Markets Tumble In Early Trade As A Result Of Negative Global Trends And Foreign Fund Outflows

Benchmark equity indices fell for the second day in a row on Thursday, owing to negative global market trends and ongoing foreign fund outflows.

Following the recent record-breaking market rise, investors took profits as well.

The BSE Sensex dropped 585.92 points to 69,920.39. The Nifty fell 173.35 points to 20,976.80.

Axis Bank, Larsen & Toubro, ICICI Bank, Tech Mahindra, IndusInd Bank, JSW Steel, Mahindra & Mahindra, and ITC were the top laggards on Sensex.

Gainers were Power Grid, Reliance Industries, Nestle, and HDFC Bank.

Seoul, Tokyo, and Hong Kong were trading lower in Asian markets, while Shanghai was trading higher.

On Wednesday, the US stock markets finished down.

Brent crude lost 0.38 percent to USD 79.38 per barrel.

According to the exchange data, Foreign Institutional Investors (FIIs) sold securities worth Rs 1,322.08 crore on Wednesday.

On Wednesday, the BSE benchmark fell 930.88 points or 1.30 percent to 70,506.31. The Nifty lost 302.95 points or 1.41 percent to 21,150.15.

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