10 hrs ago
Indian Stocks Move Sharply as Finance, Retail Shares Diverge
Indian shares were slightly higher around midday on Monday, October 5, after losing some of their earlier gains.
The Nifty and Sensex are two measures that track groups of Indian stocks.
Bajaj Finance shares rose after the company reported growth in lending and customers.
HCLTech shares fell, even though Accenture’s results gave some encouragement to Indian technology companies.
Nykaa shares climbed after its update pointed to continued growth in sales activity.
Avenue Supermart, which runs DMart, fell as some measures of store productivity remained weak.
Nuvama Wealth shares rose after Jefferies highlighted the company as a preferred pick.
These share prices moved in different directions as investors reacted to company updates and analyst views.
At midday on Monday, October 5, the Nifty was near 22,448 and the Sensex near 71,977, both slightly higher after giving up early gains.
Bajaj Finance rose 4% after reporting Q1 growth in assets under management and customer additions; Motilal Oswal and Jefferies were positive on the stock.
HCLTech fell 3% despite some encouragement for Indian IT companies from Accenture’s results ahead of their Q2 reports.
Nykaa gained 4% as its update indicated expected consolidated GMV growth of around 30%, with beauty and fashion contributing to momentum.
Avenue Supermart fell more than 5% amid muted Q2 store productivity, while Nuvama Wealth rose 8% after Jefferies named it among preferred capital-market picks.
- Who
- Bajaj Finance, HCLTech, Nykaa, Avenue Supermart (DMart’s operator) and Nuvama Wealth.
- What
- Their shares made notable midday moves, while the Nifty and Sensex traded slightly higher.
- Where
- Indian stock market.
- When
- Monday, October 5; the year is not specified.
- Why
- Investors reacted to company business updates, operating measures, Accenture’s results and brokerage views.
Key facts
- Nifty at midday
- Around 22,448 points
- Sensex at midday
- Around 71,977 points
- Bajaj Finance share move
- Up 4% intraday
- Bajaj Finance customer franchise
- 128.85 million, up 16% year over year
- Nykaa expected consolidated GMV growth
- Around 30%
- Avenue Supermart share move
- Down more than 5%
- Nuvama Wealth share move
- Up 8%
Quotes
Jefferies
Global investment bank cited for its views on capital-market stocks.
“preferred picks include Groww, MCX, KFIN and Nuvama.”
financialexpress.com
Sources
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