Indian stock market indices opened positive on Thursday, with the BSE Sensex up 280.04 points at 81,781.40 and the NSE Nifty up 58.2 points at 25,029.50. But the two indices, strengthened by a steady outflow of foreign funds, quickly reversed their gains. By mid-session, the Sensex was down 210.87 points at 81,265.97, while the Nifty was down 116.15 points at 24,848.25.
Gainers and losers
Among the 30 Sensex companies, Infosys, SBI, L&T, Reliance Industries, Sun Pharma and TCS were the top gainers. Meanwhile, Mahindra & Mahindra, Maruti, Axis Bank and HDFC Bank are the loss leaders.
Foreign Institutional Investors (FIIs) sold equities worth Rs 3,435.94 crore on Wednesday, continuing their sales. FII outflows stood at Rs2067,300 crore in October alone, adding to the pressure in the market.
Global Market development
Asian markets showed mixed trends, with Seoul and Tokyo falling and Shanghai and Hong Kong gaining. U.S. markets ended on a positive note Thursday.
Key Market Sentiments
“Despite attempts at recovery, market sentiment remains fragile due to persistent FII selling, underwhelming Q2 earnings, geopolitical tensions in the Middle East, and concerns about China’s economic outlook,” said Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd.
In commodities, global benchmark Brent crude rose 0.28% to US$74.43 a barrel.
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