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Stock market: Sensex, Nifty tumble in early trade amid foreign fund outflow

The Sensex and Nifty fell during the early trade amid a fall in the Asian markets. The fall comes after both the benchmark indices touched a record high in the past week.

Edited By: Shubham Bajpai New Delhi Published : Sep 30, 2024 10:29 IST, Updated : Sep 30, 2024 22:21 IST
Stock market news
Image Source : PTI Bombay Stock Exchange building

Benchmark indices Sensex and Nifty declined in early trade on Monday amid foreign fund outflows and largely weak Asian markets. The decline in frontline stocks like ICICI Bank and Reliance Industries also dragged the market in the opening session. The BSE Sensex tumbled 464.22 points to 85,107.63 in early trade. The NSE Nifty tanked 133.85 points to 26,045.10.

Asian markets down

 In Asian markets, Seoul and Tokyo were trading lower while Shanghai and Hong Kong traded in the positive territory. Japan's Nikkei 225 index tanked nearly 5 per cent in the early trade. The US markets ended on a mixed note on Friday.

Among the 30 Sensex firms, Tech Mahindra, ICICI Bank, Mahindra & Mahindra, Reliance Industries, Axis Bank and UltraTech Cement were among the major laggards. Meanwhile, Tata Steel, JSW Steel, NTPC, Titan, Hindustan Unilever and Asian Paints were among the gainers.

Foreign funds outflow

As per exchange data, Foreign Institutional Investors (FIIs) equities worth Rs 1,209.10 crore outflowed on Friday. "Market is likely to move into a consolidation phase in the near-term. One significant factor that is influencing foreign portfolios is the outperformance of the Chinese stocks which is reflected in the massive surge in the Hang Seng index by around 18 per cent in September. This surge has been triggered by hopes of revival in the Chinese economy in response to the monetary and fiscal stimulus announced by the Chinese authorities," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Oil benchmark climbs

Meanwhile, Global oil benchmark Brent crude climbed 0.71 per cent to USD 72.49 a barrel. On Friday, the BSE benchmark Sensex declined 264.27 points or 0.31 per cent to settle at 85,571.85. During the day, it had climbed 142.13 points or 0.16 per cent to set a new record intra-day peak of 85,978.25. Nifty, on Friday, dipped 37.10 points or 0.14 per cent to 26,178.95 after rising 61.3 points or 0.23 per cent to an all-time intra-day peak of 26,277.35 during the session.

(With PTI Inputs) 

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