Markets trade lower on weak global market trends, foreign fund outflows
The Hindu
Mumbai stock market declines due to global trends, foreign outflows; Sensex drops 314.56 points, Nifty falls 101.65 points.
Equity benchmark indices declined in early trade on Friday amid weak global market trends and foreign fund outflows.
The 30-share BSE Sensex declined 314.56 points to 72,782.72 after a weak beginning. The NSE Nifty dropped 101.65 points to 22,045.
From the Sensex basket, Mahindra & Mahindra, Infosys, Axis Bank, HCL Technologies, NTPC and Asian Paints were the major laggards.
Bharti Airtel, Power Grid, State Bank of India and IndusInd Bank were among the gainers.
"The rebound in the market yesterday after the Wednesday crash is unlikely to be sustained. Brent crude rising to $85 and the 10-year U.S. bond yield spiking to 4.29% are headwinds for the market.
"Results of the stress tests conducted by the mid and smallcap schemes of mutual funds expected today will be keenly watched by the market," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
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