Sensex fell by 138 points due to withdrawal of foreign funds
Delhi Delhi. Stock markets fell for the third consecutive day on Wednesday due to profit-booking in auto, pharma and capital goods stocks amid continued outflow of foreign funds. In a volatile session, the benchmark BSE Sensex closed 138.74 points or 0.17 per cent lower at 80,081.98, while 22 of its components closed lower. The benchmark fell below the 80,000 mark to hit a low of 79,891.68 during the day’s trade. The NSE Nifty closed 36.60 points or 0.15 per cent lower at 24,435.50. Among the 30 Sensex stocks, Mahindra & Mahindra, Sun Pharma, Power Grid, NTPC, Adani Ports, Larsen & Toubro, ICICI Bank and Titan were the top losers. Bajaj Finance gained nearly 5 per cent after it reported a 13 per cent rise in consolidated net profit to Rs 4,014 crore in the second quarter ended September 2024.
Tech Mahindra, Tata Consultancy Services, HDFC Bank, HCL Technologies and Bajaj Finserv were among the other big gainers. According to exchange data, foreign institutional investors (FIIs) sold shares worth Rs 3,978.61 crore on Tuesday, while domestic institutional investors (DIIs) bought shares worth Rs 5,869.06 crore.
“Investor sentiment turned gloomy due to low earnings and a sudden reaction from FIIs, which weighed on market sentiment. However, there has been a bargain-hunting spree in mid- and smallcap stocks after the recent decline, although the sustainability of this momentum-driven buying remains uncertain.
“US 10-year yields have edged higher marginally, indicating a slower pace of rate cuts by the Fed, which is set to lift risk-off sentiment towards emerging markets,” said Vinod Nair, Head of Research, Geojit Financial Services. In Asian markets, Seoul, Shanghai and Hong Kong were trading higher, while Tokyo was lower. European markets were mixed. US markets closed flat on Tuesday. Global oil benchmark Brent crude fell 0.97 per cent to $75.30 a barrel. The BSE benchmark closed 930.55 points, or 1.15 per cent, lower at 80,220.72 on Tuesday. The NSE Nifty fell 309 points, or 1.25 per cent. Closed at 24,472.10.
