Sensex, Nifty decline in early trade on unabated foreign fund outflows, selling in IT stocks
The Hindu
Sensex and Nifty fall due to IT stocks and foreign fund outflows; Larsen & Toubro gains, U.S. markets close negative.
Benchmark equity indices Sensex and Nifty fell in early trade on Thursday (October 31, 2024), dragged down by IT stocks and relentless foreign fund outflows.
The BSE Sensex declined 225.17 points to 79,707.66 in early trade. The NSE Nifty fell by 60.85 points to 24,280.
From the 30-share Sensex pack, Tech Mahindra, Tata Consultancy Services, Infosys, HCL Technologies, Titan, Maruti Suzuki and UltraTech Cement were the biggest laggards.
In contrast, Larsen & Toubro jumped over 5% after the infrastructure major posted a 5% rise in consolidated profit after tax to ₹3,395 crore in the September 2024 quarter on account of higher income.
Sun Pharma, Axis Bank, Tata Steel and State Bank of India were also among the gainers.
Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Wednesday (October 30, 2024), as they offloaded shares worth ₹4,613.65 crore, according to exchange data.
In Asian markets, Seoul and Tokyo were trading lower while Shanghai and Hong Kong were quoted in the green.
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