The greatest losers among the 30 businesses on the Sensex were Bajaj Finance, Asian Paints, NTPC, UltraTech Cement, State Bank of India, and Bajaj Finserv.
Representative image
Equity benchmark indices fell in early trading on Friday, extending the previous day's substantial decline caused by persistent foreign money withdrawals and growing unrest in the Middle East. The BSE Sensex fell 354.67 points to 82,142.43, marking the fifth consecutive day of declines. The NSE Nifty dropped by 114.1 points to 25,136, reported PTI.
ADVERTISEMENT
According to the report, the greatest losers among the 30 businesses on the Sensex were Bajaj Finance, Asian Paints, NTPC, UltraTech Cement, State Bank of India, and Bajaj Finserv. In contrast, HCL Technologies, IndusInd Bank, and Tata Consultancy Services had some growth.
Foreign Institutional Investors (FIIs) sold stocks worth Rs 15,243.27 crore on Thursday, according to exchange data. Over the previous three days, they have sold a total of Rs 30,614 crore in the cash market, shifting capital from expensive Indian markets to cheaper ones in Hong Kong. This move is motivated by optimism that China's recent monetary and fiscal stimulus measures will stimulate its economy and increase Chinese company earnings, the news agency report added.
Asian markets, including Seoul, Tokyo, and Hong Kong, were trading well, while mainland Chinese markets were closed for a holiday. The US markets closed down on Thursday.
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, told PTI, "The last three days have witnessed huge FII selling of Rs 30,614 crore in the cash market. FIIs are moving money from expensive India to cheap Hong Kong on expectations that the monetary and fiscal stimulus being implemented by the Chinese authorities will stimulate the Chinese economy and improve the earnings of Chinese companies. It remains to be seen how this Chinese recovery hopes to play out."
Global oil prices fell slightly, with Brent crude sliding 0.06 per cent to USD 77.57 per barrel. On Thursday, the BSE benchmark sank by 1,769.19 points, or 2.10 per cent, reaching a low of 82,434.02 during the day.
Prashanth Tapse, Senior VP of Research at Mehta Equities Ltd, stated that the sudden sell-off in the Nifty was caused by a weak market mood, which is very susceptible to developments in the Middle East.
"In yesterday's session, FIIs were net sellers, offloading Rs 15,243 crore, as Nifty faced a sharp sell-off due to fragile market sentiment, sensitive to news from the Middle East," Prashanth Tapse told PTI.
Subscribe today by clicking the link and stay updated with the latest news!" Click here!
