Indian market benchmark indices Sensex and Nifty opened lower on Wednesday, reflecting weak global market growth and continued foreign capital outflows. The BSE Sensex was down 240.75 points at 81,579.37, while the NSE Nifty was down 62.7 points at 24,994.65.
Great laggards and winners
Mahindra & Mahindra, Nestle, Ultratech Cement, TCS, Kotak Mahindra Bank and IndusInd Bank were among the biggest losers on the Sensex. However, HDFC Bank, Bajaj Finserv, Asian Paints and Sun Pharma emerged as winners in early trade.
FII outflows continue to pressure markets
Foreign institutional investors (FIIs) sold shares worth Rs 1,748.71 crore on Tuesday, continuing a month-long selling spree. Prashant Tapse, senior vice president (research) at Mehta Equities Ltd, said, “With foreign investors selling Rs 63,900 crore in October, the market sentiment has been cautious.”
Global markets and oil prices
In Asian markets, Seoul and Tokyo fell, while Shanghai and Hong Kong were in positive territory. US markets also closed lower on Tuesday. Meanwhile, global benchmark Brent crude rose marginally 0.23% to $74.42 a barrel.
Viewing the previous session
On Tuesday, the BSE benchmark index fell 152.93 points to end at 81,820.12, while the Nifty ended 70.60 points lower at 25,057.35, triggering a slowdown in Indian markets.
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