- By Aditya Pratap Singh
- Mon, 18 Nov 2024 10:35 AM (IST)
- Source:JND
Stock Market: Domestic equity benchmark indices declined in early trade on Monday, owing to persistent foreign fund outflows, selling in IT stocks and weak cues from the US markets. At around 10:20 am, The Sensex, the index of the top 30 shares on BSE, was trading at 77,218.06, down 326 points or 0.47 per cent. While Nifty 50, the index of top 50 shares on NSE, was down 94.75 points to trade at 24,437.95 points
Among the Sensex 30-share pack, Tech Mahindra, Infosys, HCL Technologies, NTPC, Tata Consultancy Services, Tata Motors, Axis Bank, and IndusInd Bank were the top laggards. HDFC Bank, Bajaj Finance, Tata Steel, and Asian Paints were among the gainers.
According to exchange data, foreign institutional investors (FIIs) sold shares worth Rs 1,849.87 crore on Thursday. Foreign investors have pulled out Rs 22,420 crore from the Indian equity market so far this month due to high domestic stock valuations, rising allocations to China, and a rise in the US dollar as well as Treasury yields.
With this sell-off, foreign portfolio investors (FPIs) have registered a total withdrawal of Rs 15,827 crore so far in 2024. The equity markets were closed on Friday on the occasion of Guru Nanak Jayanti. Among Asian markets, Hong Kong, Seoul, and Shanghai were trading higher, while Tokyo was lower.
The global oil benchmark Brent crude rose 0.51 per cent to $71.40 per barrel. On Thursday, the BSE benchmark Sensex closed 110.64 points, or 0.14 per cent, lower at 77,580.31. The Nifty closed 26.35 points, or 0.11 per cent, lower at 23,532.70.
Rupee recovers
The rupee recovered from its lowest level on Monday and gained 8 paise to 84.38 against the dollar in early trade despite strength in the US currency and continued outflow of foreign funds.
Forex traders said the recovery in the local currency was supported by a fall in crude oil prices in the international market. The rupee opened at 84.42 at the interbank foreign exchange market and strengthened to 84.38 against the dollar, up 8 paise from its previous close.