Stock markets close lower for 2nd day amid foreign fund outflows

Benchmark Sensex falls 318 points due to foreign fund outflows and global market trends. File
| Photo Credit: ANI

Benchmark Sensex declined by 318 points on Wednesday (October 16, 2024) due to selling in IT and auto shares amid unabated foreign fund outflows and weak trends in global markets.

Falling for the second day, the BSE Sensex declined by 318.76 points or 0.39% to settle at 81,501.36. During the day, it slumped 461.86 points or 0.56% to 81,358.26.

The NSE Nifty declined by 86.05 points or 0.34% to close at 24,971.30.

From the 30 Sensex firms, Mahindra & Mahindra, Infosys, Kotak Mahindra Bank, JSW Steel, Adani Ports, Tata Motors, Adani Ports, ITC and Titan were the major laggards.

HDFC Bank, Bharti Airtel, Reliance Industries, Asian Paints and State Bank of India were the gainers.

“The market traded range bound with a negative bias due to the fear of a downgrade in FY25 earnings, which could impact the sustainability of premium valuation,” Vinod Nair, Head of Research, Geojit Financial Services said.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹1,748.71 crore on Tuesday (October 15, 2024), according to exchange data.

In Asian markets, Seoul, Tokyo and Hong Kong settled lower, while Shanghai ended in the positive territory.

European markets were trading in the negative territory. The U.S. markets ended lower on Tuesday (October 15, 2024).

Global oil benchmark Brent crude climbed 0.08% to $74.32 a barrel.

On Tuesday (October 15, 2024), the BSE benchmark Sensex declined 152.93 points or 0.19% to settle at 81,820.12. The Nifty settled lower by 70.60 points or 0.28% to 25,057.35.