MUMBAI: Equity benchmark Sensex fell over 100 points in early trade on Thursday, tracking losses in major indices Infosys, Reliance Industries and TCS amid a negative trend in global markets and sustained foreign fund outflows.
Despite opening on a positive note, the 30-share index turned red to trade 112.13 points or 0.19 per cent lower at 59,896.20. Similarly, nifty It fell 35.95 points, or 0.20 per cent, to 17,862.70.
M&M was the top loser in the Sensex pack, falling over 1 per cent, followed by HCL Tech, Tech Mahindra, Dr Reddy’s, Maruti, Bajaj Auto and TCS.
On the other end, State Bank Of India, HDFC bank, ITC, Bajaj Finserv and Bajaj Finance were among the gainers.
In the previous session, the Sensex ended 314.04 points or 0.52 per cent lower at 60,008.33, and the Nifty fell 100.55 points or 0.56 per cent to end at 17,898.65.
Foreign institutional investors (FIIs) were net sellers in the capital market as they sold shares worth Rs 344.35 crore on Wednesday, according to exchange data.
“Market momentum has weakened recently, and the market is moving towards a risk-off mode. Higher valuations, India’s downgrading by several foreign brokerages, RBI’s warning comments,” said VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services. And continued selling by FIIs has contributed to this weakness in the market.
Globally, fresh COVID cases in parts of Europe are a cause of concern. He said there are fears that the fresh Covid-related disruptions could exacerbate supply-side issues, adding fuel to the inflation fire.
Elsewhere in Asia, shares in Shanghai, Hong Kong, Tokyo and Seoul were trading with losses in mid-session deals.
Stock exchanges in the US also closed in the red in the overnight session.
Meanwhile, international oil benchmark Brent crude fell 0.54 per cent to $79.84 a barrel.
Despite opening on a positive note, the 30-share index turned red to trade 112.13 points or 0.19 per cent lower at 59,896.20. Similarly, nifty It fell 35.95 points, or 0.20 per cent, to 17,862.70.
M&M was the top loser in the Sensex pack, falling over 1 per cent, followed by HCL Tech, Tech Mahindra, Dr Reddy’s, Maruti, Bajaj Auto and TCS.
On the other end, State Bank Of India, HDFC bank, ITC, Bajaj Finserv and Bajaj Finance were among the gainers.
In the previous session, the Sensex ended 314.04 points or 0.52 per cent lower at 60,008.33, and the Nifty fell 100.55 points or 0.56 per cent to end at 17,898.65.
Foreign institutional investors (FIIs) were net sellers in the capital market as they sold shares worth Rs 344.35 crore on Wednesday, according to exchange data.
“Market momentum has weakened recently, and the market is moving towards a risk-off mode. Higher valuations, India’s downgrading by several foreign brokerages, RBI’s warning comments,” said VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services. And continued selling by FIIs has contributed to this weakness in the market.
Globally, fresh COVID cases in parts of Europe are a cause of concern. He said there are fears that the fresh Covid-related disruptions could exacerbate supply-side issues, adding fuel to the inflation fire.
Elsewhere in Asia, shares in Shanghai, Hong Kong, Tokyo and Seoul were trading with losses in mid-session deals.
Stock exchanges in the US also closed in the red in the overnight session.
Meanwhile, international oil benchmark Brent crude fell 0.54 per cent to $79.84 a barrel.
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