj Finance and Infosys face selling pressure; Stock Market Highlights

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The NIFTY Midcap 100 index (+0.6%) higher today. The NIFTY Smallcap 100 Index also closed in green, up 0.1%.

The NIFTY Financial Services (+0.3%) index closed higher today, with REC (+3.2%) and IEX (+2.2%) being the top gainers and Bajaj Finance (-1.6%) and Muthoot Finance (-1.4%) were top losers.

The BANK NIFTY (+0.5%) index closed in the green. Gains in HDFC Bank (+0.8%), Kotak Mahindra Bank (+1.4%) and Axis Bank (+0.6%) supported the index.

NIFTY50 (+0.4%) and Sensex (+0.3%) closed higher for the third consecutive day. Out of the NIFTY50 universe, 41 stocks are advanced. Meanwhile, major IT stocks such as Infosys and TCS as well as Bajaj Finance and Bajaj Finserv witnessed selling pressure.

• Shares of the non-banking finance company are down 1.8% today.

• This comes after the RBI granted only a one year extension for its co-branded credit card partnership with RBL Bank, according to reports.

• The central bank reportedly observed serious deficiencies in Bajaj Finance’s adherence to the guidelines.

• Long build up: Apollo Hospitals, ONGC, Tata Consumer, Cipla and L&T
• Short build up: SBI Life, Bajaj Finserv, ICICI Bank, Infosys and Tata Motors

• Shares of India’s leading tile maker are up 7% today.

• This comes after its wholly-owned subsidiary started commercial operations at its sanitaryware manufacturing plant in Morbi, Gujarat.

• The management said that the company plans to leverage its extensive marketing and distribution network to establish presence in sanitaryware space.

• It expects a turnover of ₹400 crore from its sanitaryware and bathware division in the next five years.

Shares of the energy company are up around 2% today.

This comes after its wholly-owned subsidiary started phase-wise commissioning of 810 MW wind power plant in Tamil Nadu.