New Delhi: Stock market benchmark indices Sensex and Nifty declined in early trade on Tuesday as relentless foreign fund outflows and geopolitical tensions weighed on investors' sentiment.
The 30-share BSE Sensex declined 311.33 points to 82,934.85 in early trade. The 50-share NSE Nifty dropped 99.5 points to 25,486.
From the 30-Sensex firms, Eternal, Bajaj Finance, Asian Paints, InterGlobe Aviation, Trent and Bajaj Finserv were among the laggards.
However, Kotak Mahindra Bank, State Bank of India, UltraTech Cement and ITC were among the gainers.
Foreign institutional investors offloaded equities worth Rs 3,262.82 crore on Monday, while Domestic Institutional Investors (DIIs) remained buyers as they bought stocks worth Rs 4,234.30 crore, according to exchange data.
"Heightened geopolitical tensions, along with persistent foreign investor selling and continued weakness in the rupee, are weighing on confidence and likely to cap any meaningful upside in domestic equities even during short-term recoveries. Steady buying by domestic institutional investors continues to act as a key stabiliser, absorbing selling pressure and helping prevent deeper drawdowns in the market," Ponmudi R, CEO of Enrich Money, an online trading and wealth tech firm, said.
In Asian markets, South Korea's Kospi index traded higher, while Japan's Nikkei 225 index, Shanghai's SSE Composite index and Hong Kong's Hang Seng index quoted lower.
US markets were closed on Monday for a holiday.
Brent crude, the global oil benchmark, went up by 0.11 per cent to USD 64.01 per barrel.
On Monday, the Sensex declined 324.17 points or 0.39 per cent to settle at 83,246.18. The Nifty dropped 108.85 points or 0.42 per cent to 25,585.50.
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