India's market benchmark indices Sensex and Nifty opened lower on Wednesday, reflecting weak global market growth and continued outflows of foreign capital. The BSE Sensex was down 240.75 points at 81,579.37, while the NSE Nifty was down 62.7 points at 24,994.65.
Major laggards and gainers
Mahindra & Mahindra, Nestle, Ultratech Cement, TCS, Kotak Mahindra Bank and IndusInd Bank were among the biggest losers on the Sensex. However, HDFC Bank, Bajaj Finserv, Asian Paints and Sun Pharma emerged as gainers in early trade.
FII outflows continue to pressure markets
Foreign Institutional Investors (FIIs) sold equities worth Rs 1,748.71 crore on Tuesday, continuing a month-long selling spree. Prashant Tapse, senior VP (research) at Mehta Equities Ltd, said, “With overseas investors selling Rs 63,900 crore in October, the market sentiment has been cautious."
Global markets and oil prices
In Asian markets, Seoul and Tokyo were down, while Shanghai and Hong Kong were in positive territory. US markets also closed lower on Tuesday. Meanwhile, global benchmark Brent crude rose marginally 0.23% to US$74.42 a barrel.
Display of the previous session
On Tuesday, the BSE benchmark fell 152.93 points to end at 81,820.12, while the Nifty ended 70.60 points lower at 25,057.35, triggering a slowdown in Indian markets.
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