Markets give up early gains; trade lower on foreign fund exodus
The Hindu
Sensex and Nifty rebounded but fell due to foreign fund outflows, with TCS leading gainers and FIIs selling off equities.
Benchmark indices Sensex and Nifty rebounded in early trade on Friday (January 10, 2025) after two days of decline but soon succumbed to selling pressure as heavy foreign fund outflows made investors jittery.
The 30-share BSE benchmark Sensex climbed 270.76 points to 77,890.97 in early trade. The NSE Nifty also went up by 69.5 points to 23,596.
However, soon both the benchmark indices slipped in the negative territory. The BSE benchmark quoted 306.07 points lower at 77,313.56, while the Nifty traded with a cut of 112.10 points at 23,412.45.
From the 30-share Sensex pack, Tata Consultancy Services jumped 4% after the IT services company reported an 11.95% jump in December quarter net profit to ₹12,380 crore.
Tech Mahindra, Infosys, HCL Tech, Mahindra & Mahindra, HDFC Bank and Nestle were the other big gainers.
IndusInd Bank, Zomato, NTPC, State Bank of India, Adani Ports and Power Grid were among the laggards.
Foreign Institutional Investors (FIIs) offloaded equities worth ₹7,170.87 crore on Thursday (January 10, 2025,) according to exchange data.
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Sensex and Nifty drop due to foreign fund outflows, TCS starts earnings season, major laggards include Tata Motors and Zomato.