The Bombay Stock Exchange (BSE) stands in Mumbai. (Photographer: Dhiraj Singh/Bloomberg)

Sensex, Nifty End At Over Six-Month Low Dragged By IT, Pharma Stocks

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Closing Bell: Sensex, Nifty Fall For Fourth Day, Close At Over Six-Month Lows

Indian equity benchmarks fell for fourth day in a row to their lowest levels in over six months dragged by IT and pharma stocks as global stocks resumed selloff.

The S&P BSE Sensex fell 0.84 percent or 287 points to 33,847 and the NSE Nifty 50 Index dropped 0.96 percent or 98 points to 10,147.

Indian markets are likely to remain weak till expiry of futures and option contracts and rupee has again started to weaken which is also negative for markets, said Avinash Gorakshakar, head of research at Joindre Capital Services.

Also read: Monday Was ‘Just Kidding’ Moment as Asia Stocks Sink Further

Seventeen of 19 sector gauges compiled by BSE ended lower dragged by the S&P BSE Information Technology and S&P BSE Healthcare Indices’ over 2 percent drop. On the other hand, the S&P BSE Realty Index rose 0.4 percent.

Mid- and small-cap shares fell in line with larger peers as the S&P BSE MidCap Index fell 0.9 percent and the S&P BSE MidCap Index tumbled 1.2 percent.

Have Exposure Of Rs 225 Crore To IL&FS, Says Bajaj Finance

We do have exposure to IL&FS to the tune of Rs 225 crore and the loan is for two commercial properties in GIFT City, Rajeev Jain, MD at Bajaj Finance told BloombergQuint in an interview.

Key highlights of the conversation:

  • Liquidity was much worse in 2013 due to taper tantrum
  • Bond markets were frozen for 50-55 days in 2013
  • Current freeze is much better than it was in 2013
  • CP markets are active and bond markets are beginning to come through
  • Have exposure to IL&FS to the tune of Rs 225 crore through loan against property
  • Loan is for two commercial properties in GIFT City and asset as of now is standard
  • We do see interest cost go up in near term
  • Committed to clock net income growth at 20-23 percent
  • Credit profile at comfortable level

BSE To Introduce Weekly F&O Contracts Sensex 50 From Friday

BSE will introduce weekly futures and options contracts on Sensex 50 index from Friday.

The bourse will introduce 7 weekly futures and options contracts expiring on every Thursday of the week, excluding monthly expiry week, BSE -- formerly known as Bombay Stock Exchange -- said in a circular.

Jet Airways Gains On Seeking Loan Moratorium To Ease Cash Crunch

Shares of the Mumbai-based airline operator rose as much as 4 percent to Rs 220 after it approached banks for a moratorium on loans and asked for fresh funds to ease a cash crunch, Bloomberg reported citing people with direct knowledge of the matter.

Bajaj Finance Struggles Amid Profit Beating Estimates In Q2

Shares of the Pune-based non-banking finance company struggled despite it beating profit estimates compiled by Bloomberg in July-September quarter.

Key earnings highlights:

  • Net interest income up 42 percent at Rs 2,729 crore versus Rs 1,925 crore (YoY)
  • Net profit came in at Rs 920 crore versus estimate of Rs 863 crore
  • Net non-performing assets at 0.53 percent versus 0.44 percent (QoQ)
  • Gross NPA at 1.49 percent versus 1.39 percent (QoQ)