Indian Stock Markets Slide Amid Foreign Fund Outflows and Global Weakness
The benchmark indices, Sensex and Nifty, experienced a decline in early trade on Monday, reflecting persistent foreign fund outflows and weak trends in the global markets. The 30-share BSE Sensex fell by 142.26 points, reaching 78,556.81, while the NSE Nifty dropped by 48.35 points, trading at 23,765.05.
Among the top laggards in the 30-share blue-chip pack were major stocks such as Infosys, Mahindra & Mahindra, HCL Technologies, Titan, Power Grid, Tech Mahindra, Kotak Mahindra Bank, and Tata Motors. In contrast, stocks like Adani Ports, Zomato, UltraTech Cement, and ITC bucked the trend and saw gains.
Foreign Institutional Investors (FIIs) continued to be net sellers, offloading equities worth Rs 1,323.29 crore on Friday, according to exchange data. This selling activity has contributed to the subdued market sentiment.
In the broader Asian markets, indices from Tokyo, Shanghai, and Hong Kong were trading lower, while Seoul posted a modest gain. The US markets also ended in the red on Friday, adding to the overall bearish outlook.
Global oil prices saw a slight uptick, with the Brent crude benchmark rising by 0.07% to USD 74.22 per barrel, offering little support to the overall market sentiment.
On Friday, the Sensex had gained 226.59 points, or 0.29%, closing at 78,699.07, while the Nifty increased by 63.20 points, or 0.27%, to finish at 23,813.40.
The market will likely continue to face pressure due to global uncertainties and foreign fund outflows, prompting investors to remain cautious in the short term.
