Mumbai: Market benchmark indices initially rose in Thursday's opening trade but later declined, erasing all gains due to continuous foreign fund outflows. In the beginning of the trading session, the BSE Sensex rose by 280.04 points to reach 81,781.40. The NSE Nifty increased by 58.2 points to reach 25,029.50. Later on, both benchmark indices shifted to a negative position and were trading at lower levels. The BSE index dropped by 210.87 points to 81,265.97, and the Nifty fell by 116.15 points to 24,848.25 in trading.
Out of the 30 Sensex companies, Infosys, State Bank of India, Larsen & Toubro, Reliance Industries, Sun Pharma and Tata Consultancy Services experienced the largest increases in value. Mahindra & Mahindra, Maruti, Axis Bank, and HDFC Bank were some of the underperformers. According to exchange data, foreign institutional investors (FIIs) sold equities worth Rs 3,435.94 crore on Wednesday.
Impact of Foreign Fund Outflows and Global Trends
In Asian markets, Seoul and Tokyo saw decreased quotes while Shanghai and Hong Kong experienced increased trades. Wednesday saw the US markets closing in the positive zone. Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd, mentioned that Nifty fell below 25,000 in the previous trade, and even though today's session is aiming for a comeback, the mood is delicate because of continuous FII selling, disappointing Q2 earnings, ongoing Middle East tensions, and worries about China's economy. Brent crude, the global oil benchmark, rose by 0.28 percent to reach USD 74.43 per barrel. On Wednesday, the BSE benchmark fell for the second consecutive day, dropping by 318.76 points or 0.39 per cent to end at 81,501.36. The Nifty fell by 86.05 points, representing a decrease of 0.34 pc to 24,971.30.
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