Indian stock market indices opened positive on Thursday, with the BSE Sensex rising 280.04 points to 81,781.40 and the NSE Nifty rising 58.2 points to 25,029.50. But the two indexes, strengthened by a steady outflow of foreign funds, quickly reversed their gains. At mid-session, the Sensex was down 210.87 points at 81,265.97, while the Nifty was down 116.15 points at 24,848.25.
Winners and losers
Among the 30 Sensex companies, Infosys, SBI, L&T, Reliance Industries, Sun Pharma and TCS gained the most. Meanwhile, Mahindra & Mahindra, Maruti, Axis Bank and HDFC Bank are the loss leaders.
Foreign institutional investors (FIIs) sold shares worth Rs 3,435.94 crore on Wednesday, continuing their selling. FII outflows amounted to Rs 2,067,300 crore in October alone, adding pressure on the market.
Global market development
Asian markets showed mixed trends, with Seoul and Tokyo falling and Shanghai and Hong Kong gaining. US markets ended Thursday on a positive note.
Key market sentiments
“Despite attempts at recovery, market sentiment remains fragile due to persistent FII sales, disappointing second quarter earnings, geopolitical tensions in the Middle East and concerns over China’s economic prospects,” Prashanth said. Tapse, Senior Vice President (Research) at Mehta Equities Ltd.
In commodities, global benchmark Brent crude rose 0.28% to $74.43 a barrel.
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