• Source:JND
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Stock Market: The benchmark indices Sensex and Nifty declined in early trade on Monday, as the persistent outflow of foreign capital, the poor quarterly results and the weak trends in Asian markets weighed on investor sentiment. Forex traders stated that volatility is expected to persist in the equity markets as short-term trends continue, and that consolidation is likely to continue with a weak bias in the near term.

The BSE benchmark Sensex fell 484.98 points to 79,001.34. The NSE Nifty fell 143.6 points to 24,004.60.

Asian Paints led the 30-share Sensex pack, falling more than 8%, after the company on Saturday reported a 43.71 per cent drop in its consolidated net profit to Rs 693.66 crore for the September quarter, on the back of weak demand conditions, material price inflation, and decline in decoration and coating business in the domestic market.

Also Read: Asian Paints Share Price Tumbles Over 8% After Company Reports Loss In Q2

Adani Ports, Nestle, Axis Bank, Tata Steel, Reliance Industries, and IndusInd Bank also lagged. However,  Power Grid, Tata Motors, Maruti, and HCL Technologies are among the gainers.

According to exchange data, foreign institutional investors sold equities worth Rs 3,404.04 crore on Friday. Mehta Equities Ltd. Senior Vice President (Research) Prashant Tapas stated that Indian markets are under pressure, primarily due to continued selling by foreign investors. Among Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong were down.

Wall Street ended in positive territory on Friday. Global benchmark Brent crude declined by 0.42 per cent to $73.56 per barrel. On Friday, the BSE benchmark gauge Sensex declined 55.47 points, or 0.07 per cent, to 79,486.32. The Nifty fell 51.15 points, or 0.21 per cent, to 24,148.20.

Also Read: Singapore Airlines To Make Additional Investment Of Rs 3,195 Crore In Air India After Vistara Merger

(With Agencies Input)