Indian Markets Plummet Amid FII Outflows and Geopolitical Tensions (5)
Indian markets continued their decline, driven by foreign fund outflows and escalating tensions in the Middle East. The BSE Sensex fell for the fifth consecutive session, losing 354.67 points to settle at 82,142.43, while the NSE Nifty dropped 114.1 points to reach 25,136. Among the 30 Sensex companies, the biggest losers were Bajaj Finance, Asian Paints, NTPC, UltraTech Cement, State Bank of India, and Bajaj Finserv.
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Indian Markets Plummet Amid FII Outflows
Sensex, Nifty continue to fall
Equity benchmark indices continued their decline in early trading on Friday, extending the sharp drop from the previous day, driven by ongoing foreign fund outflows and escalating tensions in the Middle East.
The BSE Sensex fell for the fifth consecutive session, losing 354.67 points to settle at 82,142.43, while the NSE Nifty dropped 114.1 points to reach 25,136.
Among the 30 Sensex companies, the biggest losers were Bajaj Finance, Asian Paints, NTPC, UltraTech Cement, State Bank of India, and Bajaj Finserv.
FIIs sell equities, markets mixed
HCL Technologies, IndusInd Bank, and Tata Consultancy Services were among the top gainers in early trade.
On Thursday, Foreign Institutional Investors (FIIs) sold equities worth Rs 15,243.27 crore, according to exchange data.
In Asian markets, Seoul, Tokyo, and Hong Kong saw positive trading, while mainland Chinese markets remained closed for a holiday. Meanwhile, U.S. markets closed lower on Thursday.
FIIs selling, uncertain Chinese recovery
“The past three days have seen significant FII outflows, with Rs 30,614 crore being sold in the cash market. FIIs are shifting funds from the overvalued Indian market to Hong Kong, anticipating that the monetary and fiscal stimulus measures from Chinese authorities will boost China’s economy and enhance corporate earnings,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. “However, the outcome of these expectations for a Chinese recovery remains uncertain.”
Oil prices stable, Sensex falls
Global oil benchmark Brent crude edged down by 0.06 percent to USD 77.57 per barrel. On Thursday, the BSE benchmark extended its losses for the fourth consecutive session, plunging 1,769.19 points (2.10 percent) to close at 82,497.10. During intraday trading, it dropped even further, losing 1,832.27 points (2.17 percent) to hit 82,434.02.
Nifty falls, FII selling
The Nifty dropped 546.80 points, or 2.12 percent, to 25,250.10. “In the previous session, FIIs were net sellers, offloading Rs 15,243 crore, as the Nifty experienced a significant sell-off driven by fragile market sentiment, which remains highly sensitive to developments in the Middle East,” said Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd.
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