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Oct 23 (Reuters) – Indian shares marked a muted open on Wednesday, as the broader profit-booking amid lacklustre corporate earnings and persistent foreign outflows was offset by gains in Bajaj Finance (BJFN.NS)
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The NSE Nifty 50 (.NSEI) rose 0.1% to 24,487.2 points as of 9:24 a.m. IST, while S&P BSE Sensex (.BSESN) inched up 0.06% to 80,304 points.
Bajaj Finance (BJFN.NS)the top percentage gainer on the Nifty 50, rose 2.5% post-results, after its management indicated that credit costs had peaked in the first half of fiscal 2025, which analysts said signalled a rebound in earnings growth.
The Nifty 50 and the S&P BSE Sensex (.BSESN) logged their worst sessions in three weeks on Tuesday, weighed down by slowing corporate earnings and sustained foreign selling.
Foreign outflows from Indian equities, set for record monthly high, continued for the 17th straight session on Tuesday, as investors redirected funds to China on the recently-announced stimulus measures and relatively cheaper valuations.
Domestic equities have seen a spate of profit-taking since hitting record highs on Sept. 27, with the Nifty shedding about 7% from all-time high levels.
More domestically-focussed small-caps (.NIFSMCP100) and mid-caps (.NIFMDCP100) dropped 0.1% and 0.04%, respectively.
Zomato (ZOMT.NS) fell 4.3% after the food delivery firm missed the second-quarter profit estimates as expansion costs squeezed margins.
Paytm (PAYT.NS) rose 4.3%, after getting approval to onboard new unified payment interface (UPI) users.
($1 = 84.0860 Indian rupees)
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Reporting by Hritam Mukherjee in Bengaluru; Editing by Sumana Nandy
Our Standards: The Thomson Reuters Trust Principles.