Sensex, Nifty fall for 3rd day amid foreign fund exodus

Market benchmark indices Sensex and Nifty slumped on Thursday (October 17, 2024), taking their downward trend to the third day
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Market benchmark indices Sensex and Nifty slumped on Thursday (October 17, 2024), taking their downward trend to the third day running amid unabated foreign fund outflows.

Intense selling in realty, auto, consumer discretionary and consumer durable stocks also dragged the markets lower.

The BSE Sensex tanked 494.75 points or 0.61% to settle at 81,006.61. During the day, it tumbled 595.72 points or 0.73% to 80,905.64.

The NSE Nifty slumped 221.45 points or 0.89% to 24,749.85.

From the 30 Sensex firms, Nestle declined over 3% after the FMCG major reported a decline of 0.94% in its net profit at ₹899.49 crore for the second quarter that ended September 2024, as some of its key brands faced softer consumer demand and high commodity prices.

Mahindra & Mahindra, UltraTech Cement, Bajaj Finserv, Titan, Maruti, Axis Bank and Tata Steel were among the other big laggards.

However, Tech Mahindra, Infosys, Power Grid, Larsen & Toubro and State Bank of India were among the biggest gainers.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹3,435.94 crore on Wednesday (October 16), according to exchange data.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong ended lower.

European markets were trading higher in mid-session deals. The U.S. markets ended in positive territory on Wednesday (October 16, 2024).

Global oil benchmark Brent crude climbed 0.27% to $74.42 a barrel.

Falling for the second day, the BSE benchmark declined by 318.76 points or 0.39% to settle at 81,501.36 on Wednesday (October 16, 2024). The Nifty declined by 86.05 points or 0.34% to 24,971.30.