Indian shares dip at the open, Bajaj Finance drops
Updates with levels at 9:27 a.m. IST
Oct 4 (Reuters) -Indian shares opened lower on Friday, weighed down by a selloff across most sectors, as investors remained cautious about thedeepening conflict in the Middle East and rising foreign outflows.
The Nifty 50 index .NSEI was down 0.47% at 25,131.95 points as of 9:27 a.m. IST, while the S&P BSE Sensex .BSESN shed 0.45% to 82,122.28.
Indian shares slumped on Thursday to post their worst session since early August on worries about the escalatingMiddle East conflict and that crude supplies from the top oil-producing region may be disrupted. Global stocks edged down while oil prices rose.
Foreign outflows from Indian markets hit a record high on Thursday. Over the last three sessions, foreign institutional investors have offloaded shares worth $3.65 billion, with analysts suggesting that FIIs are directing inflows into China after itsrecent stimulus measures.
Twelve of the 13 sectoral indexes opened lower on Friday. The broader, more domestically-focused small- .NIFSMCP100 and mid-caps .NIFMDCP100 dropped about 0.75% each.
Non-bank lender Bajaj Finance BJFN.NS fell 2.4% after posting its pre-earnings update post market hours on Thursday. "The pre-earnings update shows an expected moderation in assets under management, with new loan booking falling 12% sequentially," analysts at Jefferies said.
Bajaj Finance was the second-biggestNifty 50 loser by percentage.
Mahindra and Mahindra Financial Services MMFS.NS dropped about 5.3% after posting a drop in disbursements in theSeptember quarter.
Reporting by Hritam Mukherjee and Bharath Rajeswaran in Bengaluru; Editing by Sherry Jacob-Phillips and Sonia Cheema
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