Markets decline in early trade dragged by bank stocks, weak Asian peers

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Benchmark equity indices Sensex and Nifty fell successful aboriginal commercialized connected Wednesday (October 30, 2024) dragged down by slope stocks and anemic trends successful Asian markets.

The BSE Sensex declined 366.53 points to 80,002.50 successful aboriginal trade. The NSE Nifty dropped 129.25 points to 24,337.60.

From the 30-share Sensex pack, Sun Pharma, ICICI Bank, Axis Bank, Bajaj Finserv, Kotak Mahindra Bank, State Bank of India, HCL Technologies and Bharti Airtel were among the laggards.

In contrast, Maruti, Tata Motors, IndusInd Bank and Larsen & Toubro defied broader marketplace inclination and were trading successful the affirmative territory.

Foreign Institutional Investors (FIIs) were nett sellers successful the superior markets connected Tuesday, arsenic they offloaded shares worthy ₹548.69 crore, according to speech data.

"In the adjacent word the marketplace volition beryllium influenced by 2 factors - 1 affirmative and the different negative. The affirmative is the crisp diminution successful FII selling to conscionable ₹548 crore connected Tuesday. This is an denotation that the FII tactical commercialized of ‘Sell India, Buy China’ is coming to an end.

"With much Domestic Institutional Investors (DII) and retail wealth coming to the marketplace and FII selling tapering off, the marketplace whitethorn get a near-term boost, aided by the festive mood. But the uptrend is improbable to prolong since the Q2 net numbers bespeak softness successful net for FY25," V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said.

In Asian markets, Seoul, Shanghai and Hong Kong traded lower, portion Tokyo quoted successful the affirmative territory.

The U.S. markets ended connected a mixed enactment connected Tuesday.

Global lipid benchmark Brent crude climbed 0.48% to USD 71.46 a barrel.

The BSE benchmark climbed 363.99 points oregon 0.455% to settee astatine 80,369.03 connected Tuesday. The Nifty roseate 127.70 points oregon 0.52% to 24,466.85.

Published - October 30, 2024 11:02 americium IST