Sensex, Nifty fall in early trade amid foreign fund exodus

The BSE benchmark Sensex fell by 424.42 points to 79,117.37 successful aboriginal trade. The NSE Nifty declined 132.7 points to 24,066.65. File | Photo Credit: Reuters

The Sensex and Nifty fell successful aboriginal commercialized connected Friday (November 8, 2024) amid continuous overseas money outflows and anemic trends successful blue-chip stocks Reliance Industries and ICICI Bank.

Market watchers said the Indian marketplace is apt to commercialized sideways till clarity emerges connected firm earnings, a pickup successful depletion and overseas money flows.

Meanwhile, the U.S. Fed has chopped rates for 2 consecutive meetings arsenic the ostentation people has been comfortable.

“However, India, connected the different hand, is facing sticky nutrient ostentation but besides little maturation possibilities,” they said.

The RBI volition beryllium gathering adjacent period to unveil their monetary argumentation meeting. The BSE benchmark Sensex fell by 424.42 points to 79,117.37 successful aboriginal trade. The NSE Nifty declined 132.7 points to 24,066.65.

From the 30-share Sensex pack, Tata Motors, Reliance Industries, Asian Paints, Maruti, NTPC and ICICI Bank were the biggest laggards.

Infosys, Tech Mahindra, HCL Technologies, Titan, Kotak Mahindra Bank and HDFC Bank were among the gainers.

Foreign Institutional Investors (FIIs) offloaded equities worthy ₹4,888.77 crore connected Thursday (November 7, 2024), according to speech data.

“Two divergent trends are evident successful the marketplace now: one, spot successful the planetary marketplace led by the US and two, weakness successful the Indian market. The weakness successful the Indian marketplace tin beryllium attributed mostly to the relentless selling by FIIs, which continues this month, too,” V K Vijayakumar, Chief Investment Strategist astatine Geojit Financial Services, said.

In Asian markets, Seoul and Tokyo were trading successful the affirmative territory portion Shanghai and Hong Kong quoted lower.

Wall Street ended mostly higher connected Thursday (November 7, 2024).

“The Federal Reserve has chopped its benchmark involvement complaint by 25 ground points to 4.50% - 4.75%, pursuing earlier complaint reductions to code inflation. Meanwhile, Nifty shows constricted question amid persistent FII selling,” Prashanth Tapse, Senior VP (Research) astatine Mehta Equities Limited, said.

Global lipid benchmark Brent crude declined 0.71% to $75.09 a barrel.

The BSE benchmark tanked 836.34 points, oregon 1.04%, to settee astatine 79,541.79 connected Thursday (November 7, 2024). The Nifty dropped 284.70 points, oregon 1.16%, to decorativeness astatine 24,199.35.

Published - November 08, 2024 10:43 americium IST