NIFTY50 and SENSEX close lower, Bajaj Finance tanks 5%; Stock Market Highlights

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The NIFTY Midcap 100 index (-0.3%) closed lower today. Meanwhile, NIFTY Smallcap 100 Index (+0.2%) closed in the green today.

The NIFTY Financial Services (-0.6%) index closed lower today, with IEX (+3.4%) and LIC Housing Finance (+3.1) being the top gainers, while Bajaj Finance (-5.1%) and Bajaj Finserv (-2.8%) being the top losers.

The BANK NIFTY (-0.1%) index closed in the red. Weakness in HDFC Bank (-0.6%), Axis Bank (-0.7%) and ICICI Bank (-0.1%) dragged down the index.

India benchmark indices – NIFTY50 (-0.9%) and SENSEX (-1.1%) – closed lower. Out of the NIFTY50 space, 37 stocks closed in the red. Meanwhile, shares of Bajaj Finance were under pressure after it reported a smaller-than-expected rise in quarterly profit on Monday.

Shares of the automaker are up more than 2% today and are trading at their 52-week high.

This comes at a time when Jaguar Land Rover reported record sales in the December quarter. Also, Tata Motors has decided to hike prices of its passenger vehicles, which could provide a boost to its profitability, said experts.

Shares of the non-banking finance company are up 20% today.

This comes after it reported a 53% year-on-year basis rise in the net profit to ₹53 crore in the December quarter. The sharp growth in the profit was driven by around 37% increase in revenue to ₹51 crore.

India benchmark indices – NIFTY50 (-0.3%) and SENSEX (-0.4%) – are trading lower. Out of the NIFTY50 space, 29 stocks are advancing. Meanwhile, shares of Bajaj Finance are under pressure after it reported a smaller-than-expected rise in quarterly profit on Monday.

• Long build up: BPCL, Hindalco, Hero MotoCorp, Divis Lab and ONGC

• Short build up: Bajaj Finance, LTIM, Bajaj Finserv, ITC and Titan