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Informist, Wednesday, Apr. 30, 2025

By Akash Mandal

MUMBAI – Benchmark indices consolidated for the second straight session and ended almost flat Wednesday. Within the Nifty 50, a sell-off in Bajaj Finance, Bajaj Finserv, and Trent was offset by a rise in shares of Maruti Suzuki India, HDFC Bank, and Bharti Airtel. Bajaj Finance, Bajaj Finserv, and Trent were the worst hit in the Nifty 50 as investors were underwhelmed by their March quarter earnings, which came late Tuesday. 

The Nifty 50 ended at 24334.20 points, down 1.75, and the BSE Sensex closed at 80242.24 points, down 46.14 points. Broader market indices also ended lower. Mid-cap indices ended down around 1% and small-cap indices closed nearly 2% lower.

Shares of Bajaj Finserv ended nearly 6% lower after the lender's finance costs for the March quarter rose 24% on year. Bajaj Finance ended 5% lower as high credit costs overshadowed the robust growth in earnings for the quarter. Investors were also cautious after the company cut its guidance for growth in assets under management and return on equity for 2025-26 (Apr-Mar). After market hours Tuesday, Bajaj Finance said its AUM will grow 24-25% in FY26, against the 25-27% guidance it had provided earlier.

Trent ended 4% lower with brokerages concerned about the company's like-for-like growth. "The current slowdown in LFL (like-for-like growth) is likely due to a combination of factors: weakening demand, cannibalisation from new stores in the same micro-areas, potential over-competition, and base effects," Nuvama Institutional Equities said. The stock had gained 3% Tuesday after the company announced its earnings for the March quarter just before the market closed.

Sectoral indices ended mixed. Real estate stocks rose and the Nifty Realty ended as the top gainer among sectoral indices. The commentary of various real estate companies regarding the revival of demand has been positive, which has led to an improvement in sentiment on the sector, analysts said. Macrotech Developers, Godrej Properties, and DLF ended 2-3% higher each.

Among other stocks, IndusInd Bank recovered to end slightly higher. The stock had fallen over 3% in early trade a day after its Managing Director and Chief Executive Officer Sumant Kathpalia resigned, owning moral responsibility for the accounting discrepancies the bank had reported on Mar. 10. The accounting discrepancy will cost the bank INR 19.6 billion. Emkay Global Financial Services downgraded the stock to 'reduce' from 'add' and cut its target price by over 9% to INR 725 as the recovery process for the bank seemed "prolonged, thereby making the risk-reward unattractive." Factors such as a potential run-down of deposits, delay in a new CEO being appointed, and worsening of asset quality are major challenges for the bank, the brokerage said.

Vishal Mega Mart ended up 10% after its consolidated net profit for the March quarter nearly doubled on year on the back of improved margins. Trading for the stock was paused after it hit the 10% upper circuit in the final half hour of the session. Shares of Indraprastha Gas ended nearly 4% higher as brokerages were bullish on the margins of the company expanding in the coming quarters due to an increase in prices of compressed natural gas, a fall in crude oil prices, and the strengthening of the rupee. The company's net profit fell 9% on year, but still managed to surpass analysts' estimates.

Shares of CEAT ended 9% higher after the company said it expects double-digit growth in revenue in FY26. After market hours Tuesday, the company reported a 16% on-year fall in its net profit, while revenue rose 15%. Schaeffler India rose nearly 9% in early trade after its net profit for the quarter came in above the Street's view on the back of improved margins. 

Praj Industries fell over 9% and was the worst hit in the Nifty 500 after its consolidated net profit for the March quarter more than halved on year and missed analysts' estimates. The fall in the company's bottom line was due to higher input costs and a challenging demand environment, the company said late Tuesday. Five-star Business Finance closed over 6% lower despite its net profit for the quarter rising over 18% on year. The stock has declined for six straight sessions, falling over 16%. Before that, the stock was on a six-day winning streak and had gained nearly 21%, which means it still trades at a higher level than before it had started the winning run on Apr. 11.

* Of the Nifty 50 stocks, 24 rose and 26 fell

* Of the Sensex stocks, 14 rose and 16 fell

* On the NSE, 631 stocks rose, 2,228 fell, and 68 were unchanged

* On the BSE, 975 stocks rose, 2,938 fell, and 150 were unchanged

* Nifty PSU Bank: down 2.2%; Nifty Media: down 2.2%; Nifty Realty: up 1.9%

BSE                                               NSE

Sensex: 80242.24, down 46.14 points               Nifty 50: 24334.20, down 1.75 points

End

Edited by Saji George Titus

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