Sensex, Nifty decline in early deals amid persistent foreign fund outflows

Indian equities opened lower on Tuesday, with Sensex and Nifty slipping amid sustained foreign fund outflows and weak global cues. Select banking, metal and cement stocks dragged markets, despite gains in telecom, ports and auto shares during early morning trade

Mumbai: Stock market benchmark indices Sensex and Nifty declined in early trade on Tuesday as persistent foreign fund outflows and a muted trend in global equities dented investors’ sentiment.

The 30-share BSE Sensex dropped 209.32 points to 84,486.22 in early trade. The 50-share NSE Nifty edged lower by 63.25 points to 25,878.85.

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From the 30-Sensex firms, Eternal, InterGlobe Aviation, Bajaj Finserv, Tata Steel, UltraTech Cement and Kotak Mahindra Bank were among the biggest laggards.

However, Bharti Airtel, Mahindra & Mahindra, Adani Ports and Reliance Industries were among the gainers.

In Asian markets, Hong Kong’s Hang Seng index traded in positive territory, while South Korea’s Kospi, Japan’s Nikkei 225 index and Shanghai’s SSE Composite index quoted lower.

US markets ended lower on Monday.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,759.89 crore on Monday, while Domestic Institutional Investors (DIIs) bought stocks worth Rs 2,643.85 crore, according to exchange data.

Brent crude, the global oil benchmark, went up by 0.03 per cent to USD 61.96 per barrel.

On Monday, the Sensex declined by 345.91 points or 0.41 per cent to settle at 84,695.54. The Nifty edged lower by 100.20 points or 0.38 per cent to 25,942.10.