Markets decline after initial rally amid unabated foreign fund outflow

The BSE Sensex climbed 130.56 points to 80,195.72 in early trade. The NSE Nifty went up by 36.9 points to 24,436.30
Markets decline after initial rally amid unabated foreign fund outflow
Markets decline after initial rally amid unabated foreign fund outflowFile/ PSUWatch
Published on

New Delhi: Stock markets gave up early gains and were trading lower on Friday amid sharp fall in IndusInd Bank shares and relentless foreign fund outflows.

The BSE Sensex climbed 130.56 points to 80,195.72 in early trade. The NSE Nifty went up by 36.9 points to 24,436.30.

However, the selling pressure soon dragged both the indices down. The BSE benchmark traded 197.47 points lower at 79,875.03 and the Nifty quoted with a cut of 89.20 points at 24,310.20.

PSU Watch is now on Whatsapp Channels. Click here to join

From the 30 Sensex pack, IndusInd Bank plunged 15 percent after the firm reported a 40 percent decline in September quarter net profit at Rs 1,331 crore, pulled down majorly by concerns on asset quality.

NTPC, Mahindra & Mahindra, Larsen & Toubro, Tata Steel, and JSW Steel were also among the laggards.

From the blue-chip pack, ITC jumped over 3 percent after the diversified entity reported an 1.8 percent increase in its consolidated net profit to Rs 5,054.43 crore in the second quarter ended September 2024. ITC's revenue from operations jumped 15.62 percent to Rs 22,281.89 crore during the July-September period.

Markets decline after initial rally amid unabated foreign fund outflow
Sensex, Nifty slump as unabated foreign fund outflows drag markets lower

Axis Bank, Asian Paints, HCL Technologies, ICICI Bank and Kotak Mahindra Bank were the other big gainers.

In Asian markets, Seoul, Shanghai and Hong Kong traded higher while Tokyo quoted lower.

The US markets ended mostly higher on Thursday.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 5,062.45 crore on Thursday, according to exchange data, while Domestic Institutional Investors (DIIs) bought Rs 3,620.47 crore shares.

Global oil benchmark Brent crude climbed 0.24 percent to USD 74.56 a barrel.

In an uninspiring trade, the BSE benchmark dipped 16.82 points or 0.02 percent to settle at 80,065.16 on Thursday. The Nifty skidded 36.10 points or 0.15 percent to 24,399.40 in a volatile trade.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)

logo
PSU Watch
psuwatch.com