Stock markets fall for 3rd day on foreign fund outflows; Sensex drops nearly 314 points
Mumbai (PTI): Stock markets closed lower for the third consecutive session on Tuesday with the benchmark Sensex sliding nearly 314 points due to selling in IT and auto shares as foreign fund outflows dampened investor sentiment.
In a volatile trade, the 30-share BSE Sensex dropped 313.70 points or 0.37 per cent to settle at 84,587.01 with 24 of its constituents closing lower and six with gains. During the day, it fell by 363.98 points or 0.42 per cent to 84,536.73.
The 50-share NSE Nifty declined 74.70 points or 0.29 per cent to 25,884.80. Nifty has dropped 307 points or over 1 per cent in three sessions since Friday to slip below the 26,000 level while Sensex has shed 1,045 points or 1.2 per cent during the period.
Among Sensex stocks, Tata Motors Passenger Vehicles, Trent, Infosys, Power Grid, HDFC Bank, HCL Tech, Kotak Mahindra Bank, ICICI Bank and Bajaj Finance were the major laggards.
However, Bharat Electronics, State Bank of India, Tata Steel, Eternal, Bharti Airtel and Reliance Industries were 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.
"The domestic market witnessed sharp volatility on monthly expiry day, driven by a weakening INR and continued FII outflows. Caution prevailed as investors awaited clarity on a possible rate cut in the upcoming FOMC meeting and progress on the Indo-US trade deal, despite some improving signals," Vinod Nair, Head of Research, Geojit Investments Limited, said.
Broader markets were positive with the BSE smallcap gauge rising by 0.20 per cent and midcap index by 0.19 per cent.
Among sectoral indices, IT dropped 0.75 per cent, BSE Focused IT (0.64 per cent), consumer durables (0.53 per cent), teck (0.39 per cent), energy (0.32 per cent), auto (0.25 per cent) and utilities (0.25 per cent).
Realty, commodities, healthcare, telecommunication, capital goods and metal were 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 index settled in positive territory.
Markets in Europe were trading on a mixed note. US markets ended significantly higher on Monday.
Brent crude, the global oil benchmark, dipped 0.69 per cent to USD 62.93 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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India moving towards becoming global economic powerhouse: Kovind
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Amritsar (PTI): Former president Ram Nath Kovind on Friday said that with digital transformation, economic reforms and a strong focus on the ease of doing business, India is moving towards becoming a global economic powerhouse.
He was speaking after inaugurating the 19th edition of the Punjab International Trade Expo (PITEX) in Amritsar.
The former president said that this 19th edition of PITEX is being organised at a time when India is recognised as one of the fastest-growing large economies in the world.
Speaking at the inaugural ceremony of the event organised by the PHD Chamber of Commerce and Industry (PHDCCI) the former president, while referring to Punjab, said the state is a living example of courage, sacrifice and enterprise.
"The spiritual light of Sri Harmandir Sahib (Golden Temple) inspires peace and humanity across the world. The heritage of Punjab is deep and inspiring," Kovind said, according to a statement issued by the PITEX.
The former president congratulated the PHDCCI for hosting the 19th edition of PITEX and suggested that the chamber should expand PITEX outside Punjab.
He proposed that a similar event should also be held in New Delhi.
