Markets fall in early trade amid foreign fund outflows

Market benchmark indices Sensex and Nifty declined in early trade on Wednesday (October 16, 2024) amid unabated foreign fund outflows and tracking a weak trend in global markets. File
| Photo Credit: Reuters

Market benchmark indices Sensex and Nifty declined in early trade on Wednesday (October 16, 2024) amid unabated foreign fund outflows and tracking a weak trend in global markets.

The BSE Sensex went down by 240.75 points to 81,579.37 in early trade. The NSE Nifty declined 62.7 points to 24,994.65.

From the 30 Sensex firms, Mahindra & Mahindra, Nestle, UltraTech Cement, Tata Consultancy Services, Kotak Mahindra Bank and IndusInd Bank were the major laggards.

HDFC Bank, Bajaj Finserv, Asian Paints and Sun Pharma were among the gainers.

“Market sentiment remained cautious with foreign investors selling ₹63,900 crore in October,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹1,748.71 crore on Tuesday (October 15, 2024), according to exchange data.

In Asian markets, Seoul and Tokyo traded lower, while Shanghai and Hong Kong quoted in the positive territory.

The U.S. markets ended lower on Tuesday (October 15,2024).

Global oil benchmark Brent crude climbed 0.23% to $74.42 a barrel.

On Tuesday (October 15, 2024), the BSE benchmark declined 152.93 points or 0.19% to settle at 81,820.12. The Nifty settled lower by 70.60 points or 0.28% to 25,057.35.