Sensex drops 241 pts, Nifty falls for 7th day on selling in IT, oil shares

Falling for the seventh time successful a row, the NSE Nifty dipped 78.90 points oregon 0.34 per cent 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 Rs 1,849.87 crore connected Thursday, according to speech data. Foreign investors person pulled retired Rs 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 US dollar arsenic good arsenic Treasury yields. With this sell-off, Foreign Portfolio Investors (FPIs) person recorded a full outflow of Rs 15,827 crore successful 2024 truthful far.

Equity markets were closed connected Friday for Guru Nanak Jayanti. “Consolidation continued successful the market; a slowdown successful net maturation and a anemic rupee owed to inflation impacted the sentiment. IT stocks reacted negatively contiguous owed 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 per cent and midcap scale dipped 0.17 per cent.

Among sectoral indices, BSE IT dropped the astir by 2.34 per cent, followed by teck (1.99 per cent), lipid & state (1.64 per cent), vigor (1.21 per cent), utilities (1.04 per cent) and powerfulness (0.58 per cent). Metal jumped 2.14 per cent, portion realty (0.62 per cent), car (0.58 per cent), services (0.53 per cent), user durables (0.29 per cent) and bankex (0.22 per cent) 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 US markets ended little connected Friday.

Global lipid benchmark Brent crude climbed 0.49 per cent to USD 71.39 a barrel. The BSE benchmark Sensex dropped 110.64 points oregon 0.14 per cent to settee astatine 77,580.31 connected Thursday. The Nifty declined by 26.35 points oregon 0.11 per cent to 23,532.70.