Stock markets decline in early trade amid profit-taking, fresh foreign fund outflows

Mumbai markets opened lower on Friday as Sensex fell 153 points and Nifty dropped 51 amid profit booking and FII outflows. Despite recent highs, Hindustan Unilever and Kotak Bank declined, while ICICI Bank and Tata Steel gained; Asian markets traded higher

Mumbai: Benchmark indices Sensex and Nifty declined in early trade on Friday amid profit-taking after almost a week-long rally and fresh foreign fund outflows. The 30-share BSE Sensex dropped 153.18 points to 84,403.22 in early trade. The 50-share NSE Nifty dipped 51.1 points to 25,840.30.

Both the benchmark indices hit their 52-week highs on Thursday.

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From the Sensex firms, Hindustan Unilever, Kotak Mahindra Bank, Axis Bank, Power Grid, Eternal and Adani Ports were among the major laggards.

However, Bharat Electronics, ICICI Bank, Mahindra & Mahindra and Tata Steel were among the gainers.

In Asian markets, South Korea’s Kospi, Japan’s Nikkei 225 index, Shanghai’s SSE Composite index and Hong Kong’s Hang Seng traded higher. US markets ended in positive territory on Thursday.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,165.94 crore on Thursday, according to exchange data. Domestic Institutional Investors (DIIs) however, were buyers as they bought equities worth Rs 3,893.73 crore in the previous trade.

Global oil benchmark Brent crude dipped 0.47 per cent to US$ 65.68 a barrel.

Rising for the sixth straight session on Thursday, the Sensex climbed 130.06 points or 0.15 per cent to settle at 84,556.40. The Nifty ended 22.80 points or 0.09 per cent higher at 25,891.40.