News APP

NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  gplay

Home  » Business » Heavyweight stocks drag Sensex down by 638 points

Heavyweight stocks drag Sensex down by 638 points

Source: PTI
Last updated on: October 07, 2024 18:07 IST
Get Rediff News in your Inbox:

Equity benchmark indices Sensex and Nifty settled lower for the sixth straight session on Monday due to heavy selling in bellwether stocks including HDFC Bank and Reliance Industries amid mixed trends in the global markets and outflow of foreign funds.

Markets

Illustration: Dominic Xavier/Rediff.com

Falling for the sixth consecutive session, the BSE Sensex tumbled 638.45 points or 0.78 per cent to settle at 81,050. During the day, it plummeted 962.39 points or 1.17 per cent to 80,726.06.

The NSE Nifty slumped 218.85 points or 0.87 per cent to end at 24,795.75.

 

From the 30 Sensex firms, Adani Ports & Special Economic Zones, NTPC, State Bank of India, PowerGrid, IndusInd Bank, Axis Bank, HDFC Bank, Titan and UltraTech Cement were the major laggards.

Mahindra & Mahindra, ITC, Bharti Airtel, Infosys, Bajaj Finance, Tata Consultancy Services and Tech Mahindra defied the trend.

"The Indian markets have entered a consolidation phase with high risk of underperforming to Asian peers.

"This phase is marked by significant corrections in the broader market due to premium valuations.

"There is notable global arbitrage activity, with Chinese markets attracting substantial inflows driven by its attractive valuations and stimulus measures," Vinod Nair, head of research at Geojit Financial Services, said.

Global oil benchmark Brent crude surged 2.09 per cent to $79.68 a barrel.

European markets were trading on a mixed note on Monday.

In Asian markets, Tokyo, Shanghai, Hong Kong and Seoul settled higher.

Investors are reassessing their portfolio positions and FIIs outflows are exacerbated. Amid escalating geopolitical tensions, the surging oil prices poses a further challenge to the domestic economy in the short-term, Nair added.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 9,896.95 crore on Friday, while Domestic Institutional Investors (DIIs) bought equities worth Rs 8,905.08 crore, according to exchange data.

Get Rediff News in your Inbox:
Source: PTI© Copyright 2024 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.
 

Moneywiz Live!