Kotak Mahindra may slide further; Axis near support; Shriram Finance top NBFC pick: Gaurav Sharma

Gaurav Sharma of Globe Capital on Monday said Kotak Mahindra Bank delivered a negative set of results for the June 2025 quarter. "I think the stock may lie low for a couple of weeks. It may then start gaining momentum once the stock comes down to Rs 1,850-odd levels, where the key support is placed. One should consider accumulating it at those levels," he said in an interaction with Business Today.

On Axis Bank Ltd, the market expert noted that the stock is already trading close to its support zone. "I don't see much of a downside here. Support will be at Rs 1,050," Sharma added.

Sharing his views on the non-banking financial companies (NBFCs), Sharma remained bullish on the entire sector and picked Shriram Finance Ltd as his top choice.

He also maintained a positive stance on housing finance companies, expecting demand in the real estate sector to pick up in the latter part of the year, which could benefit the lenders.

On the stock-specific front, Kotak Mahindra Bank shares slumped 7.50 per cent to settle at Rs 1,965.60, while Axis Bank declined 1.25 per cent to Rs 1,073.35. In contrast, Shriram Finance gained 2.89 per cent to close at Rs 633.10.

Meanwhile, Indian equity benchmarks extended their losses for a third straight session on Monday as lacklustre Q1 earnings and continued selling by foreign investors dampened market sentiment. The 30-share BSE Sensex declined 572 points or 0.70 per cent to settle at 80,891, while the broader NSE Nifty slipped 156 points or 0.63 per cent to end at 24,680.

Broader indices underperformed the benchmarks, with the Nifty Midcap100 shedding 0.84 per cent and the Smallcap100 index tumbling 1.26 per cent.