Equity benchmarks Sensex and Nifty fell in early trade on Friday as foreign outflows continued unabated and concerns over the Federal Reserve signaling smaller interest rate cuts next year.
The 30-share benchmark index Sensex on the Bombay Stock Exchange (BSE) fell 214.08 points to 79,003.97 points in early trade. The NSE Nifty index also fell 63.8 points to 23,887.90 points.
Among the 30 blue-chip stocks, Axis Bank, Tech Mahindra, IndusInd Bank, JSW Steel, ITC, Larsen & Toubro, UltraTech Cement and HDFC Bank were the biggest laggards.
Titan, NTPC, Bajaj Finance, Bharti Airtel, Tata Consultancy Services and Maruti were among the top gainers.
In Asian markets, quotes were lower in Seoul and higher in Tokyo, Shanghai and Hong Kong.
Wall Street ended mixed Thursday.
Foreign institutional investors (FIIs) sold shares worth Rs 4,224.92 crore on Thursday, according to exchange data.
“The FII buying that emerged in early December is now reversing, with selling reaching Rs 12,229 crore this week. The change in FII strategy is also reflected in market trends, with large caps, especially financials, facing pressure due to FII selling. Couple The negative reaction to yesterday’s comments will be temporary, said VK Vijayakumar, chief investment strategist at Geojit Financial Services: “A recovery led by large-cap stocks is possible in the short term. “
Global oil benchmark Brent crude fell 0.69% to $72.38 a barrel.
On Thursday, the 30-share BSE benchmark index fell for the fourth consecutive day, falling 964.15 points, or 1.20%, to close at 79,218.05 points. The Nifty index fell 247.15 points or 1.02% to fall below 24,000 points to 23,951.70 points.
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