Sensex Today Tanks 609 Points | Auto Stocks Drag | Bajaj Finance, L&T Technology Sink 7%

Fri, 26 Apr Closing

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After opening the day on high, Indian share markets reversed the trend as the session progressed and ended the lower.

After starting higher on Friday, equity markets had an anti-climatic end today dragged by Bajaj Finance, Bajaj Finserv.

Why Indian Share Market is Falling?

Indian benchmarks were impacted by the US market which fell after the country's GDP grew at a slower-than-expected pace and showed persistent inflation. In the March quarter, the US economy grew at its slowest pace in nearly two years. Rising inflation moderated hopes that the US Federal Reserve would begin cutting interest rates this year.

At the closing bell, the BSE Sensex stood lower by 609 points (down 0.8%).

Meanwhile, the NSE Nifty closed lower by 150 points (down 0.7%).

Tech Mahindra, Bajaj Auto and BPCL were among the top gainers today.

Bajaj Finance, Bajaj Finserv and Nestle on the other hand, were among the top losers today.

For a comprehensive overview of key players in the financial sector, check out list of Fin Nifty Companies.

The GIFT Nifty ended at 22,585 down by 70 points or 0.3% lower.

For impact of the Bank Nifty companies and comprehensive overview of the index, check out Equitymaster's Bank Nifty Companies list.

Broader markets ended the day higher. The BSE Mid Cap ended 0.8% higher and the BSE Small Cap index ended 0.3% higher.

Sector indices are trading on mixed, with stocks in power sector, oil & gas sector witnessing buying. Meanwhile stocks in banking sector and auto sector witnessed selling pressure.

KSB, Trent and Eicher Motors hit their respective 52-week highs today.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

The rupee is trading at 83.35 against the US$.

Gold prices for the latest contract on MCX are trading 0.7% higher at Rs 71,710 per 10 grams.

Meanwhile, silver prices are trading 0.8% higher at Rs 83,034 per 1 kg.

Speaking of stock markets, Asian Paints had been one of the earliest companies to buy a supercomputer.

But the company's capex plans did end up be ill timed during economic meltdowns.

In the latest video, Research Analyst, Tanushree Banerjee talks about can it repeat its history.

Tune in to find out more.

Why Maruti Suzuki Share Price is Falling

In news from the auto sector, Maruti Suzuki India Limited fell 2% in the afternoon trade on 26 April, ahead of its fourth quarter result announcement later in the day.

India's largest car manufacturer is expected to report a net profit rise of Rs 3,916 crore, up almost 50% from the year-ago period.

Revenue is expected to jump 21% to Rs 387.7 bn.

In January, Maruti Suzuki hiked prices by up to 0.5% across models. On 10 April, a second hike followed, with the rising prices on Swift and select variants of Grand Vitara Sigma up to Rs 25,000.

Maruti Suzuki is India's largest passenger car maker, with a 44% market share in the passenger car segment. It is responsible for starting the automobile revolution in the country.

Recognising the potential of the car recycling business in India, Maruti Suzuki decided to start another green automobile revolution in India.

The Maruti Suzuki Toyotsu India (MTSI), a JV between Maruti Suzuki and Toyota Tsusho Group, has a state-of-the-art car recycling facility in Noida with an annual capacity of 25,000 cars. It was the first RVSF facility in India.

Maruti is aiming for the skies and plans to launch electric air copters by 2025. For more, check out Maruti's New Technology Might Forever Alter the Electric Vehicle (EV) Market.

Also, check out Can Tata Motors, Maruti Suzuki Crash After India's EV Policy 2024?

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Bajaj Finserv Q4 Results

Moving on to news from the finance sector, Bajaj Finserv on 26 April reported a 20% on-year rise in consolidated net profit at Rs 21.2 bn for the fourth quarter of the financial year 2023-24, on the back of strong growth clocked by Bajaj Finance.

The company's total consolidated income rose 35.6% on-year to Rs 320.4 bn.

The Board of Directors recommended a dividend of Rs 1 per share - 100% on face value of Rs 1. The total amount of the dividend is Rs 1.6 bn.

The non-banking lender's net interest came in at Rs 146.5 bn, an increase of nearly 33% year-over-year in Q4 FY24, against Rs 110.3 bn it reported in Q4 FY23.

A day earlier, Bajaj Finance reported a 21% growth in its consolidated profit after tax to 38.3 bn. Its assets under management (AUM) grew by 34% to Rs 3.3 tn.

BajajAllianz General Insurance became the 3rd largest general insurer measured by gross direct premium, overtaking three public sector insurers, the company filing claimed. The company recorded market-leading growth of 33% in gross written premium to Rs 206.3 bn.

Bajaj Life Insurance Company's AUM crossed Rs 1 trillion. The company recorded growth of 21% in individual-rated new business premium and growth of 12% in net new business value.

Zensar Technologies Zooms 12%

Moving on to news from the IT sector, shares of Zensar Technologies Limited jumped 12% to Rs 644 in the afternoon on 26 April after the company reported a robust set of numbers for the March quarter.

The company's profit after tax (PAT) rose 7% to Rs 1.7 bn from the year-ago period. Revenue was up 2.1% quarter-on-quarter (QoQ) at Rs 12.3 bn.

The company's order book grew to US$ 181.5 million from US$ 174.9 million in the year-ago period and US$ 167.5 million in the December quarter.

The technology solutions company's EBITDA (earnings before interest, taxes, depreciation and amortisation), however, decreased to 16.5% from 17.2% in the previous quarter.

The attrition rate fell from 19.8% in the March quarter to 10.9%, signalling improved employee retention over successive quarters.

The board proposed a final dividend of Rs 7 per equity share for FY 2023-24, pending member approval at the Annual General Meeting.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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