Sensex, Nifty plunge in early trade dragged by Reliance Industries
The Hindu
Foreign selling drives Indian markets down; Sensex drops 665.27 points, Nifty tanks 229.4 points in early trade.
Benchmark equity indices Sensex and Nifty tumbled in early trade on Monday (November 4, 2024) dragged down by Reliance Industries and cautious investors' sentiment ahead of the U.S. presidential elections and Federal Reserve interest rate decision.
Relentless selling by foreign investors also dampened the sentiments in the equity market.
The BSE Sensex tumbled 665.27 points to 79,058.85 in early trade. The NSE Nifty tanked 229.4 points to 24,074.95.
From the 30-share Sensex pack, Sun Pharma, Reliance Industries, Infosys, Tata Motors, Infosys, Titan, Maruti and NTPC were among the major laggards.
Mahindra & Mahindra, Tech Mahindra, HCL Technologies and IndusInd Bank were the gainers.
Foreign Institutional Investors (FIIs) offloaded equities worth ₹211.93 crore on Friday, according to exchange data.
Foreign investors pulled out a massive ₹94,000 crore (around $11.2 billion) from the Indian stock market in October, making it the worst-ever month in terms of outflows, triggered by the elevated valuation of domestic equities and attractive valuations of Chinese stocks.
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