Markets Slump As Foreign Investment Outflows Continue Unabated

The Sensex and Nifty fell on Tuesday due to continued foreign fund outflows and lackluster Asian market cues.

The benchmark indices were also driven by HDFC Bank and Reliance Industries.

The 30-share BSE Sensex plummeted 316.31 points or 0.48 percent to 65,512.10. It slid 483.82 points or 0.73 percent to 65,344.59 during the day.

The Nifty dropped 109.55 points or 0.56 percent to 19,528.75.

NTPC, Tata Motors, ICICI Bank, HDFC Bank, Reliance Industries, JSW Steel, ITC, and Mahindra & Mahindra were the major laggards among Sensex companies.

Among the winners were Bajaj Finance, Larsen & Toubro, Bajaj Finserv, and Titan.

In Asian markets, Tokyo and Hong Kong finished lower, while Shanghai finished higher.

Markets in Europe were trading on a mixed note.

On Monday, the United States markets finished mostly in the green.

Brent crude rose 0.07 percent to $90.73 a barrel.

According to exchange data, Foreign Institutional Investors (FIIs) sold securities worth Rs 1,685.70 crore on Friday.

FPIs (Foreign Portfolio Investors) became net sellers in September, withdrawing almost Rs 14,767 crore from the Indian equities, owing mostly to dollar appreciation, a sustained rise in the US bond yields, and a spike in crude oil prices.

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