![JMA – Ninja & Deep Jandu [Official MV] Kaptaan](https://i.ytimg.com/vi/-dsfIh319s0/maxresdefault.jpg "JMA – Ninja & Deep Jandu [Official MV] Kaptaan")
Indian stock markets, including the Sensex and Nifty, experienced a downturn in early trade, primarily influenced by significant foreign institutional investor outflows, even as easing crude oil prices provided a partial buffer.
Photograph: Francis Mascarenhas/Reuters
Sensex and Nifty50 Performance: Key Market Highlights Today
- Indian benchmark indices, Sensex and Nifty, saw declines in early trade, primarily driven by continuous foreign institutional investor (FII) selling.
- FIIs offloaded equities worth over Rs 10,148 crore on Wednesday, contributing to the market pressure, with sustained selling intensifying over recent days.
- Cooling Brent crude oil prices, trading below $100 per barrel, offered some relief and cushioned the market’s fall.
- Despite selling through exchanges, FIIs have been consistently investing in primary markets and buying mid and small-cap stocks.
- The Nifty recorded its steepest monthly fall since March in September, with global borrowing costs also weighing on sentiment.
Market benchmark indices Sensex and Nifty drifted lower in early trade on Thursday as relentless foreign fund outflows weighed on investors’ sentiment, although cooling crude oil prices that traded below the $100 per barrel mark cushioned the fall.
The 30-share BSE Sensex declined 215 points to 72,257.30 in early trade.
The 50-share NSE Nifty was down 107.25 points to 22,518.90.
Winners and Losers on Dalal Street
From the 30 Sensex firms, Mahindra & Mahindra, Maruti, UltraTech Cement, Bharat Electronics, Eternal and Asian Paints were the major laggards.
Kotak Mahindra Bank, Infosys, HCL Tech, Tata Consultancy Services and Axis Bank were among the winners.
Expert View: What Investors Should Watch Next
“The sustained FII selling became intense during the last two trading days when the FIIs sold equity for a total of Rs 20,128 crore.
“With the US 10-year bond yield rising further to 5.3 per cent, FIIs may continue to sell.
“An apparent contradiction in the FII activity is that even while selling through the exchanges, they have been consistently investing through the primary market and also buying expensive mid and smallcaps,” V K Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said.
“The domestic market remains under pressure after extending its decline, with September marking the Nifty’s steepest monthly fall since March.
“Foreign selling and elevated global borrowing costs continue to weigh on sentiment, although the easing in crude prices and softer US inflation provide some counterweight,” Hariselvan Radhakrishnan, Founder & CEO of HST Wealth, a research analyst firm, said.
Global Market Trends and Crude Oil
Brent crude, the global oil benchmark, traded 0.92 per cent lower at $97.13 per barrel.
In Asian markets, South Korea’s KOSPI and Japan’s Nikkei 225 index quoted higher.
US markets ended mostly lower on Wednesday.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 10,148.41 crore on Wednesday, according to exchange data.
