Monday, November 29, 2021
Home Business Sensex drops over 100 points, Nifty slips below 17,400

Sensex drops over 100 points, Nifty slips below 17,400


Image Source : PTI (FILE)

Sensex drops over 100 points, Nifty slips below 17,400

Equity benchmark Sensex slipped over 100 points in early trade on Thursday, tracking losses in index majors ICICI Bank, HDFC twins and ITC amid persistent foreign fund outflows.

Despite starting slightly higher, the 30-share index turned red to trade 125.54 points or 0.22 per cent lower at 58,215.45. Similarly, the Nifty was trading 30.15 points or 0.17 per cent down at 17,384.90.

ICICI bank was the top loser in the Sensex pack, shedding around 2 per cent, followed by NTPC, Bajaj Finserv, HUL, Asian Paints, ITC and HDFC. On the other hand, Tech Mahindra, Reliance Industries, Kotak Bank and Infosys were among the gainers.

In the previous session, Sensex settled 323.34 points or 0.55 per cent lower at 58,340.99, and Nifty fell 88.30 points or 0.5 per cent to end at 17,415.05. Foreign institutional investors (FIIs) were net sellers in the capital market, as they offloaded shares worth Rs 5,122.65 crore on Wednesday, as per exchange data.

“In the bull-versus-bear fight going on in the market now, fodder for bears is the sustained selling by FIIs who have sold equity worth around Rs 18,000 crore during the last six days. This sustained selling is in sync with the view of most foreign brokerages that valuations are stretched,” said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

The strategy of ‘buy-on-dips’ which worked well since April 2020, is not working now, he said, adding that valuations remain high even after this correction. Elsewhere in Asia, bourses in Hong Kong and Tokyo were trading with gains in mid-session deals, while Shanghai and Seoul were negative.

Stock exchanges in the US largely ended on a positive note in the overnight session. Meanwhile, international oil benchmark Brent crude fell 0.01 per cent to USD 82.24 per barrel.

Latest Business News





Source link

RELATED ARTICLES

star health: IPO boom: All you need to know about Star Health and Tega Industries IPOs – Times of India

Two companies Star Health and Allied Insurance Company and Tega Industries will float their initial public offerings (IPOs) this week to collectively raise...

Sensex drops 585 points to 56,521 in early trade, Nifty sheds 191 points too 16,835

Key stock indices Sensex and Nifty declined by more than 1 per cent in the early trade on Monday due to deep losses...

Inside the ‘Misinformation’ Wars

This hints at a weakness of the new focus on misinformation: It’s a technocratic solution to a problem that’s as much about politics...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -stock market course

Most Popular

Here’s How Soaring Tomato Prices Killed a Farmer and Cowherd in Karnataka

Chikkaballapur SP GK Mithun Kumar mentioned that it is illegal to erect live electric fences around farms. (Reuters)Unaware of the electric fencing, Vasanth...

Bigg Boss 15: Salman Khan says Ritesh may ‘disappear’ after show, feels Rakhi Sawant ‘shouldn’t be with a man like that’

Rakhi Sawant’s marriage has been a matter of speculation, ever since she announced three years ago that she tied the knot. Now that...

Honduras Election: Opposition Candidate Takes Big Early Lead

The opposition candidate in Honduras’s presidential election, Xiomara Castro, held a commanding lead in initial results on Sunday, as she promised to overhaul...

Bill To Kill Farm Laws Passed In 4 Minutes. Opposition Wanted Discussion

<!-- -->A crucial bill to cancel farm laws was passed in Lok Sabha in the fastest repeal in recent years.New Delhi: A bill...

Recent Comments

%d bloggers like this: