The Indian benchmark indices declined sharply on Thursday as the Sensex fell 570 points to close at 71,909 and the Nifty ended 198 points lower to close trade at 22,421 at 3:30 PM.
Previously, during the early morning session, the Sensex Sensex opened near 72,300, tanking more than 150 points, while the NSE Nifty50 rang the opening bell a little above 22,550, taking a hit of 58 points, at 9:15 AM.
FIIs Sell Equities
Foreign Institutional Investors (FIIs) offloaded equities worth ₹10,148.41 crore on Wednesday, according to exchange data.
FII selling intensified over the last two trading days, with foreign investors selling equities worth a total of ₹20,128 crore.
With the US 10-year bond yield rising further to 5.3 per cent, FIIs may continue to sell, V K Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, said.
“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,” Vijayakumar said.
Crude Prices Ease
Brent crude, the global oil benchmark, traded 0.92 per cent lower at USD 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 Selling Weighs On Sentiment
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.
“Brent crude has eased below the USD 100 mark, offering some relief after the recent surge in energy prices,” he added.
Sensex, Nifty Extend Decline
On Wednesday, the Sensex declined 48.78 points, or 0.07 per cent, to settle at 72,480.29.
The Nifty dropped 95.75 points, or 0.42 per cent, to end at 22,620.45.
(This is a breaking news story and is being updated. Please refresh for the latest updates.)
Disclaimer : This story is auto aggregated by a computer programme and has not been created or edited by DOWNTHENEWS. Publisher: abplive.com
