Indian shares drop on Bajaj Finance plunge; IT shares limit losses

Bajaj Finserv

26/04/2024 08:56

** India's benchmark indexes Nifty 50  .NSEI  and S&P BSE
Sensex  .BSESN  drop 0.35% each as a sharp fall in Bajaj Finance
shares on weaker FY25 outlook weighs     
    ** Bajaj Finance  BJFN.NS  down 7.4%, the most in 16 months,
after the non-bank lender forecast slower asset growth and
weaker margins - top loser on the Nifty 
    ** Heavyweight Nifty financial  .NIFTYFIN  sheds 0.6% 
    ** Bajaj Finserv  BJFS.NS , Shriram Finance  SHMF.NS  are
among top losers on the Nifty, down 3.8% and 5.5%, respectively,
ahead of Q4 results 
    ** Tech Mahindra  TEML.NS  jumps 7.7% as brokerages welcome
company's turnaround plan to lead gains in IT index  .NIFTYIT ,
which is up 1.25% 
    ** Including session's drop, Nifty 50 is up 1.6% so far this
week; on course for best week since early Feb.
    ** Easing geopolitical tensions in Middle East, rangebound
oil prices, lack of any major negative surprises from earnings
and steady domestic investor inflows have helped Indian
equities, says G Chokkalingam, founder and head of research at
Equinomics Research

 (Reporting by Manvi Pant in Bengaluru)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))