Sensex drops 241 points; Nifty falls for seventh day on selling in IT, oil shares

From the Sensex pack, Tata Consultancy Services, Infosys, NTPC, HCL Technologies, Axis Bank, Tech Mahindra, Bajaj Finserv, Sun Pharma, IndusInd Bank and Reliance Industries were the large laggards. File | Photo Credit: Reuters

Benchmark Sensex declined by 241 points portion broader Nifty fell for the seventh league successful a enactment connected Monday (November 18, 2024) pursuing a sell-off successful IT and lipid shares amid unabated overseas money outflows and anemic leads from the U.S. markets.

The 30-share BSE Sensex dropped by 241.30 points oregon 0.31% to settee astatine 77,339.01, registering its 4th time of decline. During the day, it fell 615.25 points oregon 0.79% to 76,965.06. Falling for the seventh time successful a row, the NSE Nifty dipped 78.90 points oregon 0.34% to 23,453.80.

From the 30-share Sensex pack, Tata Consultancy Services, Infosys, NTPC, HCL Technologies, Axis Bank, Tech Mahindra, Bajaj Finserv, Sun Pharma, IndusInd Bank and Reliance Industries were the large laggards.

Tata Steel, Hindustan Unilever, Mahindra & Mahindra, Nestle and State Bank of India were among the gainers.

Foreign Institutional Investors (FIIs) offloaded equities worthy ₹1,849.87 crore connected Thursday (November 14, 2024), according to speech data. Foreign investors person pulled retired ₹22,420 crore from the Indian equity markets truthful acold this month, owing to precocious home banal valuations, expanding allocations to China, and the rising U.S. dollar arsenic good arsenic Treasury yields.

With this sell-off, Foreign Portfolio Investors (FPIs) person recorded a full outflow of ₹15,827 crore successful 2024 truthful far. Equity markets were closed connected Friday (November 15, 2024) for Guru Nanak Jayanti.

"Consolidation continued successful the market; a slowdown successful net maturation and a anemic Rupee owing to ostentation impacted the sentiment. IT stocks reacted negatively contiguous owing to a reduced anticipation of a Fed complaint chopped successful December, which whitethorn airs a hold successful spending successful the BFSI segment," Vinod Nair, Head of Research, Geojit Financial Services, said. The BSE smallcap scale declined 0.69% and midcap scale dipped 0.17%.

Among sectoral indices, BSE IT dropped the astir by 2.34%, followed by tech (1.99%), lipid & state (1.64%), vigor (1.21%), utilities (1.04%) and powerfulness (0.58%).

Metal jumped 2.14 per cent, portion realty (0.62%), car (0.58%), services (0.53%), user durables (0.29%) and bankex (0.22%) besides emerged arsenic gainers. As galore arsenic 2,486 stocks declined portion 1,611 precocious and 127 remained unchanged connected the BSE.

In Asian markets, Seoul and Hong Kong settled higher portion Tokyo and Shanghai ended lower. European markets were trading successful the antagonistic territory. The U.S. markets ended little connected Friday (November 15, 2024). Global lipid benchmark Brent crude climbed 0.49% to $71.39 a barrel.

The BSE benchmark Sensex dropped 110.64 points oregon 0.14% to settee astatine 77,580.31 connected Thursday (November 14, 2024.) The Nifty declined by 26.35 points oregon 0.11% to 23,532.70.

Published - November 18, 2024 05:21 p.m. IST