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Thursday, June 13, 2024

Equity indexes decline due to persistent outflows of foreign funds and poor Asian markets

<p>Tuesday saw a fall in the key equity indexes Sensex and Nifty due to ongoing foreign money outflows and subdued Asian market indications.<img decoding=”async” class=”alignnone wp-image-216501″ src=”https://www.theindiaprint.com/wp-content/uploads/2023/10/theindiaprint.com-equity-indexes-decline-due-to-persistent-outflows-of-foreign-funds-and-poor-asian-.jpg” alt=”theindiaprint.com equity indexes decline due to persistent outflows of foreign funds and poor asian” width=”1086″ height=”571″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2023/10/theindiaprint.com-equity-indexes-decline-due-to-persistent-outflows-of-foreign-funds-and-poor-asian-.jpg 310w, https://www.theindiaprint.com/wp-content/uploads/2023/10/theindiaprint.com-equity-indexes-decline-due-to-persistent-outflows-of-foreign-funds-and-poor-asian–150×79.jpg 150w” sizes=”(max-width: 1086px) 100vw, 1086px” title=”Equity indexes decline due to persistent outflows of foreign funds and poor Asian markets 9″></p>
<p>a decline in index majors The benchmark indexes were also driven down by HDFC Bank and Reliance Industries.</p>
<p>The 30-share BSE Sensex lost 316.31 points or 0.48 percent, closing at 65,512.10 on the BSE. It decreased by 483.82 points or 0.73 percent over the day to reach 65,344.59.</p>
<p>The Nifty ended at 19,528.75 after losing 109.55 points, or 0.56 percent.</p>
<p>Maruti, NTPC, Tata Motors, ICICI Bank, HDFC Bank, Reliance Industries, JSW Steel, ITC, and Mahindra & Mahindra were the Sensex companies that lagged behind the others the most.</p>
<p>Among the winners were Titan, Bajaj Finance, Larsen & Toubro, Bajaj Finserv, and Bajaj Finance.</p>
<p>Given the increasing US bond rates and dollar index, consolidation persisted, which led FIIs to withdraw money. While the stabilization of oil prices may provide some solace on the negative side. The increase in production from the core sector is driving the acceleration in infrastructure activity. While a near-normal monsoon would help boost positive mood for spending in the short term, auto stocks slumped owing to conflicting monthly data, according to Vinod Nair, Head of Research at Geojit Financial Services.</p>
<p>The BSE smallcap gauge and midcap gauge both increased in the overall market by 0.61 and 0.09 percent, respectively.</p>
<p>Oil and gas down 1.30 percent, auto fell 1.21 percent, metal fell 0.78 percent, utilities fell 0.72 percent, FMCG fell 0.50 percent, and commodities fell 0.20 percent among the indexes.</p>
<p>Gainers included the industrial, capital goods, consumer durables, real estate, and services sectors.</p>
<p>“Ahead of this week’s meeting of the monetary policy committee, investors opted to reduce their equities exposure. Markets remained poor throughout the day as traders reduced their holdings in shares of metal, oil & gas, and auto companies. The rupee suffered from the higher dollar once again, which suggests that foreign investors may have stopped buying Indian stocks once more.</p>
<p>According to Shrikant Chouhan, Head of Research (Retail), Kotak Securities Ltd., “Even the robust September GST collections failed to enthuse investors as global worries continue to dictate the trend on local markets.”</p>
<p>Tokyo and Hong Kong closed down on Asian markets, while Shanghai closed higher.</p>
<p>Market activity in Europe was uneven. On Monday, the US stock markets mainly closed in the positive.</p>
<p>Benchmark Brent crude for world oil increased 0.07 percent to $90.73 per barrel.</p>
<p>According to exchange statistics, foreign institutional investors (FIIs) sold stocks worth Rs 1,685.70 crore on Friday.</p>
<p>Foreign Portfolio Investors (FPIs) sold approximately Rs 14,767 crore worth of Indian shares in September, mostly as a result of the strengthening dollar, a sustained increase in US bond rates, and a surge in crude oil prices.</p>
<p>Monday’s stock market was closed in observance of Mahatma Gandhi Day.</p>
<p>The BSE benchmark rose 320.09 points or 0.49 percent on Friday to close at 65,828.41. To finish at 19,638.30, the Nifty gained 114.75 points, or 0.59 percent.</p>
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