Markets decline in early trade on weak global peers, foreign fund outflows

New Delhi: Equity benchmark indices declined in early trade on Monday in tandem with a weak trend in global markets and foreign fund outflows.

The 30-share BSE Sensex dropped 281.74 points to 80,902.19. The NSE Nifty declined 81.45 points to 24,770.70.

Hindustan Unilever, Asian Paints, Infosys and Tata Consultancy Services were among the gainers.

"The stock markets have taken a sharp bearish turn, with sentiment shifting from optimism about cooling US inflation to concerns over a potential US economic slowdown. Friday's weaker-than-expected jobs data has reignited fears of a recession, further compounded by soft manufacturing updates," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 620.95 crore on Friday, according to exchange data.

"Two factors are likely to weigh on markets: one, the outcome of the US presidential elections and two, the Fed decision on rate cut," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Global oil benchmark Brent crude climbed 1.24 percent to USD 71.94 a barrel.

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