Indian shares open muted as Bajaj Finance's gains offset broader profit-taking
Updates as of 9:24 a.m. IST
Oct 23 (Reuters) -Indian shares marked a muted open on Wednesday, as the broaderprofit-booking amid lacklustre corporate earnings and persistent foreign outflows was offset by gains in Bajaj Finance BJFN.NS.
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 managementindicated that credit costs had peaked in the first half of fiscal 2025, which analysts said signalleda rebound in earnings growth.
TheNifty 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)
Reporting by Hritam Mukherjee in Bengaluru; Editing by Sumana Nandy
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