Stock markets decline in early trade on foreign fund outflows
Mumbai (PTI): Equity benchmark indices Sensex and Nifty declined on Tuesday morning as foreign fund outflows dampened investors' sentiment.
In a highly volatile trade, the 30-share BSE Sensex dropped 124.95 points to 84,775.76 in early trade. The 50-share NSE Nifty declined 35.35 points to 25,924.15.
From the Sensex firms, Power Grid, Tata Motors Passenger Vehicles, Infosys, Tech Mahindra, Trent and Bharti Airtel were among the major laggards.
However, Reliance Industries, Bharat Electronics, Tata Steel and State Bank of India were among the gainers.
Foreign institutional investors (FIIs) offloaded equities worth Rs 4,171.75 crore on Monday, according to exchange data. Domestic Institutional Investors (DIIs), however, bought stocks worth Rs 4,512.87 crore in the previous trade.
"Nifty’s attempt to break the 2024 September high and set new record is facing resistance particularly from resumption of big FII selling which touched Rs 4,171 crore in the cash market yesterday," V K Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said.
In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index, Shanghai's SSE Composite index and Hong Kong's Hang Seng index were trading in positive territory.
US markets ended significantly higher on Monday.
"Nifty closed below 26,000 on Monday as selling pressure persisted, raising doubts over whether the recent rally is fading and whether the index can recover after two sharp sessions. Sentiment is dampened by Rs 18,013 crore of FII outflows in November and uncertainty around the India–US trade deal...," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.
Brent crude, the global oil benchmark, dipped 0.38 per cent to USD 63.13 per barrel.
On Monday, the Sensex declined by 331.21 points or 0.39 per cent to settle at 84,900.71. The Nifty fell by 108.65 points or 0.42 per cent to 25,959.50.
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Himanta resigns as Assam CM, paving way for formation of new govt
Guwahati (PTI): Assam Chief Minister Himanta Biswa Sarma on Wednesday resigned along with his cabinet colleagues, paving the way for formation of a new government led by the BJP, officials said.
The BJP-led NDA bagged 102 seats in the 126-member assembly. The assembly elections were held in a single phase on April 9, and counting of votes took place on May 4.
"Following the formal notification of the results of #AssamElections2026 and to enable the formation of the new government, Dr @himantabiswa tendered his resignation as Chief Minister along with that of the council of Ministers to Hon'ble Governor Shri @Laxmanacharya54 today at Lok Bhawan," the Chief Minister's Office said in a post on X.
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The Governor has accepted the resignation, and requested Sarma to continue as the caretaker CM till the new government assumes office, it said.
Later, speaking to reporters outside the Lok Bhawan, Sarma said the oath-taking ceremony is likely to take place after May 11.
“As it was a historic win, we have invited Prime Minister Narendra Modi to grace the occasion," he said.
The new Assam chief minister will be selected at a meeting of the BJP legislature party in presence of central observers, Sarma said.
