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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 2.07% 3109.95 Delayed Quote.-8.07%
BAJAJ AUTO LIMITED 2.41% 3787.8 End-of-day quote.16.57%
BAJAJ FINANCE LIMITED 1.21% 5776.45 End-of-day quote.-17.21%
BAJAJ FINSERV LIMITED 1.19% 12561.7 Delayed Quote.-23.43%
CEAT LIMITED 2.17% 1046.8 End-of-day quote.-13.79%
HINDUSTAN UNILEVER LIMITED 2.74% 2325.5 End-of-day quote.-1.45%
INFOSYS LIMITED 1.96% 1455.15 Delayed Quote.-22.92%
NASDAQ COMP. -0.30% 11354.62 Real-time Quote.-27.42%
NIFTY 50 2.89% 16266.15 Delayed Quote.-6.27%
NIFTY 500 2.54% 13895.05 Delayed Quote.-7.34%
NIFTY IT 1.54% 28789.4 Delayed Quote.-25.61%
PTC INDIA FINANCIAL SERVICES LIMITED 1.26% 16.1 End-of-day quote.-17.65%
PTC INDIA LIMITED 0.30% 84.7 End-of-day quote.-22.26%
RELIANCE INDUSTRIES LTD 5.83% 2624.45 Delayed Quote.10.82%
SENSEX 30 2.91% 54326.39 Real-time Quote.-6.74%
TATA CONSULTANCY SERVICES LTD. 0.95% 3293 Delayed Quote.-11.91%
UNILEVER PLC 1.88% 3516.5 Delayed Quote.-10.87%
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