Bombay Stock Exchange (BSE). File.
| Photo Credit: Reuters
Equity benchmark indices declined in early trade on Monday, owing to relentless foreign fund outflows, selling in IT stocks and weak leads from the U.S. markets.
The BSE benchmark Sensex declined 156.72 points to 77,423.59 in early 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 major laggards.
HDFC Bank, Tata Steel, Bajaj Finance and Asian Paints were among the gainers.
Foreign Institutional Investors (FIIs) offloaded equities worth ₹1,849.87 crore on Thursday, according to exchange data.
Foreign investors have pulled out ₹22,420 crore from the Indian equity market so far this month, owing to high domestic stock valuations, increasing allocations to China, and the rising U.S. dollar as well as Treasury yields.
With this sell-off, Foreign Portfolio Investors (FPIs) have recorded a total outflow of ₹15,827 crore in 2024 so far.
Equity markets were closed on Friday for Guru Nanak Jayanti.
“Even though Nifty has corrected 10.4 per cent from the peak there are no signs of a sustained recovery in the market. Relentless FII selling, earnings downgrades for majority of stocks for FY25, and the consequences of the Trump trade are weighing on the market,” V. K. Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said.
In Asian markets, Seoul, Shanghai and Hong Kong traded higher while Tokyo quoted lower.
The U.S. markets ended lower on Friday.
“Weak leads from Wall Street and rising U.S. bond yields add to the anxiety,” Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.
Global oil benchmark Brent crude climbed 0.51% to $71.40 a barrel.
The BSE benchmark Sensex dropped 110.64 points or 0.14% to settle at 77,580.31 on Thursday. The Nifty declined by 26.35 points or 0.11% to 23,532.70.
Published – November 18, 2024 10:26 am IST
