Markets decline in early trade on weak global peers, foreign fund outflows

Stock markets drop as global trends and foreign fund outflows impact indices, with concerns over U.S. economic slowdown looming.

Equity benchmark indices declined in early trade on Monday (September 9, 2024) in tandem with a weak trend in global markets and foreign fund outflows.

The 30-share BSE Sensex dropped 281.74 points to 80,902.19. The NSE Nifty declined 81.45 points to 24,770.70.

Among the 30 Sensex firms, Adani Ports, Tata Steel, NTPC, Power Grid, Mahindra & Mahindra and Tata Motors were the biggest laggards.

Hindustan Unilever, Asian Paints, Infosys and Tata Consultancy Services were among the gainers.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading lower.

The U.S. markets ended significantly lower on Friday.

"The stock markets have taken a sharp bearish turn, with sentiment shifting from optimism about cooling U.S. inflation to concerns over a potential U.S. economic slowdown. Friday's weaker-than-expected jobs data has reignited fears of a recession, further compounded by soft manufacturing updates," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.