Sensex extends losses to more than 500 points

BSE Sensex extended losses to more than 500 points on Friday amid selling in financials.

Bajaj Finance was down 8 per cent, Bajaj Finserv was down 3.7 per cent, and Nestle was down 3.2 per cent. IndusInd Bank was down 3 per cent, M&M was down 2.1 per cent.

Sensex was trading at 73,830 points, down 509 points.

Nestle India reported 9 per cent YoY revenue growth during the quarter ended March 2024. The company has achieved a 12 per cent revenue CAGR over a five-year period (CY18-FY24). Domestic sales grew 9 per cent YoY, well supported by pricing, mix, and volume growth, Motilal Oswal Financial Services said. The brokerage reiterated a neutral recommendation due to expensive valuations.

PSU stocks were among the gainers in the broader market with HUDCO up 12 per cent, NLC India up 7 per cent, Engineers India up 6 per cent, and CONCOR up by 6 per cent.

Twenty-three out of 30 Sensex stocks were trading in the red. 1972 or 50 per cent of the stocks advanced while 1761 or 45 per cent of the stocks declined.