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BAJFINANCE - Bajaj Finance News Story

₹3474.8 2.9  0.1%

Last Trade - 18/09/20

Large Cap
Market Cap £21.85bn
Enterprise Value £33.06bn
Revenue £2.85bn
Position in Universe 13th / 3004

Indian shares inch lower as earnings lose sheen, focus shifts back to virus spike

Wed 22nd July, 2020 6:37am
* Nifty slips 0.1%, Sensex falls 0.12%
    * HUL sheds 2.1%
    * Coronavirus cases near 1.2 mln

    By Derek Francis
    BENGALURU, July 22 (Reuters) - Indian shares snapped on
Wednesday after five straight sessions of gains, with investor
focus shifting back to surging domestic coronavirus cases as
optimism around earnings waned after a handful of subdued
     The NSE Nifty 50 index  .NSEI , up 1.27% last week after a
series of surprisingly upbeat reports from some of the country's
biggest companies, fell 0.10% to 11,151.10 by 0457 GMT and the
S&P BSE Sensex  .BSESN  declined 0.12% at 37,883.68.
    Hindustan Unilever  HLL.NS  was the top laggard for the day,
slipping 2.1%, after the consumer goods giant reported a
first-quarter profit that missed expectations.*:nFWN2ES0FR
    Large shadow lender Bajaj Finance  BJFN.NS , which also
reported a fall in profit on Tuesday, fell as much as 3% in
early trade.
    Coronavirus cases in the world's second-most populous nation
rose to nearly 1.2 million by Wednesday morning, according to
government data, alarming investors as
the outbreak hit production in many sectors and squeezed demand.*:nL3N2ES3EY
    Finance Minister Nirmala Sitharaman on Tuesday sought to
assuage concerns around an economic slump stemming from the
pandemic and said the government has "kept all options open" to
help industries hit by the coronavirus crisis.*:nL3N2ES3H6
    Globally, cases neared 15 million, with U.S. President
Donald Trump warning that the pandemic would get worse before it
got better.*:nL2N2ES250
    "They can keep denying it, but every time they lift a
lockdown, the cases are rising," said Samrat Dasgupta, chief
executive at Esquire Capital Markets in Mumbai.
    "Markets are over-stretched and there is some sort of a
stalling of the rally that needed to happen."
    The Nifty state-owned banking index  .NIFTYPSU  fell 1.5%
and was the top loser among sectors, followed by the Nifty auto
index  .NIFTYAUTO  that shed 0.9%.
    Industrial conglomerate Larsen and Toubro  LART.NS  was down
1.3% ahead of its quarterly earnings scheduled for release later
in the day.
    Axis bank  AXBK.NS  rose 7.13% and topped the Nifty gainers,
after the lender reported better asset quality for the quarter
to June and a fall in bad-loan provisioning on Tuesday.*:nFWN2ES07U
    Motorcycle maker Hero Motocorp  HROM.NS  shed about 2%,
while miner Vedanta  VDAN.NS  gained 4.7%.

 (Reporting by Derek Francis in Bengaluru; Editing by Rashmi
 ((; +91-9986311363 and
@derekfrancis089 on Twitter;))
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