Markets drop early due to weak global trends, foreign fund outflows

BSE Sensex Drops 185.42 Points to 73,478.30; NSE Nifty Falls 50.35 Points to 22,353.50

Mumbai: Equity benchmark indices declined in early trade on Friday amid weak global trends and unabated foreign fund outflows.

The 30-share BSE Sensex declined 185.42 points to 73,478.30. The NSE Nifty dipped 50.35 points to 22,353.50.

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Among the Sensex components, Axis Bank, IndusInd Bank, Nestle, Hindustan Unilever, Larsen & Toubro and Bajaj Finserv were the major laggards.

Mahindra & Mahindra, Tata Motors, Tata Steel and UltraTech Cement were the gainers.

In Asian markets, Seoul, Tokyo and Shanghai were quoting lower while Hong Kong traded in the green.

Wall Street ended in the negative territory on Thursday.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 776.49 crore on Thursday, according to exchange data.

Global oil benchmark Brent crude climbed 0.25 per cent to USD 83.48 a barrel.

On Thursday, the BSE benchmark climbed 676.69 points or 0.93 per cent to settle at 73,663.72. The NSE Nifty surged 203.30 points or 0.92 per cent to 22,403.85.