Sensex, Nifty slump 1% amid unabated foreign fund outflows, weak global trends
The Hindu
Equity indices Sensex and Nifty drop 1% due to foreign fund outflows and sluggish global trends on November 12.
Equity benchmark indices Sensex and Nifty slumped 1% each on Tuesday (November 12, 2024) due to widespread selling pressure amid uninterrupted foreign fund outflows and sluggish global trends.
The BSE benchmark Sensex tumbled 820.97 points or 1.03% to settle at 78,675.18. During the day, it plunged 948.31 points or 1.19% to 78,547.84.
Falling for the third day running, the NSE Nifty tanked 257.85 points or 1.07% to 23,883.45.
From the 30-share Sensex pack, NTPC, Asian Paints, HDFC Bank, State Bank of India, Tata Motors, JSW Steel, Maruti and Power Grid were among the major laggards.
On the other hand, Sun Pharma, Infosys and ICICI Bank were the gainers.
Foreign Institutional Investors (FIIs) offloaded equities worth ₹2,306.88 crore on Monday, while Domestic Institutional Investors (DIIs) infused ₹2,026.63 crore in shares, according to exchange data.
"Two strong factors have been at play in this consolidating market. One, the relentless selling by FIIs has been favouring the bears and pulling the market down. Two, the sustained buying by DIIs has been supporting the market preventing a crash in the market. How the market will trend in the coming days will depend on the relative strength of these two factors," VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said.
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