Mumbai : Equity indices fell for the fourth consecutive day in morning trading on Friday (Oct 18, 2024) due to continuous foreign fund outflows and selling of Infosys shares post disappointing second quarter earnings. In the early trading session, the BSE Sensex plummeted by 570.45 points to reach 80,436.16. The NSE Nifty dropped by 178.3 points, decreasing to 24,571.55. Titan, Infosys, Maruti, Nestle, ITC, Adani Ports, HDFC Bank and Hindustan Unilever were among the worst performers among the 30 Sensex companies.
Infosys Earnings and Blue-Chip Performers
On Thursday (Oct 17,2024) India's second-largest IT services exporter, Infosys Ltd, announced a nearly 5 pc increase in its net profit for the second quarter. The company also raised its revenue outlook for the year due to strong demand recovery, especially from its main financial industry clients. Axis Bank, Tata Consultancy Services, Tata Motors, and Bharti Airtel were among the top performers in the blue-chip group. Axis Bank saw a 19.29 percent increase in its consolidated net profit to Rs 7,401.26 crore in the September quarter, however, the lender experienced difficulties in the unsecured lending sector.
Foreign Institutional Selling and Market Trends
Exchange data shows that Foreign Institutional Investors (FIIs) sold equities amounting to Rs 7,421.40 crore on Thursday. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, attributed the continuous selling by FIIs in India to the elevated valuations. Seoul's trading decreased in Asian markets, while Tokyo, Shanghai, and Hong Kong showed positive numbers. Mostly higher on Thursday is how the US markets closed. Brent crude, the global oil benchmark, rose by 0.20 percent to reach USD 74.60 per barrel. On Thursday, the BSE Sensex dropped 494.75 points or 0.61 pc to end at 81,006.61. Throughout the day, it fell by 595.72 points or 0.73 percent to 80,905.64. The NSE Nifty dropped by 221.45 points, which is equivalent to 0.89 percent, to reach 24,749.85
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