Mumbai: The BSE benchmark Sensex declined 156.72 points to 77,423.59 in early trade on Monday. The NSE Nifty dipped 64.25 points to 23,468.45. The equity benchmark indices declined due to continuous foreign fund outflows, selling in IT stocks and weak trends from the US stock markets.
30-share Sensex pack laggards: IndusInd Bank, Tata Motors, NTPC, HCL Technologies, Tata Consultancy Services, Infosys, Tech Mahindra, and Axis Bank. Gainers included, Bajaj Finance, Asian Paints, HDFC Bank, and Tata Steel.
According to exchange data, Foreign Institutional Investors (FIIs) sold equities worth Rs 1,849.87 crore on November 14, 2024. Data showed that Rs 22,420 crore has been pulled out by foreign investors from the Indian equity market so far in November 2024. The withdrawal of money is being attributed to the high valuations of the domestic stocks and increasing allocations to China. Foreign Portfolio Investors (FPIs) have recorded a total outflow of Rs 15,827 crore in 2024 so far.
V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, opined that so signs of recovery are visible in the market as FII selling continues and weak Q2 Results have furtehr dented investors’ sentiments.
“Even though Nifty has corrected 10.4 per cent from the peak there are no signs of a sustained recovery in the market. Relentless FII selling, earnings downgrades for majority of stocks for FY25, and the consequences of the Trump trade are weighing on the market,” V K Vijayakumar said.
Hong Kong, Shanghai and Seoul traded in positive territory. Tokyo quoted lower. The US markets closed lower on November 15. Global oil benchmark Brent crude appreciated 0.51 per cent to USD 71.40 a barrel.
“Weak leads from Wall Street and rising US bond yields add to the anxiety,” Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.
The BSE benchmark Sensex declined 110.64 points to finish at 77,580.31 on November 14. The Nifty slipped 26.35 points to 23,532.70.
