The Nifty is down 0.7% and the Sensex plummets 580 points as the FII exodus continues.

FII Sell-Off Drags Nifty Down 0.7%, Sensex Sinks by 580 Points.

Written by: Supriya Kadu

Edited by: Omkar Devadkar

Last Updated: October 18, 2024

Summary: The Nifty and Sensex are headed for their third consecutive week of losses, having dropped 0.9% and 0.5%, respectively, until Thursday.

On the last day of trading of the week, the domestic stock markets opened in deep red, with the BSE Sensex plunging as much as 585 points, or 0.65%, while the benchmark index of the National Stock Exchange, the Nifty 50, fell more than 158 points, or 0.64 percent, to go below the 24,600 level.

The Nifty and Sensex were down for their third consecutive week, dropping 0.9% and 0.5% till Thursday.

The markets fell as Infosys announced its second quarter results for the current fiscal year (Q2FY25). Despite reporting a 4.7% increase in net profit for the second quarter of the fiscal year, the company's July-September earnings of Rs 6,506 crore fell short of the estimates of analysts.

At 09:31 on Friday, the IT major's shares were down 2.31 percent on the BSE. Other equities that were down were Titan, Nestle India, ITC, Maruti Suzuki, and Tech Mahindra.

Axis Bank, on the other hand, led the BSE gainers chart with a 3.31 percent spike after reporting an 18% increase in Q2 profits.

Another well-known IT business, Wipro, reported a 21.2% increase in Q2 profits for the current fiscal year. In response, the company's shares jumped more than 4% during Friday's first trading hour.

Other companies that saw gains on the BSE were Tata Steel, JSW Steel, TCS, and Tata Motors.

For the fourteenth consecutive session, foreign institutional investors were net sellers of Indian shares on Thursday.

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