Sensex, Nifty tank in early trade on foreign fund outflows; Tata Motors down by more than 7%
The Hindu
Sensex and Nifty drop due to foreign fund outflows, Tata Motors selling; Asian markets weak, Sun Pharma gains.
Benchmark equity indices Sensex and Nifty declined in early trade on May 13 amid continuous foreign fund outflows, weak trends from Asian markets and heavy selling in Tata Motors.
The 30-share BSE Sensex tanked 462.33 points to 72,202.14. The NSE Nifty declined 125.8 points to 21,929.40.
From the Sensex basket, Tata Motors dropped more than 7% despite reporting over three-fold jump in consolidated net profit at ₹17,528.59 crore for the fourth quarter ended March 31, 2024.
JSW Steel, Tata Steel, NTPC, State Bank of India, Power Grid and Mahindra & Mahindra were the other major laggards. Sun Pharma emerged as the only gainer from the pack.
In Asian markets, Seoul, Tokyo and Shanghai were trading lower while Hong Kong quoted in the positive territory. Wall Street ended mostly higher on Friday.
Foreign Institutional Investors (FIIs) offloaded equities worth ₹2,117.50 crore on Friday, according to exchange data. Global oil benchmark Brent crude declined 0.31% to $82.53 a barrel.
The BSE benchmark climbed 260.30 points or 0.36% to settle at 72,664.47 on Friday. The NSE Nifty climbed 97.70 points or 0.44% to 22,055.20.
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