Key indices drift lower in lackluster trading
Markets fall for 2nd session as investors offloaded in auto, utility and commodity stocks amid fresh foreign fund outflows
- BSE Sensex declined 139.58 pts or 0.21% to 65,655.15
- During the day, Sensex fell 246.93 pts or 0.37% to 65,547.80
- Nifty slipped 37.80 pts or 0.19% to 19,694
- Bajaj Finance, M&M, UltraTech Cement, Bajaj Finserv, Asian Paints, HUL, Tata Motors and JSW Steel were laggards
- Airtel, Wipro, HCL Tech, Tech M, TCS and Maruti among gainers
- FIIs offloaded equities worth Rs477.76 cr
- Higher interest rates, weakening global economy dampen mkt sentiment
Mumbai: Benchmark equity indices Sensex and Nifty stayed on the back foot for the second straight session on Monday due to selling in auto, utility and commodity shares amid high valuation concerns and fresh foreign fund outflows.
In a volatile trade, the 30-share BSE Sensex declined 139.58 points or 0.21 per cent to settle at 65,655.15. During the day, it fell 246.93 points or 0.37 per cent to 65,547.80. The Nifty dropped by 37.80 points or 0.19 per cent to 19,694 as 27 of its components closed in the red, 21 in the green and two unchanged.
“Elevated long-term interest rate trends and a weakening global economy continue to hurt inflows and market movement. While the recent softening of inflation in the US & India and the negative trend of crude are expected to help the view on global equity and India in the short term. In that context, the ease in FII selling is helping the domestic markets but continues to consolidate primarily due to India’s premium valuation relative to global peers,” said Vinod Nair, head (research) at Geojit Financial Services.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs477.76 crore, according to exchange data.
In the broader market, the BSE smallcap gauge climbed 0.39 per cent and midcap index dipped 0.06 per cent. Among the indices, auto fell 0.69 per cent, commodities declined 0.66 per cent, capital goods (0.43 per cent), realty (0.33 per cent) and consumer discretionary (0.30 per cent). Energy, healthcare, IT and teck were the gainers.
Among the Sensex firms, Bajaj Finance, Mahindra & Mahindra, UltraTech Cement, Bajaj Finserv, Asian Paints, Hindustan Unilever, Tata Motors and JSW Steel were the major laggards. Bharti Airtel, Wipro, HCL Technologies, Tech Mahindra, Tata Consultancy Services and Maruti were among the gainers.