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Stock market update: NBFCs trade mixed; Magma Fincorp, DHFL surge

Stock market update: NBFCs trade mixed; Magma Fincorp, DHFL surge
Bajaj Finance, Bajaj Finserv, Titan Company, Vedanta were among the top heavyweight gainers.
NEW DELHI: Shares of non-banking financial companies (NBFCs) were trading mixed in Wednesday's session.

Top lender State Bank of India said on Tuesday it would raise its target to buy "good quality" asset portfolios from NBFCs, seeing scope to buy additional portfolio assets of 200 billion rupees ($2.69 billion) to 300 billion rupees.

Analysts believe SBI's move may give additional liquidity cushion to NBFCs.

Shares of GCM Capital Advisors (up 20 per cent), HB Portfolio (up 17.81 per cent) and Ganges Securities (up 17.41 per cent) surged up to 20 per cent in the NBFC space.

Williamson Magor & Company (up 13.06 per cent), Magma Fincorp (up 12.93 per cent), Centrum Capital (up 12.86 per cent), Joindre Capital Serivces (up 12.10 per cent) and AIIL (up 10.74 per cent) jumped over 10 per cent.

Shares of Florence Investech (up 9.63 per cent), Edelweiss Financial Services (up 9.26 per cent), Viji Finance (up 8.94 per cent), Shriram Transport Finance (up 8.85 per cent), Muthoot Finance (up 8.29 per cent), DHFL (up 8.12 per cent) and BF Investment (up 7.98 per cent) too clocked decent gains.

On the flip side, Golden Goenka Fincorp (down 12.50 per cent) and Arman Financial Services (down 11.87 per cent) plunged over 10 per cent.

Swastika Investmart (down 8.09 per cent), Comfort Fincap (down 5.92 per cent), Comfort Intech (down 5.80 per cent) and Capital Trust (down 5.20 per cent) declined over 5 per cent.

Indiabulls Ventures (down 4.99 per cent), Alexander Stamps & Coin (down 4.99 per cent), Niyogin Fintech (down 4.96 per cent), Libord Securities (down 4.95 per cent), Apollo Finvest (India) (down 4.95 per cent), IL&FS Investment Managers (down 4.94 per cent), Capital India (down 4.92 per cent), Crescent Leasing (down 4.87 per cent) and Thirani Projects (down 4.87 per cent) fell up to 5 per cent.

The NSE Nifty50 index was trading 99 points up at 10,400 at 10:32 am. The 30-share BSE Sensex was up 274 points at 34,573 at the same time.

Bajaj Finance, Bajaj Finserv, Titan Company, Vedanta, Maruti Suzuki India, Zee Entertainment and Eicher Motors were among the top heavyweight gainers.

(With inputs from Reuters)

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