BSE Sensex Declines By 241 Points, While NSE Nifty is Below 23,500.
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Summary: Due to weak leads from the US markets, selling in IT equities, and unchecked foreign fund withdrawals, the Indian Stock Market was down today.
Early Thursday saw a spike in global markets and benchmark indexes Sensex and Nifty, as lower-than-expected consumer inflation in the US stoked expectations of further rate reduction by the Federal Reserve.
In early trading, the 30-share BSE benchmark Sensex surged 595.42 points to 77,319.50. At 23,391.65, the NSE Nifty increased by 178.45 points.
Adani Ports, Zomato, UltraTech Cement, State Bank of India, IndusInd Bank, Tata Motors, ICICI Bank, and Bajaj Finserv were the top gainers among the 30-share blue-chip pack.
The main losers were Axis Bank, Tech Mahindra, Bajaj Finserv, Sun Pharma, IndusInd Bank, Reliance Industries, Tata Consultancy Services, Infosys, NTPC, and HCL Technologies.
According to exchange statistics, foreign institutional investors (FIIs) sold off stocks on Thursday for a total of Rs 1,849.87 crore.
Due to rising US dollar and Treasury yields, rising local stock valuations, and growing allocations to China, foreign investors have withdrawn Rs 22,420 crore from the Indian equities markets so far this month.
Utilities fell 0.88 percent, followed by oil and gas (0.48 percent), power (0.37 percent), services (0.09 percent), metal (0.07 percent), and consumer durables (0.05 percent) among sectoral indexes.
Tokyo and Shanghai ended lower on Asian markets, while Seoul and Hong Kong settled higher.
The markets in Europe were trading in the red. Friday saw a decline in US markets.
Brent crude, a global oil benchmark, increased 0.49 percent to USD 71.39 a barrel.
