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
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
Reliance Industries, India's most valuable
company, fell 1.8% ahead of its quarterly results due late on
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)