Sensex, Nifty close lower amid massive selling in heavyweight stocks, mixed global cues

Bombay Stock Exchange (BSE). File | Photo Credit: Reuters

Equity benchmark indices Sensex and Nifty settled little for the sixth consecutive league connected Monday (October 7, 2024) owed to dense selling successful bellwether stocks including HDFC Bank and Reliance Industries amid mixed trends successful the planetary markets and outflow of overseas funds.

Falling for the sixth consecutive session, the BSE Sensex tumbled 638.45 points oregon 0.78% to settee astatine 81,050. During the day, it plummeted 962.39 points oregon 1.17% to 80,726.06.

The NSE Nifty slumped 218.85 points oregon 0.87% to extremity astatine 24,795.75.

From the 30 Sensex firms, Adani Ports & Special Economic Zones, NTPC, State Bank of India, PowerGrid, IndusInd Bank, Axis Bank, HDFC Bank, Titan and UltraTech Cement were the large laggards.

Mahindra & Mahindra, ITC, Bharti Airtel, Infosys, Bajaj Finance, Tata Consultancy Services and Tech Mahindra defied the trend.

“The Indian markets person entered a consolidation signifier with precocious hazard of underperforming to Asian peers. This signifier is marked by important corrections successful the broader marketplace owed to premium valuations. There is notable planetary arbitrage activity, with Chinese markets attracting important inflows driven by its charismatic valuations and stimulus measures,” Vinod Nair, Head of Research astatine Geojit Financial Services, said.

Global lipid benchmark Brent crude surged 2.09% to $79.68 a barrel.

European markets were trading connected a mixed enactment connected Monday (October 7, 2024).

In Asian markets, Tokyo, Shanghai, Hong Kong and Seoul settled higher.

Wall Street ended with gains connected Friday (October 4, 2024).

Investors are reassessing their portfolio positions and FIIs outflows are exacerbated. Amid escalating geopolitical tensions, the surging lipid prices airs a further situation to the home system successful the abbreviated term, Mr. Nair added.

Foreign Institutional Investors (FIIs) offloaded equities worthy ₹9,896.95 crore connected Friday (October 4, 2024), portion Domestic Institutional Investors (DIIs) bought equities worthy ₹8,905.08 crore, according to speech data.

On Friday (October 4, 2024), the BSE Sensex tumbled 808.65 points to settee astatine a three-week debased of 81,688.45, portion NSE Nifty slumped 235.50 points to 25,014.60.

Last week, the BSE Sensex tanked 3,883.4 points, oregon 4.53%, and the Nifty slumped 1,164.35 points oregon 4.44%.

Published - October 07, 2024 05:49 p.m. IST