Sensex, Nifty fall in early trade amid foreign fund exodus

Sensex and Nifty fall due to foreign fund outflows, weak blue-chip stocks; RBI to unveil monetary policy next month.

The Sensex and Nifty fell in early trade on Friday (November 8, 2024) amid continuous foreign fund outflows and weak trends in blue-chip stocks Reliance Industries and ICICI Bank.

Market watchers said the Indian market is likely to trade sideways till clarity emerges on corporate earnings, a pickup in consumption and foreign fund flows.

Meanwhile, the U.S. Fed has cut rates for two straight meetings as the inflation print has been comfortable.

“However, India, on the other hand, is facing sticky food inflation but also lower growth possibilities,” they said.

The RBI will be meeting next month to unveil their monetary policy meeting. The BSE benchmark Sensex fell by 424.42 points to 79,117.37 in early 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.