An illuminated view of the BSE building ahead of the Diwali festival, in Mumbai on Tuesday. | Photo Credit: ANI

Sensex, Nifty decline on unabated foreign fund outflows, selling in IT stocks

Falling for the second day in a row, the BSE Sensex tumbled 553.12 points or 0.69% to settle at 79,389.06. During the day, it slumped 654.25 points or 0.81% to 79,287.93

by · The Hindu

Benchmark equity indices Sensex and Nifty fell for the second day on Thursday dragged down by losses in IT stocks and relentless foreign fund outflows.

Falling for the second day in a row, the BSE Sensex tumbled 553.12 points or 0.69% to settle at 79,389.06. During the day, it slumped 654.25 points or 0.81% to 79,287.93.

The NSE Nifty fell by 135.50 points or 0.56% to 24,205.35.

From the 30-share Sensex pack, Tech Mahindra, HCL Technologies, Tata Consultancy Services, Asian Paints, Infosys and Maruti Suzuki were the biggest laggards.

In contrast, Larsen & Toubro jumped over 6% after the infrastructure major posted a 5% rise in consolidated profit after tax to ₹3,395 crore in the September 2024 quarter on account of higher income.

Mahindra & Mahindra, Power Grid, JSW Steel, Kotak Mahindra Bank, HDFC Bank and Sun Pharma were also among the gainers.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Wednesday, as they offloaded shares worth ₹4,613.65 crore, according to exchange data.

In Asian markets, Seoul, Tokyo and Hong Kong settled lower while Shanghai ended in the green.

European markets were trading in the red. The U.S. markets ended in negative territory on Wednesday.

"Markets traded under pressure on monthly expiry day, slipping over half a per cent. Early weakness in IT majors weighed on sentiment, with other sectors joining the decline later in the session. However, resilience in select heavyweight stocks helped limit the overall losses," Ajit Mishra – SVP, Research, Religare Broking Ltd, said.

Global oil benchmark Brent crude climbed 0.36% to $72.81 a barrel.

The BSE benchmark tumbled 426.85 points or 0.53% to settle at 79,942.18 on Wednesday. The Nifty dropped 126 points or 0.51% to 24,340.85.

Published - October 31, 2024 04:35 pm IST