Sensex, Nifty decline in early trade as FPIs selling spree, IT stocks dampen market sentiment
The Hindu
Equity markets decline due to foreign fund outflows, IT stock selling, and weak U.S. market leads.
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.
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