Sensex, Nifty decline in early trade as FPIs selling spree, IT stocks dampen market sentiment

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

Equity benchmark indices declined successful aboriginal commercialized connected Monday, owing to relentless overseas money outflows, selling successful IT stocks and anemic leads from the U.S. markets.

The BSE benchmark Sensex declined 156.72 points to 77,423.59 successful aboriginal trade. The NSE Nifty dipped 64.25 points to 23,468.45.

From the 30-share Sensex pack, Infosys, Tech Mahindra, HCL Technologies, Tata Consultancy Services, NTPC, Axis Bank, Tata Motors and IndusInd Bank were the large laggards.

HDFC Bank, Tata Steel, Bajaj Finance and Asian Paints were among the gainers.

Foreign Institutional Investors (FIIs) offloaded equities worthy ₹1,849.87 crore connected Thursday, according to speech data.

Foreign investors person pulled retired ₹22,420 crore from the Indian equity marketplace 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 for Guru Nanak Jayanti.

"Even though Nifty has corrected 10.4 per cent from the highest determination are nary signs of a sustained betterment successful the market. Relentless FII selling, net downgrades for bulk of stocks for FY25, and the consequences of the Trump commercialized are weighing connected the market," V. K. Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said.

In Asian markets, Seoul, Shanghai and Hong Kong traded higher portion Tokyo quoted lower.

The U.S. markets ended little connected Friday.

"Weak leads from Wall Street and rising U.S. enslaved yields adhd to the anxiety," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.

Global lipid benchmark Brent crude climbed 0.51% to $71.40 a barrel.

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

Published - November 18, 2024 10:26 americium IST