Early trade saw the Sensex decline 561.05 points to 70,939.71 and the Nifty fall 165.6 to 21,406.35. Foreign fund outflows lowered the market after a record high. Bharti Airtel, UltraTech Cement, Tata Motors, and Reliance Industries gained.
In early trade on Thursday, Sensex slid 561.05 points to 70,939.71 and Nifty 165.6 points to 21,406.35. Following the surge, investors cashed in profits and foreign fund outflows cooled the market. The 30-share BSE Sensex slid 561.05 points to 70,939.71 and the Nifty 165.6 to 21,406.35.
The market fell after a record rise on Tuesday, when the BSE benchmark touched 73,427.59 and the Nifty 22,124.15.
Power Grid, Asian Paints, Wipro, HDFC Bank, HCL Technologies, IndusInd Bank, NTPC, and JSW Steel lagged the Sensex. Bharti Airtel, UltraTech Cement, Tata Motors, and Reliance Industries gained.
Shanghai declined, Seoul, Tokyo, and Hong Kong increased. US stocks slumped Wednesday. FIIs sold Rs 10,578.13 crore in stocks on Wednesday, lowering prices.
Failures at HDFC Bank contributed to the sell-off. Taiwan and Korea may correct due to FPI outflows. Wednesday’s Indian FPI sell-off was Rs 10,578 crore.
Rising US bond yields may cause FPIs to sell out, but DIIs may buy reasonably priced large stocks with growth potential. On Wednesday, the BSE benchmark slid 1,628.01 points (2.23%) to 71,500.76 while the Nifty fell 460.35 points (2.09%) to 21,571.95.
Conclusion
Early trade saw the Sensex decline 561.05 points to 70,939.71 and the Nifty fall 165.6 to 21,406.35. The market drop followed a record BSE benchmark of 73,427.59 and Nifty of 22,124.15. JSW Steel, Power Grid, Asian Paints, Wipro, HDFC Bank, HCL Technologies, IndusInd Bank, and NTPC trailed. UltraTech Cement, Tata Motors, Bharti Airtel, and Reliance Industries gained. HDFC Bank’s poor performance hurt the market.
