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Mumbai: Benchmark stock indices Sensex and Nifty declined by nearly one percent in opening trade on Monday following selling in IT banking and auto stocks triggered by weak global trends. The 30-share BSE Sensex fell by 474.96 points or 0.82 percent to 57,514.94 as 28 of its constituents traded in the red in the early session. The broader Nifty of the National Stock Exchange dropped by 139.10 points or 0.81 percent to below the 17,000-level at 16,960.95.
On Friday, foreign institutional investors (FIIs) were the net sellers and sold Indian equities worth Rs 1,766.53 crore while domestic institutional investors (DIIs) were net buyers at Rs 1,817.14 crore.
Foreign investors have put in Rs 11,500 crore in Indian equities so far this month, mainly driven by bulk investment from the US-based GQG Partners in Adani Group companies.
As many as 45 of its stocks declined led by Adani Enterprises, JSW Steel, and Hindalco. Among Sensex scrips, Mahindra & Mahindra fell the most by 1.86 percent. Tata Steel, Tata Motors, IndusInd Bank, Tech Mahindra, Infosys, and TCS dropped more than one percent. Reliance, SBI, ICICI Bank, HDFC, HDFC Bank, and Axis Bank also dropped. Hindustan Unilever and Kotak Bank bucked the trend, gaining up to 0.24 percent.
The US banking crisis remained at the centre stage keeping the participants on their toes. Besides, analysts said that the continuous outflow of foreign funds added to worries. Most Asian markets dropped despite coordinated efforts by global central banks to ease a fast-growing banking crisis. The S&P 500 sank 1.1 percent, the Dow Jones Industrial Average lost 1.2 percent, and the Nasdaq composite fell 0.7 percent.
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