Markets turn topsy-turvy; Sensex, Nifty slump nearly 1% on FII outflows, West Asia tensions

Equity benchmark indices Sensex and Nifty slumped astir 1% successful a topsy-turvy trading league connected Friday (October 4, 2024), dragged by aggravated selling successful FMCG, car and vigor stocks amid escalating tensions successful West Asia and persistent overseas superior outflows. File | Photo Credit: Reuters

Equity benchmark indices Sensex and Nifty slumped astir 1% successful a topsy-turvy trading league connected Friday (October 4, 2024), dragged by aggravated selling successful FMCG, car and vigor stocks amid escalating tensions successful West Asia and persistent overseas superior outflows.

Besides, a spike successful planetary crude prices connected proviso uncertainty owed to geopolitical tensions dented marketplace sentiments, traders said.

Falling for the 5th time running, the BSE Sensex tumbled 808.65 points oregon 0.98% to settee astatine 81,688.45. The benchmark deed a debased of 81,532.68 and a precocious of 83,368.32 during the day, reflecting a chaotic plaything of 1,835.64 points.

The NSE Nifty slumped 200.25 points oregon 0.79% to 25,049.85. Intra-day, it deed a debased of 24,966.80 and a precocious of 25,485.05.

From the 30 Sensex firms, Mahindra & Mahindra, Bajaj Finance, Asian Paints, Nestle, Bharti Airtel, UltraTech Cement, Hindustan Unilever, ITC, and HDFC Bank were the large laggards.

In contrast, Infosys, Tech Mahindra, Tata Motors, Axis Bank, Tata Consultancy Services and State Bank of India were among the gainers.

Foreign Institutional Investors (FIIs) offloaded equities worthy Rs 15,243.27 crore connected Thursday, according to speech data.

In Asian markets, Seoul, Tokyo and Hong Kong settled successful the affirmative territory. Markets successful mainland China are closed owed to a holiday.

European markets were trading higher successful mid-session deals. The US markets ended little connected Thursday.

"The past 3 days person witnessed immense FII selling of ₹30,614 crore successful the currency market. FIIs are moving wealth from costly India to inexpensive Hong Kong connected expectations that the monetary, and fiscal stimulus being implemented by the Chinese authorities volition stimulate the Chinese system and amended the net of Chinese companies.

"It remains to beryllium seen however this Chinese betterment hopes to play out," said VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Global lipid benchmark Brent crude climbed 0.99 per cent to $78.39 a barrel.

Falling for the 4th consecutive league connected Thursday, the BSE benchmark Sensex tumbled 1,769.19 points oregon 2.10 per cent to settee astatine 82,497.10. During the day, it plummeted 1,832.27 points oregon 2.17 per cent to 82,434.02.

The Nifty slumped 546.80 points oregon 2.12 per cent to 25,250.10.

Published - October 04, 2024 04:26 p.m. IST