Stock markets trade lower in early deals

Benchmark indices Sensex and Nifty slipped in early trade amid foreign fund outflows, low holiday volumes and weak cues. Investor sentiment remained fragile despite selective buying, as markets consolidated in the absence of major domestic or global triggers

Mumbai: Benchmark equity indices Sensex and Nifty declined in early trade on Friday amid foreign fund outflows as sentiment remained fragile amid low trading volumes and lack of any major domestic cues.

The 30-share BSE Sensex declined 183.42 points to 85,225.28 in early trade. The 50-share NSE Nifty dipped 46.45 points to 26,095.65.

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From the 30-Sensex firms, Bajaj Finance, Sun Pharma, Eternal, Tata Steel, Tata Consultancy Services, and Bharti Airtel were among the biggest laggards.

Bharat Electronics, Titan, Infosys, and UltraTech Cement were among the gainers.

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

US markets were closed on Thursday for Christmas.

The domestic stock markets were closed on Thursday on account of Christmas.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,721.26 crore on Wednesday, while Domestic Institutional Investors (DIIs) bought stocks worth Rs 2,381.34 crore, according to exchange data.

“In the absence of fresh triggers like a US-India trade deal, the market is likely to consolidate around the present levels,” V K Vijayakumar, Chief Investment Strategist, Geojit Investments Ltd, said.

Brent crude, the global oil benchmark, climbed 0.11 per cent up to USD 62.31 per barrel.

“Sentiment remains fragile amid low holiday volumes, FII selling of Rs 1,721 crore and lack of strong domestic cues, keeping markets range-bound and volatile,” Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.

On Wednesday, the Sensex dropped by 116.14 points or 0.14 per cent to settle at 85,408.70. The Nifty edged lower by 35.05 points, or 0.13 per cent, to 26,142.10.