Stock Markets Continue To Tumble For Sixth Day In A Row Due To Negative Global Trends And Foreign Fund Outflows

In early trade on Thursday, equity benchmark indices fell, maintaining their lackluster pace amid a bearish trend in global markets and fresh foreign investment outflows.

The BSE Sensex dropped 502.5 points to 63,546.56. The Nifty index dropped 159.55 points to 18,962.60.

Among the Sensex companies, Tech Mahindra fell roughly 3% after reporting a 61% drop in consolidated net profit to Rs 505.3 crore for the July-September period, owing to lower client expenditure.

Other major laggards were Mahindra & Mahindra, Bajaj Finserv, Bajaj Finance, JSW Steel, Tata Motors, Nestle, and Titan.

Axis Bank was the sole gainer, reporting a 10% increase in the September 2023 quarter net profit to Rs 5,864 crore due to higher interest revenue.

In Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong are all trading down.

On Wednesday, the US markets finished in the red.

Brent crude fell 0.29 percent to USD 89.87 a barrel.

According to exchange data, foreign institutional investors (FIIs) sold securities worth Rs 4,236.60 crore on Wednesday.

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